How To Develop A Total Compensation Strategy

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How To Develop A Total Compensation Strategy

  1. 1. How to Develop a Total Compensation Strategy May 4, 2009 Presented By: Natasha Lomas
  2. 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. 3. What is Compensation?  Design  Diagnosis  Re-enforce
  4. 4. What is Strategy?  Strategy refers to the fundamental directions that an organization chooses.
  5. 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. 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. 7. Comment and Strategy Flexibility and Value Management Total Compensation System Motivation and Performance
  8. 8. Compensation Elements Fringe Benefits Mid/ Long-Term Incentives Short Term Incentives Base Salary
  9. 9. Key Steps Assess Total Compensation Implications Reassess Map a Total Compensation Strategy Implement Strategy
  10. 10. Questions

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