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AdministratorNovember 2, 2020 at 11:07 AM
A thought-provoking question Adeel!
I think HR’s role is that of creating a balance where they can reduce the compensation turnover, while also keeping up the employees’ morale. Compensation planning has multiple objectives, such as balancing equities, improving morale, recruiting and retaining talent, reducing compensation turnover, etc.
The planner has to decide the strategies while being mindful of all the above objectives. If you curb the salaries too much you won’t be able to attract or retain good talents. If you reduce the workforce too low or increase the working hours too high, it might be stressful for the existing employees.
So, the strategies must support all of it while also reduce the compensation turnover. And in doing so will the compensation planners shine.
Let me know your thoughts!
- This reply was modified 3 weeks, 2 days ago by Sunny Suman.