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In order to establish internal and external equity, employers need to have a compensation administration database which requires employers to carry out:
Job analysis, which must consist of an analysis and description of each job
Job valuation, which should include each job?s worth
Job rating, which has to do with the pay package for every labour grade?
When done effectively and based on thorough research, compensation plans can be very effective and fair to employees. When employees see that employers realize their job worth, it is indeed a motivating factor that contributes to employee engagement. Pay compensation is one of the main factors that is said to motivate employees. However, it isn't the only important factor, and must be accompanied by other elements to ensure and improve employee engagement.
Amongst other factors which point towards employee motivation, pay reimbursement is priority on the list. It is one of the most important factors to consider when you want to see your employees displaying good productivity, loyalty and advocacy.