“Internally equitable” and “externally competitive” are terms appearing in many policy manuals, compensation philosophy statements and articles on managing compensation. Employees expect both concepts to be driving the administration of their compensation. The terms are most frequently referred...
Each organization must adopt strategies that result in the critical knowledge and skills being available. Whether they are available within the existing workforce, can be developed within the existing workforce or can be acquired via other approaches they must be accessible for the organization...
Rewards strategies need to be designed with both the short-term and the long-term in mind. When designing their total direct compensation packages strategists should evaluate programs based on this balanced perspective. But adopting a balanced rewards strategy creates a significant communication...
The current surge in inflation is causing employees to believe their organizations should keep their real purchasing power intact with large pay increases. Employers need to be thoughtful in balancing the needs of attracting, retaining and motivating talent in turbulent economic times.
When your car malfunctions and you don’t know how to fix it you find a specialist who does. When your body sends your troubling signals you don’t know how to fix you find a specialist who does. When your organization performs poorly doesn’t it make sense to find a specialist if all your efforts...
When an organization reviews its rewards strategy, one of the first issues that needs to be addressed is “what is the rewards philosophy?” This is a necessary pre-requisite for formulating a rewards strategy that will work for an organization. Philosophies differ. Most organizations believe...
Addressing the issues raised by persistent vacancies is a high priority for many employers. Organizations can increase the likelihood of being considered an employer of choice by creating the right brand. Much like branding products/services, organizations can create a value proposition that...
Base pay is the largest component of the total compensation package for most employees (exceptions being direct sales personnel and top executives in organizations that utilize variable pay and equity plans heavily). Wages/salaries represent the largest cost item for many organizations and...
In order for human resource management to be done effectively there must be a strategy that defines an organization’s approach to attracting, retaining and motivating a workforce that will enable it to succeed. The critical characteristics of an effective HR strategy are: 1) it fits the...
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