The current economic climate can tempt HR professionals to curtail some standard compensation management processes in search of a silver lining. For example, many may opt not to expend the energy involved in making compensation adjustments. What's the point, they reason, when they have no budget for raises or bonuses?

The reality, however, is that lean periods like this cry out for optimized efficiency. For businesses to get the most from the budget they do have, they must focus on those areas that directly influence the company's bottom line - and compensation has one of the most profound impacts of them all. So as you work to improve on your employee compensation practices, here are five critical steps that will maximize your efforts.