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Compensation Trends by Paula Comfort


Employers spend arduous hours re-


evaluate their company compensation plans with the same attention to detail and critical eye. Compensation has a signifi cant im- pact on attracting and retaining the most talented job candidates. It also has a huge impact on creating an en- pact on attracting and retaining the most tal nted job candidates. It also has a huge impact on creating an en-


cruiting new employees, and they often use a team of seasoned employees to participate in the interview and hiring process. But few employers step back and


evaluate their company compensation plans with the same attention to detail and critical eye. Compensation has a significant im- gaged culture within a company. Here are some key points regard- ing the latest compensation trends gaged culture with n a company. H oerrganizations:


ing the latest c mpens


e are some key points regard- • Every organization should do a


n trends


that are emerging in forward thinking organizations:


employees to participate in the inter- view and hiring process. But few employers step back and


E


ployees with an up-to-date compensation program.


Attract and retain em-


Attract and retain employees with an up-to-date compensation program. BY PAULA COMFORT


mployers spend arduous hours recruiting new employees, and they often use a team of seasoned


Create a grid by grouping similar roles tog package should include base pay and • variab Ele pay. Variable pay is performance based and is related to each individu- al’s goals and objectives. Short-term and perf rmance based and is related to each individual’s goals and objectives. Short-term and long-term goals should be considered and be part of the over- all variable pay.


number of direct reports, for example. • Each employee’s compensation ether to create bands.


ach employee’s compen-


that are emerging in forward thinking known as benefits, should also be part offer more-creative/less expensive kinds of benefi ts, for example, addi- tional vacation time, more person- al days, fl exible hours one day per s, for example, additional vacation week, prepaid educational assistance


complete company-wide audit of its compensation system and then create a salary administration program. To do this, rank and weigh roles against


16 Fitness Business Canada November/December 2013 16 Fitness Business Canada November/December 2013


sation package should include base pay and variable pay. Variable pay is long-term goals should be considered and be part of the overall variable pay. • Non-compensatory rewards, known as benefi ts, should also be part of your employee’s package. • Because these can be expensive for an organization, companies often of y ur employee’s package. Because these can be expensive for an organi- zation, companies often offer more- creative/less e pensive kinds of ben- efit week, virtual offi ce hours one day per


Non-compensatory rewards,


• Every organization should do a complete company-wide audit of its compensation system and then create a sa e ch other based on c ite ia such as do this, rank and weigh roles against each other based on criteria such as accountability, responsibility and reate bands.


lary administration program. To accountability, responsibility and number of direct repo ts, for example. Create a grid by grouping similar roles together to


time, more personal days, flexible hours one day per week, virtual office hours one day per week, prepaid edu- cational assistance and gift certificates from company contacts/alliances. • Employees at companies that have a formal compensation system n place can gain treme dous knowl- edge and advancement, especially in heir first year of employment, which benefits them at performance ap- praisal time and from a ca eer path


P Paula Comfort has more 0 years experi nce in th


and gift certifi cates from company contacts/alliances. • Employees at companies that have a formal compensation system in place i can gain tremendous knowledge and advancement, especially in their fi rst t year of employment, which benefi ts them at performance appraisal time and from a career path perspective. perspective.


aula Comfort has more than 2 than 20 years experience in the fi tness industry and has ormed in almost every role in a health club setting. She is cting. She is currently a part-


fitness industry and has per- f performed in almost every role in a health club set-


urrently a partner in her own


cner in her own consulting company 360im- tise in recruitment of top industry talent. 360impact Group has an extensive database of ca didates for all roles in the health club in- ustry. Contact her at paula@360impactgroup. com or 416-565-6025.


onsulting compa y 360impact Group with an epxapcetr Group with an expertise in recruitment of top industry talent. 360impact Group has an extensive database of candidates for all roles d in the health club industry. Contact her at paula@360impactgroup.com or 416-565-6025.


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