HR and compensation challenges small businesses face
Alison Stevens, Senior Director of HR Services at Paychex, discusses the challenges that small businesses face in managing HR and compensation. Small businesses often have limited resources and struggle to attract and retain talent. They may lack knowledge of compensation standards and struggle to navigate the regulatory environment.
Stevens emphasizes the importance of developing a compensation philosophy and strategic plan that aligns with the organization's goals and values. She also highlights the need for access to benchmarking data and analytics to make informed decisions. Technology plays a crucial role in providing small businesses with the tools and data they need to manage compensation and total rewards effectively.
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