Putting together a compensation plan can be a lot like solving a jigsaw puzzle. Often, all the pieces are there but jumbled up so the overall picture isn’t clear. It is time-consuming process and, like any good puzzle, takes a bit of patience.
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In my day job, I talk with HR professionals wanting to know where to begin and how to corral, sometimes, ill-fitting, elements into a cohesive compensation plan. Here are steps of compensation planning that lend themselves to a jigsaw analogy:
- Sort the border
- Group the pieces
- Fit the groups together
- Verify the fit
- Create the big picture
Let’s take a closer look at each step.