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https://www.yourerc.com/blog/post/Why-Having-a-Compensation-Strategy-is-a-Must
A compensation strategy communicates to employees the definition of the organization's position regarding pay, and typically includes a definition of external competitive market and internal equity objectives, definition of pay programs that will be utilized and why, and information about how plans will be administered.
https://open.lib.umn.edu/humanresourcemanagement/chapter/6-1-goals-of-a-compensation-plan/
A compensation package is an important part of the overall strategic HRM plan, since much of the company budget is for employee compensation. A compensation package can include salary, bonuses, health-care plans, and a variety of other types of compensation.
http://www.strategic-human-resource.com/compensation-strategy.html
The main purpose of compensation strategy is to give the right rewards for the right employee behaviors. Compensation is an important motivator when you reward people for achieving desired organizational results. An effective management of compensation takes this into consideration. Rewards form an important part of compensation strategy.
http://www.diva-portal.org/smash/get/diva2:933435/FULLTEXT01.pdf
4.1.2 Strategic goals, missions, visions and values ... 4.2.1 Fringe benefits ... Welbourne, 1988). An organization's compensation strategy, the structure and design of compensation package, have different pattern dimensions that vary in range (Gomez-Mejia, 1992). The first type of compensation pattern emphasizes internal equity and hierarchical
https://shrm.org/ResourcesAndTools/hr-topics/compensation/Pages/PayforPerformancePaysOff.aspx
It is important to review the organization’s strategic plan at least annually, and to discuss basic strategic pay decisions with senior management to ensure the success of the pay-for-performance compensation strategy and prevent serious consequences, such as employee turnover and lawsuits.Author: Sharon Koss
https://hrsoft.com/blog/5-key-objectives-compensation-management/
Compensation management software can simplify planning processes to help you achieve all of the objectives listed above without overburdening HR. In addition, you can tailor it to your organization to prioritize the objectives that are most important to you.
https://www.thehrdigest.com/the-importance-of-compensation-plan-in-an-organization/
Thus, a fair compensation system is created in every organization on order to make the most of most important ‘M’ element. Compensation attributes to all forms of pay and rewards received by employees for their performance, including all forms of benefits, perks, services and cash rewards.
http://ibrief.wagewatch.com/2013/05/01/aligning-compensation-with-company-culture/
Once the company values and desired culture are defined, compensation can support and help drive the values and corporate culture. It is important that the role of compensation in an organization and the compensation strategy are also defined.
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