A great team -- and the right compensation plan to keep 'em motivated -- is critical to helping your business grow and prosper. What's more, competition for good people is intense, and having a pay plan to attract and keep talented workers can spell the difference between success and failure. But compensation can be a complex mix of base salary, benefits, bonuses, commissions and other components.

Our how-to guides this week offer insights on different aspects of the compensation game. You'll find advice on setting pay and bonus levels, how to properly pay yourself, compensation software that can help manage it all, and -- if the need arises -- how to properly dock an employee's pay.

Properly Paying Employees
4 Compensation Tips
By Betsy Harper
While it's not always about the money - it often is about the money. Sounds strange, doesn't it? I believe that companies do not lose their best employees because of money. But I also think that if other factors are nagging at the employee, the money does become important. So, while you always want to root out those other factors, make sure the money is right.
Here are a few suggestions to help you make sure your
compensations are up to date: Read Full Guide

You Need Money Too!
Paying Yourself
By Jo Averill-Snell
Setting your own salary can be one of the stickiest issues in running your own company. You want (and need) to support yourself adequately, but at the same time you must avoid causing cash flow problems. Salary issues are affected by the type of company you’ve set up: a sole proprietor may simply keep a percentage of the profits, but a small business that has incorporated will need to look at a set salary, and also consider such issues as dividends, deferred compensation and performance bonuses. When deciding how much to pay yourself and how to structure those payments, you consider these things:
Read Full Guide

Taking Pay Away
Docking Employee Pay
By Judy Rakowsky
Docking an employee’s pay may become necessary for disciplinary reasons, such as theft, chronic absenteeism, tardiness or other improper behavior. It also can be invoked when discipline is not involved, such as when an employee takes leave beyond allotted amounts. But beware, docking can cause an employer greater losses than the portions deducted for missed work time when: Read Full Guide

Your PC Can Help
Compensation and Benefits Software
By Tara McClendon
Compensation planning software helps you put together an attractive plan to win the best employees. Once you have a plan in place, you need to periodically review the plan to make sure you remain competitive. Compensation and benefits software helps you manage your compensation plan. Using software reduces the cost of outsourcing the job, saves time by allowing you to work off templates and organizes your information. Here's what to look for: Read Full Guide

All About Bonuses
Paying Employee Bonuses
By Holly Ocasio Rizzo
Bonuses act as motivators, rewards and nice ways to thank employees for helping you build your company. Even if you can afford only small bonuses, they let employees know you appreciate their work. Bonuses should be linked to performance of the team, unit or individual against specific and measurable goals. Consider offering rewards throughout the year, and remember that even a small bonus can mean a lot. Other things you need to know: Read Full Guide