How to Effectively Set Goals for Total Rewards Communication
November 9, 2020
Here’s how you can set your Total Rewards Communication goals in a way that reflects your company objectives.
Explore our blog to learn more about best practices, trends and other insights related to compensation management.
Here’s how you can set your Total Rewards Communication goals in a way that reflects your company objectives.
To be effective, every performance-based pay system must encompass a few key elements. These include clear objectives, a thorough performance process, and a tool to support your pay-for-performance initiatives.
The overarching objective behind your organization’s compensation management process is to pay your employees fairly without exceeding its budget. Yet, beyond this primary goal lie important pillars, each of which must be satisfied to achieve better bottom-line results for your company.
Merit pay can be an effective tool for improving morale, retaining your top performers, and driving loyalty. Yet, rewarding employees without a plan can have the opposite effect: it may demotivate employees and send your best talent searching for other opportunities.
By optimizing your approach to compensation, you can go beyond pay and spur continuous improvement across your organization.
There are a few key strategic elements which must first be in place. Here are the preliminary steps in building a solid total rewards design.
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