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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.
As published by Workspan Magazine – August 2012
The cobwebs are cleared, the mattresses have been flipped. Hopefully, spring-cleaning was smooth sailing at home, but now it’s time to dust off your compensation plans at the office. This has become increasingly relevant for thousands of organizations as the economy creeps toward recovery.
In the aftermath of The Great Recession, many compensation plans will need a more thorough makeover than what normal market pricing activities offer. Massive layoffs have led to the absorption of responsibilities into other positions, resulting in outdated job descriptions and a lack of awareness of employees’ actual duties and contributions. As the economy begins to recover, incorporating a thorough job analysis review into your standard market pricing process is a necessary, but often overlooked step.
We all know keeping payroll and benefit costs in check is a difficult task. With the costs of total rewards growing every year, HR professionals are often asked: Is our organization receiving the best possible return on investment in total rewards? To ensure the best possible return on investment, total rewards must go beyond retaining the best and most productive employees. Total rewards also need to promote a higher level of employee engagement across the entire organization. Learn ways to more clearly illustrate the connection between total rewards and performance to your employees.
In the aftermath of The Great Recession, many compensation plans will need a more thorough makeover than what normal market pricing activities offer. Learn how incorporating a thorough job analysis review into your standard market pricing process can assist in appropriately recalibrating the compensation programs in your organization.