Compensation Strategy

What is Compensation Strategy in HRM?

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Common Types of Compensation Strategy

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Market Based Strategy

[{"selector":"#anim-a3153c4a-a6a1-4848-8145-22b9056bc2a9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-14.72222227582256%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Market Based Strategy aligns compensation with competitive market rates.

Performance Based Strategy

[{"selector":"#anim-ff845f55-3296-4139-af71-1da12dca6089 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-29.155815881558354%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Performance Based Strategy rewards employees based on their work achievements.

Skill Based Strategy

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Hybrid Strategy

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Learn how An effective compensation strategy HR boosts employee performance, enhances retention, and supports company growth. Improve your approach today!

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Book a demo for our Payroll software and explore how our Compensation Strategy, using the latest trends in compensation, can improve efficiency.

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