A SampleCompensationPhilosophy Part 3 of a 5-part series on how to build a compensation strategy for your company that balances corporate goals and industry shifts, supports business strategy and ensures pay transparency. According to a 2023 Payscale best practices report, only 55% of organizations have a written compensation policy statement. For those who do not, …
Linking Compensation and Performance Management Part 4 of a 5-part series on how to build a compensation strategy for your company that balances corporate goals and industry shifts, supports business strategy and ensures pay transparency. Performance Impacts Pay Previously, we covered compensation principles that help ensure your company’s pay strategies produce the results required and …
Maintain and Communicate a Competitive Pay Philosophy Part 5 of a 5-part series on how to build a compensation strategy for your company that balances corporate goals and industry shifts, supports business strategy and ensures pay transparency. In this final part of our series, we look at the importance of developing a formal compensation communications …
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Design a Compensation Plan to Balance Company Goals and Industry Shifts Your employees want to know they are receiving fair pay for their contributions and may wonder: How their pay is linked to performance? How it compares to other salaries within your company? What do other companies pay for similar work? If your managers don’t …
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Bulletproof Your Compensation Practices to Retain Top Talent Attracting and retaining key employees is more important than ever for your company to survive the post-pandemic economy. If your compensation package doesn’t reflect current industry standards, your best employees may jump ship in these turbulent times. Download your FREE copy of “Bulletproofing Your Compensation Practices to …
How Private Companies Can Develop Equity-Based Incentives Public companies have long used stock options and other equity-based incentives to reward their executives. As a result, stock options have become an extremely lucrative portion of the total compensation for executives of publicly traded companies. Considering the enormous amount of wealth that has been created through stock …
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Reinforcing the Bridge between Business Strategy and Compensation Strategy Get the compensation insights you need to move your business forward Compensation strategies have changed rapidly, as companies attempt to keep up with an ever-changing business landscape. As a result, the bridge that links a company’s compensation approach to its overall business strategy may have been …
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Develop a Compensation Philosophy Statement for Today’s Times Pave the way for a culture of trust and openness in your organization. Historically, compensation philosophy statements addressed such concepts as pay and performance, risk and reward, alignment with shareholder interests – especially for executive positions – and setting compensation levels at the market median. These statements …
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Gathering Information For the New Age of Compensation Two case studies illustrate how to meet top management’s demand for more and more relevant compensation information. The rules of the compensation game are changing and so are its information needs as companies introduce new compensation approaches, such as broad banding, skill-based pay, and broad-based incentives that …
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The Strategic Association Assessment Are any (or all) of these long-term trends impacting your association? A proliferation of Internet sites offering access to up-to-date information, e.g. list serves and blogs, or professional networking sites, e.g., LinkedIn? Mergers and other forms of consolidation occurring in your industry or profession? The emergence of “for-profit” organizations providing traditional …
