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In today’s day and age, a Compensation Analysis Spreadsheet is one of the main tools of those who deal with or who manage a business. This spreadsheet is an excellent tool for executives who wish to view and track employee compensation based on a series of events such as salary reviews, performance reviews, bonuses, dividends, pay adjustments, payment records, employee development goals, employee record entries, etc.
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The spreadsheet is an extremely effective compensation tool when it comes to analyzing the events that cause the amount of income being received by a company to be less than what it should be. When reviewing the income data, you will find that many business owners focus on the events that cause their employees to receive higher pay.
As a result, you will find that they forget to add to the salary or overtime income data that provides additional data to determine their employee’s compensation. It is only when you evaluate the employee salary income and compare it to other companies’ employee income data that you can see the truth. The compensation analysis spreadsheet will reveal how these factors affect the amount of income being received by a business.
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As a business owner, this is a good question to ask. For example, when a successful entrepreneur is promoted from within his organization and he receives a raise of twenty percent of his salary, it makes no sense to look at the changes in compensation on a per-year basis, but rather adjust the amount of income based on the employee’s current level of pay.
Similarly, if an employee earns another twenty percent of his previous salary, you would not want to increase that amount each year because it is too much of a raise. However, if the increase was in the form of an increased bonus and also included overtime earnings, this would make more sense to do.
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As you can see, any level of income provided by an employee is up to you as a business owner to determine. There are many factors that you need to consider when reviewing the employee’s salary or overtime earnings data. Comparing these two items together to decide if the employee should receive a pay increase or if they should be given a pay cut will be the best way to see if an employee deserves a raise or a pay cut.
To summarize, when reviewing the employee’s compensation, consider the things that would make an employee raise more acceptable, and pay cuts should be avoided. In general, you will find that this information is more important than you realize.
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