In the words of the Wu-Tang Clan, “Cash rules everything around me!” So, let’s talk about money!
Here at Esper, we are continually evolving how we take care of our employees’ total rewards, which encompasses salaries, benefits, and perks. Last August, we implemented our first Performance Review and Goal Setting cycle. The goal of this exercise was to establish a cadence for reviews and also to examine and correct any unintended outliers within employee salaries by creating a standardized compensation structure.
When it comes to employee salaries, there are several methodologies to choose from for salary leveling and for implementing a compensation philosophy. There are a lot of fancy tools you can use to do this automatically via software, but for smaller companies or small startups, these tools may not be financially accessible.
Paying fairly is a cornerstone of equitable practices in the workplace, and without a compensation structure in place, paying employees…