A new year is almost here, and it’s a time for reflection and planning. Take a look at the policies and plans guiding employee compensation and benefits. Start with a few steps:
- Make sure your compensation plan works for your company. This plan should motivate employees without hurting your bottom line, and it should be flexible and able to be modified at any time.
- Make sure your company handbook reflects any changes promptly. Outdated policies, materials, and resources put your organization at risk and can lead to employee complaints, dissatisfaction, and turnover.
- Correct wage and hour compliance issues to avoid hefty and unexpected costs such as tax bills, backpay, and damages.
- Keep your plan documents updated.
