Companies are having to realign and rethink how their employees are compensated, what the work environment looks like and how best to create an environment that retains, engages and attracts.
Core pillars of retention and engagement –are built on the development, implementation and maintenance of an effective total compensation strategy. What you pay, how you pay and what you pay for; integrated with opportunity for advancement, competitive health care and benefit – plans and work/life balance that is also coupled to being valued for their work maximizes the creation of a compelling place to work and thrive.
Strategic Compensation Management© looks at all of these core pillars that build on a competitive foundation to reward employees. This involves short- and long-range planning that builds in compensation| pay structures that rewards performance and results in company success. It is an intentional process that is ongoing in an organization to ensure fairness and balance in its compensation model. It is more than just words or an exercise yearly, ideally this needs to be baked into the company culture and philosophy.