Goals of retention, recruiting not being met.
By Garry Kranz Comments 0 | Recommend 0
Performance Incentives: Rapid changes in the way business is transacted
necessitate dramatic changes in how companies should reward employee
performance. But HR consultants at Towers Perrin say most companies have not
changed their base pay, incentive and performance management programs in
years
to accommodate the seismic shift. The research is based on responses of 600
human resources and compensation professionals in 21 countries. Notably, 57
percent say their rewards strategies are intended to recruit top talent, while
73 percent hope to improve retention. Yet “few of the actual tactics they
reported were consistent with this stated focus,” according to Towers Perrin.
Also, 68 percent of organizations lack formal methods for determining the return
on investment in rewards initiatives.
Workforce Management contributing editor Garry Kranz is based in Richmond, Virginia. E-mail editors@workforce.com to comment.
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