Ep. 40 Four Crucial Compensation Considerations

We’re continuing our September deep dive into the world of Employee Benefits! On this week's episode of On The Up & Up, Kira is tackling one of the most intricate aspects of team building: Compensation.

The decision of what to pay someone involves a bunch of complex factors, and Kira is breaking them all down. 

In this episode, she explores the four crucial considerations when determining someone’s compensation:

💰 Classification: Are they a contractor or an employee? If they're an employee, are they full-time or part-time, exempt or non-exempt, hourly or salaried?

💰 Time and Nature of Work: Analyzing when and what they're doing while working.

💰 Big-Picture Strategy: This is all about labor profit margins, scalability, and the cost of benefits.

💰 Location Compliance: Ensuring compliance with regional regulations.

There’s a lot that goes into each of these four considerations, but this episode is meant to demystify the complex world of compensation planning so you can confidently hire and retain top talent while creating an ROI for your company.

Tune in now!

LINKS MENTIONED:

Blog: Employee Classification (https://the-paradigm.com/employee-classification/) 

Resource: Employee cost and calculator (https://settoscale.com/products/employee-cost-calculator)

Resource: Worker classification cheatsheet by state (https://notavglaw.com/cheatsheet)