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Decisions around compensation are some of the most difficult issues employers have to deal with. How do you determine what is the right level of compensation for a given position? How do you ensure compensation is equitable and fair across your entire team? To what extent should external factors such as inflation and market conditions bear on compensation levels? Aside from salary and basic benefits, what other forms of compensation should you be offering to attract and retain the best employees for your firm? A compensation specialist can help you make the right choices for your business and answer these tough questions.
In this episode, Gail talks with Sarah Lieberman, partner and chief human relations officer with The CEO’s Right Hand, headquartered in the Greater New York Area. Prior to joining The CEO’s Right Hand, Sarah was vice president of human capital services at TriNet, a national provider of human resources services and served as head of human resources at Brooklyn Academy of Music. She holds degrees and certifications in organizational development, human resources, coaching, and leadership development.
Gail asked Sarah about the most common mistakes that firms make in how they manage compensation. Sarah said,
- Not having a compensation strategy, OR
- Having a compensation strategy but not having a good implementation plan around that strategy, AND/OR
- Not having the compensation strategy documented and not having consistent administration around the process.
Sarah also said that it was essential that the strategy and policy are communicated to everyone in the firm who is being compensated in some manner, through offer letters, policy reviews and the employee handbook. “Always be consistent, document everything, and communicate clearly to everyone,” she said.
Preferably, said Sarah, firms should be evaluating their compensation strategy and policy on a regular basis. But, it is especially important to do so as the business grows and other personnel are added.
In addition to salary and basic benefits, employers can offer other types of compensation or incentives to attract or retain employees. These include bonuses, flexible schedules, additional healthcare or financial benefits, professional development opportunities, profit sharing, and stock options.
Gail and Sarah covered a number of other compensation topics as well, such as how best to attract and retain employees, how market competition impacts compensation, how to determine the proper level of compensation for your firm, policies for establishing commissions, what a typical salary increase might be for 2024, and what services a compensation specialist can provide. For all of that, listen to the entire podcast.
If you’re listening on your favorite podcast platform, read the full shownotes here: https://thepearlcollective.com/s9e4-shownotes
Mentioned in This Podcast
For more information about Sarah and her contact information, go to the company website at theceosrighthand.co/about-us/our-team/sarah-lieberman
Access a brand new resource from The CEO’s Right Hand, Human Resource Infrastructure 360°™ and get the following:
- The 5 components of HR infrastructure
- Insight into why human resource strategy is vital to business success
- Examples of real-life and preventable HR infrastructure breakdowns
- A behind-the-scenes look at the critical components of HR360°™
- An HR infrastructure checklist for self-assessment