Jun 7
A practical guide to total rewards strategy — what total rewards encompasses beyond pay, why a strategic approach matters, the components, and how to build a rewards strategy aligned with talent goals.
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A practical guide to total rewards strategy — what total rewards encompasses beyond pay, why a strategic approach matters, the components, and how to build a rewards strategy aligned with talent goals.
The Definitive Guide to Creating a Comp Plan
The Definitive Guide to Creating a Comp Plan. #compplan #compensation #compensationplan #compensationstrategy #HR #humanresources
Start building a comp plan in your organization.
Smart companies have up-to-date compensation plans that support their business objectives and ensure their long-term success. You also want to attract and retain top talent while motivating employees to perform at their best.This guide will help create a (compensation) Comp plan that’s a win/win for both your business and your employees.
Down…
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Clawbacks for Executive pay : should Executive variable pay go down as well as up ?
Clawbacks for Executive pay : should Executive variable pay go down as well as up ?
Clawbacks for Executive pay ?
The Executive Compensation & Benefits Summit will take place in Amsterdam on September 6 and 7, 2017. If you want to attend, enjoy a 20% discount exclusively for my readers and followers by using code COMPIN20.
To celebrate this upcoming event, today’s post will focus on Executive Compensation.
There was a question on Quora recently :
If corporate Executives…
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Get 20% discount to join me at the Executive C&B Summit in Amsterdam !
Get 20% discount to join me at the Executive C&B Summit in Amsterdam !
Here is an exclusive rebate that you, my readers and followers, can benefit from :
a 20% discount
for attending the Executive Compensation & Benefits Summit
on September 6 and 7, 2017,
in wonderful Amsterdam.
Wiipppeee !! 🙂
Join me and get 20% OFF with code COMPIN20
Excited already ? Go to engevents.com/events/compandben2017 and use code COMPIN20 to get your discount !
Listen to me describing…
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Designing an effective employee wellness campaign - [Interview]
Designing an effective employee wellness campaign – [Interview]
Robin Wells, the Head of Global Corporate at Medstar Insurance Brokers, was one of the speakers at the recent Compensation & Benefits Forum organised by informa in Dubai.
He made a very interesting presentation on Employee Wellness campaigns in the workplace.
I asked him to share the most salient points from his presentation. Listen to our 12-minute conversation, and discover :
The different…
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Developing A Compensation Strategy
Developing A Compensation Strategy
A compensation strategy is to align all employees, top to bottom, in understanding what the organization wants to achieve; how each employee contributes to the achievement of the organization objectives; and, how the organization is going to reward desirable attitude and behavior. It is to outline an organization view on the employees’ compensation and benefits.
Therefore, in order to come up with a compensation strategy, it is imperative to understand the value of each job function within the organization. Every job has a role in either creating and supporting sales or to keep expenses to a minimum or sometimes both. By understanding the value, then the organization can evaluate if each function is able to meet their clients’ needs profitably.
Essentially, a good compensation strategy should take into consideration of the SPED factors – Sustainability, Perception of Value, Employee’s Behavior and Performance, Development of Organization.
Sustainability of the Compensation Strategy
Before designing the compensation plan and structure, the organization needs to understand the compensation budget. Many organizations lack a compensation budget despite the fact that manpower cost is often one of the highest expenses in the organization. Besides that, these organizations also often mistake the cost of compensation as the salary of the employees. The cost of compensation is often much higher than just the salary of the employees.
The organization needs to design a compensation strategy that is suitable for the organization’s finance. Organizations need to understand how much they can and willing to pay and how can they structure it in a way that is attractive to the employees they are trying to attract and retain.
Perception of Value of the Different Compensation Components
One of the main objectives of a good compensation and benefits plan is to be able to attract and retain good employees. However, that is not possible without understanding how employees view the different types of compensation and benefits. An employee with family may value more paid time off while a younger employee may be looking for a higher salary to pay off school debts.
Therefore the organization needs to find the point of balance for different groups of employees within the company. Some organizations have also introduced flexible rewards program by providing employees the option to customize their own compensation and benefits package within a pre-defined range.
Employees’ Behavior and Performance
The compensation and benefits plan should identify and reward organization’s desirable attitude and behaviors that contribute to the achievement of the organizational objectives. If the organization values teamwork, then it should reflect in the compensation plan. If the organization values teamwork but focuses on rewarding individual achievements, then the organization will not be able to instill the attitude and behaviors that the organization wants to.
The attitude and behavior that the organization desires should also result in better employee’s performance. This means that these attitude and behavioral traits should have been recognized to be associated with better performance. Therefore the emphasis on this particular set of attitude and behavior within the organization.
There are also an increasing number of organizations adopting performance-based compensation. Through the use of these performance-based compensation schemes, the organization rewards employees accordingly to the employee’s performance.
Development of the Organization
Besides sustainability, it is also important that the compensation strategy drives the development of the organization. Depending on how the compensation plan is designed, it may result in employees sacrificing the organization long term goals for short term gains. This often happens when the employees do not view themselves as a long-term member of the organization. Therefore, they make decisions to maximize their compensation and benefits within the few years they are with the organization.
The compensation plan should encourage the employees to act in the best of interest of the organization, and not maximize personal gains in expense of the organization’s long-term goals.
Employee benefits in the event of terrorism
Employee benefits in the event of terrorism
In today’s guest article, it is my pleasure to welcome Laura Rossi-Manganotti, a Benefits expert working at Western Union. When she approached me with her idea to cover employee benefits in case of terrorism, I have to say I had some reservations given the sensitivity of the topic.
However, as you will surely agree, this is (unfortunately) a very relevant and useful subject that HR and C&B pros…
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The value of the independent advisor to the Remuneration Committee
The value of the independent advisor to the Remuneration Committee
Discover the value of a good independent advisor to the Remuneration Committee
Remuneration Committees (RemCos) are a topic which seems “far away” for many of the C&B professionals in the field, even the most senior ones, and especially in the Gulf countries, the region where I’m currently based.
Yet, sooner or later, we are all confronted by requests coming from “The Board”, or documents to…
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