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đź’ˇCompensation is a critical component to get right in any company, as it defines the behaviors, capabilities, and qualities that you value and reward. Helping people understand how their pay is calculated and how developing their capabilities can increase their compensation goes a long way to cultivating a culture of trust, transparency, and performance.
Clouding compensation in ambiguity and confidentially creates confusion around what qualities the company is looking for and how people are rewarded. You can remove this imbalance by creating an equitable compensation framework and making it available for everyone.
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“Human beings are never to be treated as a means but always as ends.” ― Immanuel Kant
Compensation defines the behaviours, capabilities, and qualities that you value and reward. It is a fundamental component for any company and a key factor in attracting and retaining talent. Clouding compensation in ambiguity and confidentially only serves to create confusion around what qualities the company is looking for and how people are rewarded. On the contrary, helping people understand how their pay is calculated and how developing their capabilities can increase their compensation will go a long way toward cultivating a culture of trust, transparency, and performance.
Rather than dive into the philosophy of performance and compensation, here is a functional example that can be adapted as a starting point to create clarity, consistency, and transparency, in how you pay people.
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How people are rewarded plays a significant role in their behavior, motivation, engagement, and ultimately performance. These principles ensure that the way we pay people is consistently aligned with our values, strategy, and mission.
Trust
Everything we do at Canvas:OS begins with trust, establishing an environment where people are treated with respect, dignity, and agency. Applying this to the way we compensate means providing a clear and transparent framework that everyone can understand and engage with.
Partnership
At Canvas:OS, we are partners, working together to achieve our individual and collective goals. Partnering builds on trust and respect, treating people as professionals with valuable skills, ideas, and perspectives to contribute.
Generosity
We pay above market to attract high-performing team members, and to cultivate strong, small teams that achieve great outcomes together. We believe that when we achieve great outcomes as a team, the rewards should be shared with those who created them.
Equity
We want to create equitable outcomes for each individual. This means we don’t have a one-size fits all approach to compensation, but have built in flexibility to allow for differing motivations and aspirations.