What are the best practices for designing a pay-for-performance system?
A competitive compensation package is one of the most effective ways to attract and retain top talent, motivate performance, and align employee goals with organizational objectives. However, designing a compensation package that is fair, transparent, and aligned with the market can be challenging, especially for small and medium-sized businesses. In this article, we will share some best practices for designing a pay-for-performance system, which is a type of compensation package that rewards employees based on their results and contributions.