This is the second in a seven part series which examines how human resources can improve Business Owner Wealth Accumulation and Shareholder value. In the last article I asked the question:

If a company could get verifiable human resources expertise, services and products for a reasonable investment, and the mission was to assist in going after some of the profits being left on the table, and proactively work to minimize the chances of the disaster happening would that a sound business decision?

Based on the following model this article will address the issue of employee turnover.

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In part one of this 3 part series we discussed the notion of developing a salary policy and ensuring that your organization has a solid approach to internal equity.  Part 2 focused on the concept of external equity.  In Part 3 will look at the concept of employee equity.

Employee equity conceptual looks at the relationship between multiple employees and their pay levels.  The idea that employees need to be paid “fairly” is more important today given the passage of the Lilly Ledbetter Fair Pay Act.  It seems clear that this administration will be more active in examining an employers pay practices.  Given that let’s look the most common way employees are paid:

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In part one of this 3 part series we discuss the notion of developing a salary policy and ensuring that your organization has a solid approach to internal equity. Part 2 of this series focuses on the concept of external equity.

The purpose of external equity is to ensure that your compensation plan is competitive in the market. This is normally done through the use of a salary survey. There are a number of salary sources that are available to you including Salary.com, The Employers Group etc. No matter which one you choose to use, remember these tips when comparing one job to another.

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Times are tough and the idea of creating a compensation plan may not be the first thing on your agenda. I would think this is the perfect time to get your compensation house in order. When things turn around you will be ready!  To read this article in its entirety, please click here  compensation-plan