Rewards and talent management are inseparable, a report says.
By Garry Kranz Comments 0 | Recommend 0
Rewarding Effort: Tying employee rewards closely to performance benchmarks
sounds simple enough, but the practice becomes even more critical when times get
tough, a new report suggests. Companies that take an integrated approach are 20
percent less likely than competitors to face difficulties in attracting people
with critical job skills. That’s according to consulting firm Watson Wyatt
Worldwide, which notes those same companies are 25 percent less likely to
struggle when pursuing high performers.
It logically follows that integrated reward-talent management techniques also
bolster retention. Companies following the practice are 33 percent less likely
to have trouble retaining critical skills and 18 percent less likely to hang on
to top performers, according to Watson Wyatt’s survey of 1,389 organizations in
24 countries.
Workforce Management contributing editor Garry Kranz is based in Richmond, Virginia. E-mail editors@workforce.com to comment.
Reproductions and distribution of the above article are strictly prohibited. To order reprints and/or request permission to use the article in full or partial format, please contact our Reprint Sales Manager at (732) 723-0569.
Comments
Guidelines: Comments that include profanity or personal attacks or other inappropriate comments or material will be removed
from the site. We will take steps to block users who violate any of our posting standards, terms of use or privacy policies
or any other policies governing this site. You are fully responsible for the content you post.
= Member Only
