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Option 2, a pay structure based on seniority and the worker's performance
compensatory plan
All businesses, including startups, should prioritise developing a compensation strategy. The compensation plan needs to be planned, manageable, and competitive enough. The term "compensation" refers to monetary awards given to employees in exchange for their labour. It could consist of a base pay, salaries, bonuses, or commission. Cash bonuses and any other workplace perks are included in total pay.
Your compensation plan needs to be set up to best suit your particular business needs. You might not be able to compete on pay with established businesses as a startup. As a result, you want to think about a variety of solutions to draw in and keep crucial personnel
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