how to develop a total compensation strategy
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How to Develop a Total Compensation Strategy
May 4, 2009Presented By: Natasha Lomas
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Agenda
Define Compensation Define Strategy Strategic Choices Tailoring the Compensation System to Business
Strategy The Total Compensation System Compensation Elements Key Steps Rewards of Work Questions
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What is Compensation?
Design Diagnosis Re-enforce
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What is Strategy?
Strategy refers to the fundamental directions that an organization chooses.
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Strategic choices
Corporate objectives, strategic plans, visions
and values
HR Strategies
Competitive advantage
Employee attitudes and behaviors
Business unit strategies
Compensation systems
Strategic compensation
decisions
Social, competitive, and regulatory environment
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Aligning Compensation Strategy
Employee Inputs and Preferences
Strategic Business & Operating Inputs
Industry and Labor Market Practices and
Trends
Asse
ssm
ent
Des
ign
Compensation Philosophies and Objectives
Base Pay
Delivery
Organization Performance or
Variable Pay, Nonmonetary & Other Monetary
Rewards & Recognition
Fringe Benefits Compensation Administration
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Total Compensation
System
Motivation and Performance
Strategy and Value Management
Comment and Flexibility
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Compensation Elements
Fringe Benefits
Mid/ Long-Term Incentives
Short Term Incentives
Base Salary
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Key Steps Assess Total Compensatio
n Implications
Map a Total Compensatio
n Strategy
Implement Strategy
Reassess
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Questions