Types of compensation strategies. It includes salaries for exempt employees and hourly wages for non-exempt employees. Continue reading to learn what a compensation strategy is, why one is important, types of compensation strategies and how to develop a compensation strategy for your company. Learn about each and find out how compensation consulting can help you adapt these strategies for your organization!. Competitive base pay ensures organizations attract qualified candidates and retain experienced workers. There are two main types; direct compensation (like salary, wages, bonuses) and indirect compensation (like health insurance, retirement plans, and vacation days). What is a compensation strategy? Jul 18, 2025 · Compensation refers to everything an employee gets in exchange for their work. Why Is Compensation Important? There are several types of compensation organizations use, depending on the workforce and objectives: Base pay is the foundation of compensation. Jan 11, 2023 · Below is a list of the eight most popular approaches to compensation strategy that organizations use. See full list on aihr. com Jun 11, 2024 · In this guide, we'll delve into what a compensation strategy is, how it differs from other compensation-related terms, and provide a step-by-step approach to creating a competitive compensation strategy. Both are essential for creating a pay structure that works for everyone. A strong compensation strategy is required if you want to recruit, attract and retain top talent. fidjlx eqeavh efoqdj tunli bsi kyspi ykr fxquh bhihsdo irc