Compensation and its interconnectivity to talent and performance management are, quite simply, key to organizational success.
Innovative compensation strategies require more than just pulling market data and implementing ideas-- it requires a closer look at effective pay-for-performance models, investing in your company's ability to execute effective strategies to their full potential, and strategically designing effective programs to outperform the competition in this global market.
As one of the largest and complex business expenses in organizations today, compensation and its interconnectivity to performance management remains key.There are a number of options available and solutions for every budget.
Download our Best Practices in Compensation white paper to learn how leading companies are using market-based salary data to align compensation programs for long-term success in this complex environment.
Written by leading experts and respected industry analysts, this white paper provides valuable insight and proven strategies focused on bottom-line business results.
Best Practices in Compensation
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Connecting Rewards to Performance
I am currently trying to revamp our organization's performance management process to a more formal one that is aligned with company strategy and goals. I am basically starting from scratch with job descriptions, new evaluations and performance measures. My question is, how do I get the executives to see the importance of the connection between rewards and performance? Currently, they do not want to commit to traditional merit increases that would be tied to the performance review, but would rather provide a cost-of-living increase and then provide a bonus at the end of the year. The issue is that when they did this last year, people were very disgruntled with the fact that they didn’t get raises and I was frustrated because the reward that was received wasn’t tied to any performance measurement—it was truly discretionary.
——I Hate Discretion, director of human resources, construction, Rockville, Maryland
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