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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Compensation Principles for Effective Pay Strategies Part 2 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. Striking a balance with core compensation principles For the majority of organizations, core compensation principles should strike a balance …
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Compensation Strategy: Balancing Company Goals With Industry Shifts Part 1 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. Fair Pay for Employee Contributions When managers discuss pay with their employees, they often encounter questions for …
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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 …
5 Tips for Setting KPIs to Measure Success of a Compensation Consulting Project In a previous post, we talked about using SMART objectives for compensation consulting projects and the importance of Key Performance Indicators, or KPIs. But how do you identify the correct KPIs that will serve as Indicators of Success, a measurement of the success of …
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Use SMART Objectives for Compensation Consulting Projects You know your company has a problem and needs help. Perhaps you’re losing employees who claim their salaries are not competitive with those offered by your competitors. Perhaps you need an employee incentive plan but don’t know where to start. Maybe your performance management program is not producing …
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