Tips to keep your Compensation Package Competitive

This article on compensation packages originally appeared on the Indiana Chamber of Commerce Executives (ICEA) website in January, but it remains highly relevant as anyone reading "The Coming Jobs War" by Jim Clifton knows. 1/9/2013
Tips to Keep Your Compensation Package Competitive
Rewarding and incentivizing your staff is crucial to keeping them motivated to do their best work for your organization. Here are five quick tips from ASAE CareerHQ.org to keep in mind when considering if your compensation package is competitive: 1.)  Compare your benefits and salaries to associations of similar size and regional area. When comparing the numbers, keep in mind other external factors such as cost-of-living or geographic unemployment rates. 2.)  Also, compare your compensation on a position-by-position basis with other associations of similar size and in your geographic locale. 3.)  When preparing for your next fiscal year, be sure to budget for increases in your employees' overall compensation packages. You should not only plan for insurance premium hikes and cost-of-living pay increases, but accommodate for merit increases to reward stellar performances as well. 4.)  Conduct a full scale compensation review every five years. If your association can afford it, consider hiring a salaries and benefits consultant. 5.)  Periodically review your retirement offering. For ideas on what to consider with this task, view this webinar recording from ASAE's Endorsed Business Solutions partner, Principal Financial Group on "Driving Employee Retirement Plans to Success".