How can you tell if your Compensation Program is working?
The first clue is whether or not the organization is meeting its short and long-term financial goals. Even in these tough economic times, financial performance provides some good clues.
If not, SYMPTOMS might include:
1. Difficultly attracting/retaining your TOP performers, while less productive ones “stay put.”
2. Lack of focus from employees who often seem unclear as to how they can help the organization meet its objectives
3. Team members exhibit entitlement thinking and are slow to adapt to necessary changes
4. Goals that lack compatibility across the organization, causing unnecessary conflicts or deadlocks.
5. Employees act like “hired hands” versus concerned business partners
Those with high functioning compensation/rewards programs frequently cite:
· Increased revenue
· Decreased expenses
· More efficient/streamlined processes
· Improved service and productivity
· Greater overall job satisfaction
How well is your Total Rewards Program working in helping you to reach the organization’s goals?
In coming blogs, we will discuss how to give your organization a simple “check-up.” Stay tuned.
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