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The time to revamp compensation programs is upon us, and changes to pay require leadership buy-in and approval. HR must ensure the organization’s competitiveness amid projections of a more mobile workforce. In the aftermath of budget cuts and pay freezes, securing a competitive stance will require targeted updates or a complete restructuring of pay programs. While addressing internal and external equity issues is an urgent need, convincing your executive team of this urgency may be challenging.
In order for your organization to keep pace with current economic conditions, there are many HR issues to address. And, we each have our own list of specific challenges to ensure we continually attract, motivate and retain the best employees. These factors are moving compensation programs back into the spotlight. If the leadership team didn’t consider your compensation structure a key concern before now, recent research strongly suggests that they may soon join a growing number of executives who are bumping it up on the list of priorities.