Posts tagged as:

Total Rewards

Time for a Compensation Check-up?

October 30, 2009 · 0 comments by Larry Comp

in Business Strategies, Compensation, Economy, Performance Feedback

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.

{ 0 comments }

In a Recession: Recognize & Retain Your Star Performers, Part III

July 8, 2009 · 0 comments by Terry Lauter Comp

in Benefits, Business Strategies, Economy, Management

As the economy continues to slowly churn, many organizations have made their cuts, and are now turning their attention to the survivors. While these folks may be glad to have a job, some of the star performers may be waiting for the turn-around to make their get-away. If they haven’t been recognized for their extra efforts and rewarded for maintaining excellence in performance, they may well look for greener pastures as soon as the market begins to recover. So the time is now to find ways to re-balance the total rewards equation, and make the most of the monetary tools at your disposal. incentiverecognition

In the last two posts, we discussed some ideas for engaging high performers and customizing non-monetary rewards to their personal needs and circumstances. Today’s idea deals with allocating increase dollars first to the top performing individuals:

Instead of dividing a minuscule merit increase pool across your entire employee population as a means of spreading the rewards, make sure that your star individuals get half or more of the total merit budget. While each individual’s portion may still be small, you are demonstrating by your actions that their performance has not gone unnoticed. If you have communicated properly, the top tier individuals will see that while the funds are limited, the management is doing what they can to put the rewards in the hands of those who are stepping up and carrying the load to hasten the return to normalcy.

So…….What do you think? Will allocating the largest percentage of your merit pool to your highest performing team members serve to strengthen their intrinsic motivation? How would you communicate with the others who receive a much smaller share of the overall merit budget?

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In a Recession: Recognize & Retain Your Star Performers, Part II

July 6, 2009

Last post, we discussed the fact that “pay for performance” or “rewards for results” is still a myth in many segments of corporate America today. While most companies have a vital few who are achieving most of the goals, we are realistically not recognizing and rewarding these individuals in a way that will ensure their [...]

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In a Recession: Recognize & Retain Your Star Performers, Part I

July 1, 2009

Most every organization has a group (made up of about 20% of the total population) who delivers 80% of the results. In other words, a few folks make a tremendous difference for the overall success of most every business. But here’s the rub: all too often there is no significant difference in the way we [...]

Are Your Benefits Still Beneficial?

May 25, 2009

The recession has taken its toll on many components of employers’ total rewards packages in recent months. While some of our client organizations have implemented minor benefit tweaks, others have implemented hefty increases in employee contributions for benefits and cancelled 401(k) matching. There is no one simple solution or pat answer, to be sure. But [...]

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Total Rewards

Time for a Compensation Check-up?

In a Recession: Recognize & Retain Your Star Performers, Part III

In a Recession: Recognize & Retain Your Star Performers, Part II

In a Recession: Recognize & Retain Your Star Performers, Part I

Are Your Benefits Still Beneficial?

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