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How To Develop A Total Compensation Strategy
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How To Develop A Total Compensation Strategy

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Published in: Business, Economy & Finance

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  • 1. How to Develop a Total Compensation Strategy May 4, 2009 Presented By: Natasha Lomas
  • 2. 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
  • 3. What is Compensation?  Design  Diagnosis  Re-enforce
  • 4. What is Strategy?  Strategy refers to the fundamental directions that an organization chooses.
  • 5. Strategic choices Corporate objectives, Business unit strategic plans, visions strategies and values HR Strategies Strategic Social, competitive, compensation and regulatory decisions environment Compensation systems Competitive Employee attitudes advantage and behaviors
  • 6. Aligning Compensation Strategy Assessment Industry and Labor Strategic Business & Employee Inputs Market Practices Operating Inputs and Preferences and Trends Compensation Philosophies and Objectives Organization Base Pay Performance or Fringe Benefits Compensation Design Variable Pay, Administration Delivery Nonmonetary & Other Monetary Rewards & Recognition
  • 7. Comment and Strategy Flexibility and Value Management Total Compensation System Motivation and Performance
  • 8. Compensation Elements Fringe Benefits Mid/ Long-Term Incentives Short Term Incentives Base Salary
  • 9. Key Steps Assess Total Compensation Implications Reassess Map a Total Compensation Strategy Implement Strategy
  • 10. Questions