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Performance and
CompensationOne of the most
complicated and frustrating issues that most senior leaders face is how
to use pay practices as a way to improve company performance. The first
comment that I will make is that there is no perfect system�if there
was, then everyone would be using the same system and thousands of
employee compensation consultants and experts would be out of work.
As I researched this article, one common
thread came through in all my reading. A company must have a
compensation strategy that is in alignment with the company�s strategic
direction and goals.
The compensation strategy is the
philosophy that guides specific compensation decisions. The components
considered when developing a compensation strategy include base pay,
incentives, benefits, working conditions, and opportunities for growth.
Pay practices should be considered within the context of the overall
compensation strategy.Read rest of article |
