So your company has finally reached a point where back of the envelope calculations and best guesses are no longer adequate for compensation decisions. You know how critical paying and compensating your employees is for your growing business, yet you’re not sure how to create an actual plan that is accurate and repeatable.
Where do you start when creating a compensation foundation? How to level your employees? How should market data be used to calibrate team members? These are all common questions we hear come up consistently from people leaders at various companies
To help answer these questions, we partnered with the People Design House, a people operations consultancy, to share best practices in our new interactive ebook on How To Launch Your Compensation Strategy. We distill the process of creating a holistic compensation strategy down into a digestible 10-step guide for fast-growing start-ups.
Step 1: Create a Compensation Philosophy
Step 2: Define Your Market
Step 3: Design Levels
Step 4: Enlist Your Leaders
Step 5: Level Your Team
Step 6: Calibrate Your Team
Step 7: Analyze Data
Step 8: Make Compensation Adjustments
Step 9: Design Rollout & Prepare Managers
Step 10: Rollout!
Within each step are a series of recommendations, checklists, and additional supporting assets to help your team with actionable steps build and launch a robust and scalable compensation strategy.
“The People Design House is excited to partner with Pave to make compensation easier and more approachable for today’s venture backed startups. Compensation can be a confusing and opaque process. With this new strategy guide, Pave is helping to translate a complicated process into something simple and easy to understand.”
- Nathalie McGrath
The People Design House