Satisfaction guaranteed: How to prioritize the financial and non-financial components of your compensation strategy

In this episode, "Total Compensation: Beyond Pay and Benefits" by Drew Maginn, explains the evolution of compensation strategies beyond mere salary. It highlights the shift towards a total compensation model, which encompasses both financial and non-financial components to enhance employee satisfaction and retention. The document details key financial elements such as base pay, variable pay, and benefits, while also outlining crucial non-financial aspects like feedback, recognition, autonomy, and work environment. Finally, it emphasizes the importance of compensation benchmarking to ensure both internal fairness and external competitiveness in the market.