Compensation and Retention Strategies for Healthcare Executives

To thrive today, healthcare organizations must provide competitive compensation and implement strategies to recruit and retain talented executives. Short- and long-term incentive plans – along with retention arrangements – are increasingly being tied to successfully vying for healthcare’s top talent.

Healthcare organizations compete for the best leadership talent by offering a unique and compelling value proposition that includes a balance of mission served, performance challenges, engagement of diverse stakeholders, and competitive compensation.

It’s essential that these organizations use total rewards strategies to successfully guide the design, administration and governance of their pay and benefit programs. The strategy should be developed and designed to support the organization’s strategy (i.e. incent growth and performance, utilize the financial resources of the organization, etc.) and culture. Top-performing health systems have written strategy statements that are board-approved and shared with existing and potential employees.

Compensation and Retention Strategies for Healthcare Executives

The value of benefits and perquisites make up a smaller percentage of executive total rewards. There are fewer executive benefits (i.e. executive medical insurance, supplemental disability plan, etc.) and many organizations are offering executives the same benefits offered to other employees. Limited executive perquisites are the new norm and any enhanced benefits and/or perks must be justified as having a legitimate business purpose.

Establish a Compensation Strategy for Executive Talent

Compensation is a key element of the total rewards strategy to attract and retain the best leadership, and healthcare systems should develop a compensation framework that includes:

  • Base salary
  • Short-term incentives
  • Long-term incentives
  • Retention incentives

Base Salary

Base salary is fixed compensation that typically does not vary according to performance or organizational results. It pays for experience, knowledge and individual performance. It is common practice to establish and maintain a salary administration program with two objectives: providing base compensation that is competitive with the market, and controlling fixed costs. In addition, the program should ensure that pay is internally equitable when compared to similar positions within the organization.

The majority of organizations target base salaries at the market median, which is the 50th percentile. Likewise, recent surveys and Findley’s industry experience indicates 65% of healthcare organizations target leadership base salaries at the market median. The next most popular target, used by 15% of organizations, is to set the range at the 60th or 65th percentile of market.

In practice, not all salaries will be equal to the target and there are a number of valid reasons why salaries may vary from the target. The salary administration program has pay ranges that allow management and the board flexibility to determine salaries by evaluating factors that include individual experience, market rates, length of service and business needs.

Short-Term Incentives

Top-performing organizations design short-term incentive plans, (also know as annual incentive plans), to award incentives using an objective and disciplined approach. The plan should reinforce the philosophy that executives are connected to organizational results; it should motivate and drive appropriate behaviors and deliver rewards that are in alignment with organizational success and growth.

“Recent research and Findley’s industry experience, indicate formal short-term incentive plans are used in more than 75% of healthcare organizations.”

Compensation and Retention Strategies for Healthcare Executives Guide

Long-Term Incentives

Long-term incentive plans are emerging as important components in compensation strategies for healthcare systems as the plans prove valuable in retaining and recruiting top talent. Based on market studies and Findley’s experience, offering long-term incentive plans varies by the size of the organization, with more than 40% of organizations with net revenue greater than $2 billion featuring long-term incentive plans in their compensation programs.

As organizations look for long-term performance-based compensation solutions, there are a variety of options to consider. One solution that is growing in popularity is a performance-based long-term incentive plan that awards cash at the end of a multi-year performance period based on the achievement of predetermined goals.

“Boards of directors in this pay-for-performance era are seeking alternatives to deliver long-term performance-based compensation.”

Compensation and Retention Strategies for Healthcare Executives Guide

Another approach that is becoming more common is the “performance-based” SERP. This combines the planning and techniques used for defined contribution SERPs, along with the performance measurements of an annual incentive pay plan. This option offers competitive long-term compensation, assuming adequate levels of sustained annual performance.

Long-term incentive plan options vary, too, between for-profit and non-profit healthcare organizations. For-profit healthcare systems are able to include some type of “equity” award in the total compensation package for executives. Executives in the non-profit, tax-exempt healthcare environment lack the opportunity of real “ownership.” Measuring long-term value is even more important with a tax-exempt organization because the “shareholders” are taxpayers and members of the community.

Historically, long-term plans have been merely an accumulation of short-term metrics over a multi-year period. The trend has shifted and long-term or value-focused metrics force a more strategic or visionary view of future guideposts for success. While financial results remain important, organizations are including more measures that focus on growth, market share, community impact, and employer brand.

Retention Incentives

One component that has seen significant growth over the last several years is the implementation of retention compensation. The healthcare industry in particular has been on the forefront due to the recent and expected future consolidation of hospitals and healthcare systems.

Often, retention incentives occur in instances of an anticipated transaction which requires continuity in order to execute transition plans and maintain the ongoing value of the enterprise. It can be essential to ensure that key talent is retained, operating functions are held intact, and relationships are maintained during a significant transition (i.e. pending sale, reorganization or new leadership).

The structure of retention arrangements varies as some organizations may choose to incorporate retention benefits within individual employment agreements, while others create standard agreements or policies for groups of executives.

Learn more about our findings and the solutions to implementing effective and creative strategies to recruit and retain talented executives in the healthcare industry in this guide below:

Compensation and Retention Strategies for Healthcare Executives Guide

Design and Implement an Effective Compensation Strategy

The healthcare industry is going through significant transformation and it is imperative for organizations to have well-designed executive compensation programs with retention strategies to recruit and retain top talent. Designing and implementing effective plans requires:

  • Taking a total rewards and total compensation planning perspective;
  • Aligning the compensation plan design with the mission and strategies of the organization;
  • Creating and maintaining conditions that are favorable to delivering competitive compensation and;
  • Designing retention strategies that align the interests of the executives with the stakeholders.

Questions or need advice on implementing an effective compensation strategy or successful incentive programs at your organization. Please contact Jen Givens or Tom Hurley by filling out the contact form below.

Published May 15, 2020

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Copyright © 2020 by Findley, Inc. All rights reserved.

Adapting Compensation Strategy in an Economic Crisis

And just like that, the Goldilocks Economy ended. GDP growth was a healthy 2.9% in 2019. The Dow Jones hit 29,000 in January, 2020, and a record high in February. The 3.5% unemployment rate was the lowest we had seen since 1969. In a few short weeks, that’s all changed.

Absent a magic bullet, the only solution is to adapt in an economic crisis. As we weather the impact to the global economy, significant disruption to business and weakening of many sectors, one thing is sure: businesses still need to retain key talent – not just the top performers, but workers who perform critical jobs. 

We recently posted an article outlining the importance of Recalibrating Human Capital Strategy and we identified four core areas to assess:

  • Strategic planning
  • Leading during a time of crisis
  • Employer branding and communications
  • Compensation and total rewards

Our focus in this article is compensation and total rewards.

adapting compensation strategy in the coronavirus economic crisis

Coronavirus Economy Impacts Variable Pay

The economic downturn – and possible recession – won’t impact all sectors to the same degree. In fact, growth is expected in retail grocery/non-durable essential goods, ecommerce, shipping-related subsectors in the transportation industry, and medical supply manufacturing. But many other organizations will have little option other than to reduce staff and the remaining staff will experience lower wage growth – if any at all. 

Let’s face it – base pay increases are already stagnant, having hovered between 2.9% and 3.1% annually since 2013. Regardless, there will always be a need to keep and attract strong talent. This is especially true for organizations poised to thrive in the Coronavirus Economy. There are strategies you can begin to employ to increase your opportunity to do so – as long as you remain focused on total rewards: the value of base pay, variable pay, and benefits and ancillary programs. 

Historically, non-fixed pay (variable pay) has provided an opportunity for an upside and has been an important tool for closing the gap between relatively flat growth in base wages and the need to achieve market-competitive total cash.

The majority of for-profit organizations – as many as 84%, according to WorldatWork – offer at least one kind of variable pay program and variable pay for salaried exempt employees has averaged 12%-13% of payroll over the past 10 years. Executives and senior leadership have the highest percentage of variable pay opportunities, followed by middle management and then professional exempt employees. Many organizations also provide variable pay to non-exempt employees.

Allocate Increase Dollars Where Needed Most

Because variable pay is, well, variable, most plans not only have targets, but also thresholds and maximums. Even in a year when overall performance doesn’t hit the target, many employees receive some payout. And in a great year, the payout will exceed the target percentage.

The beauty of variable pay is that it isn’t fixed. Unlike base pay adjustments, variable pay doesn’t increase the cost of base payroll year over year. Plan funding is directly tied to performance, so in a well-constructed plan, the payout occurs only if the performance goals are achieved. In short, the plan pays out if the organization can afford it.

For many companies, that won’t happen this year. 

If your organization has been providing the same percentage increase to all employees regardless of performance – independent of whether or not you have an incentive plan –you’re missing a critical opportunity to focus the increase dollars where they’re needed most. 

If you’ve managed a merit-based increase process, you understand the challenge of having a 3% budget and trying to adequately award increases that differentiate between a good performer and a great performer. The math isn’t difficult: You’ve got a good employee who meets expectations and you award them 3%. You give the top performing employee one and half times the 3% target. Assuming each of those employees earns $75,000 annually, that additional 1.5% merit increase means your top performing employee gets an extra $0.54 per hour.

What message does that send, especially when the opportunity for incentive pay disappears?

Compensation Hurdles to Overcome in Coronavirus Economy

Given the current economic crisis, there are a couple of key stumbling blocks on the compensation front:

  • Many businesses won’t hit the targets for incentive payouts this year – even if they’re able to recalibrate performance measures and goals. Without the incentives that previously boosted the market competitiveness of total cash, the focus will shift exclusively to base pay and benefits programs. If your base pay isn’t market competitive, you’ve lost use of an important tool for competing on the total cash front, and you’ve also lost one of the other advantages of variable pay: its ability to drive retention. Most variable pay plans require an employee to be actively employed to receive the year-end award.
  • Base pay increases plateaued and many employees became accustomed to receiving some level of variable pay. While we know employees shouldn’t expect receiving variable pay, they do and have factored that into their anticipated compensation. Even if those employees aren’t top performers, most are likely meeting job expectations and many may be performing jobs that are key to the operation of your business. If the base pay is competitive, it’s a little easier to manage employee expectations, engagement and morale. 

It’s time to do things differently – because the real danger would be doing things the same way.

Coronavirus Economy Calls for New Base Pay Strategies

It would be naïve to suggest that in the absence of a meaningful incentive opportunity the solution is to simply increase the funding of the base pay or merit increase pool. It won’t be that easy. And you won’t be able to make all of the fixes at once. But there are some actionable strategies organizations should take.

Six Strategies for Managing Compensation in a Business Downturn

  1. Evaluate the competitiveness of your current base pay structure
  2. Determine which jobs are more critical and warrant additional pay — even temporarily
  3. Identify key employees and assess the potential impact of not being able to retain them
  4. Analyze employee pay to determine risk (employees paid too low given their experience and performance; pay equity issues)
  5. Consider using your increase or merit pool differently in order to maximize the budget 
  6. Leverage other types of award, retention or recognition programs

There is no singular, easy fix to what’s ahead. It will take a multifaceted approach and healthy dose of tenacity and resilience. But as the old expression goes, adapting is a game of singles, not home runs.

Learn more about applying Strategic Compensation and Human Capital tactics that will help optimize and bring some flexibility in unpredictable economic times with the Findley Compensation Strategy Guide:

Guide to Adapting Compensation Strategy in an Economic Crisis

For more information about adapting compensation strategies, contact Dan Simovic at dan.simovic@findley.com or 216.875.1917 or Sandy Turba at Sandy.Turba@findley.com or 216.875.1937

Published April 30, 2020

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© 2020 Findley. All Rights Reserved.

Four Keys to Recalibrating Human Capital Strategy

The impact of the COVID-19 pandemic continues to unfold, changing our approach to personal and work life now and likely for the remainder of 2020. The unexpected economic challenges brought on by the coronavirus pandemic have prompted companies to assess their financial forecasts and adjust as best they can. Beyond making appropriate financial adjustments, every organization should rethink their human capital strategy. And, they should do it now. Below are the four most critical areas of focus during these uncertain economic times.

Human Capital Strategic Planning

More than ever, every company needs to assess their short-term and long-term plans for retaining key employees and maintaining the necessary talent base to weather the crisis. This human capital assessment should be a formal structured activity that is consistently monitored and reported on until the business climate returns to a level of normalcy. Absent a strong human capital plan, companies will emerge from the crisis weaker than their competitors.

Four keys to recalibrating Human Capital Strategy

Leading From a Distance

During uncertain economic climates, like this Coronavirus Economy, leadership and management skills differentiate the winners and losers in businesses of all sizes and in all industries. At the heart of this challenge is how adept managers are at maintaining relationships with their employees. Do they know how to rigorously maintain communications, focus their employees, build trust and hope with a team that they may not physically interface with?  For many leaders, this is a new test of management skills. Driving employee engagement is now more demanding than ever before.

Compensation and Total Rewards

In the past decade, base compensation grew very modestly in most industries while incentive compensation became a significant portion of total target compensation. In addition, there has been an emphasis on total rewards beyond compensation, especially for the millennial workforce. Given the likelihood that most organizations will not be able to pay bonuses, it is critical that companies establish a new approach for rewarding workers and staying competitive in the marketplace. On top of that, health and welfare costs remain a central point of discussion at most organizations. At the onset, the pandemic’s economic impact shows new strategies for compensation and total rewards need to be addressed and implemented.

Employer Communications and Branding

Human capital decisions made during the COVID-19 pandemic will influence the employer’s brand in the future. Employees will remain loyal and support the organization as much as possible if the company is doing its utmost to take care of them. How the company communicates at all levels – from executives to salaried and hourly employees – is at the heart of employer branding. Everyone needs a transparent and consistent message, even if the news is not positive. Employees must be a top concern.

So, while these four human capital areas may seem elementary, a company’s key success will be how it tackles the unique strategic needs during this Coronavirus Economy. It is certain that new human capital strategies will need to be established in order to prevail through the current storm.

While this article is a call to action, in the upcoming weeks, Findley’s experts will offer best practices within these four core human capital areas during this time of economic uncertainty.

How has the economic downturn impacted compensation? Find out what additional strategies you can adopt, and your current options are for compensation and total rewards in the article below.

Article: Adapting Compensation Strategy in an Economic Crisis

For more information about recalibrating your human capital strategy, contact Dan Simovic at dan.simovic@findley.com or 216.875.1917, or Sandy Turba at Sandy.Turba@findley.com or 216.875.1937

Published April 30, 2020

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Copyright © 2020 by Findley, Inc. All rights reserved.

Benefits Communications Shouldn’t Stop after Open Enrollment Ends

Open enrollment season is an opportunity to remind your associates about their benefits options and prepare them to maximize their choices for the year ahead. It is a unique opportunity where employees are expecting highly detailed information in a relatively short time span. During this annual event, employees probably read more articles, watch more videos, and hear more presentations about company benefits than they do at any other time.

The most experienced HR professionals would advise teaching and communicating about benefits all year round, not just during the open enrollment window. While that applies to many company messages, it’s particularly important with benefits because of the rapid pace of change and the investment that organizations make in benefits packages. With a broader approach to benefits communications, organizations can keep employees from feeling intimidated or confused when it actually comes time for them to select their benefits each year.

Prepare Targeted Communications

Sending the same message to every employee won’t allow you to create materials that are relevant and meaningful to your audience. It won’t be long until most employees start to tune out your messages. By segmenting communications— using the data that you have after open enrollment is complete— you can make your messages more applicable and valuable. For example, once you know who has enrolled in your High Deductible Health Plan, you can send highly technical pieces with instructions on setting up or accessing a Health Savings Account (HSA). You can also reinforce the tax advantages of the HSA as the deadline for filing tax returns approaches.

HR communicators can get creative in their targeted approach. One client used a lottery ticket communication to help employees who weren’t contributing to the 401(k) plan understand how much money they were leaving on the table. The personalized lottery ticket also showed projections, based on the individual’s salary, of retirement plan account balances in 5, 10, and 20 years if the employee started contributing and received matching contributions. This approach is high touch and requires extensive data testing and sophisticated fulfillment procedures, but the results can be worth it.

Circle Back on Any Outstanding Questions

During a typical open enrollment meeting, some employees will ask detailed personal questions that should be addressed one-on-one. While it’s important to address these questions in a private setting, other employees are disadvantaged by not learning about benefit issues through these scenarios. To solve this problem, document the questions that are raised outside the large group settings and reshape the language to fit a broader audience. For instance, an employee might want to discuss an unpaid claim from her daughter’s college campus clinic. This could easily translate to a broad Q&A about best practices for accessing care while traveling or attending school outside the state.

Publishing a post-enrollment Q&A can also reinforce the message that the HR team is listening. Employees want to be heard and sometimes their questions and ideas can help improve the company’s benefits package or streamline administration. By paying attention to trends that come through employee inquiries, the HR function can better meet the needs of the workforce.

Create Annual Personalized Statements that Promote Value

Most organizations strive to provide competitive pay and benefits through their total compensation program. Yet, the key to maximizing this significant investment is to communicate with employees in a way that gets noticed. This is particularly important if your organization is intensely competing for talent or struggling with turnover. Ensuring employees understand the competitiveness of pay and benefits is critical to retaining top talent.

To help every employee understand the value of their pay and benefits, top organizations provide an annual Total Rewards Statement to all benefits-eligible employees. The goals of a Total Rewards Statement often include that it’s cost-effective; it’s personalized with accurate information; and it’s tailored for the unique programs offered in each part of the organization. Most importantly, the communication must engage employees by helping them understand the competitiveness and value of their total rewards.

Questions? Please contact the Findley consultant you normally work with or Kimberlie England at  kimberlie.england@findley.com or 419.327.4109.

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Building a Strategic Plan for Your Health Benefits Program

Attracting and retaining the right people drives the performance of your organization. In today’s economy, employees and candidates are making their job decisions based on the benefits and perks offered. Your health benefits program is the #1 benefit candidates seek over all other benefits and perks– by a wide margin.[1] At the same time, health benefits costs continue to rise at rates well above general inflation[2]. These competing factors make maintaining competitive but cost-effective health benefits a strategic business priority.

Given the changes occurring in the healthcare market, employers have a significant opportunity to redefine their benefits mission and build a multi-year healthcare strategy. Employers should continue to evaluate traditional approaches, such as plan design and cost-sharing. It’s also critical to take advantage of emerging new resources, such as: changes in health delivery by the providers and new networks; changes driven by payment reform; and provider shifts to value-based care.

To build a multi-year benefits strategy successfully, leadership support and effective change management are critical.

We recommend utilizing The Findley Process, as follows:

Phase 1 – Gather data for actuarial analytics and benchmarking and build a multi-year financial modeler.

Phase 2 – Develop a strategic plan using action-oriented Compression Planning to develop objectives, prioritize tasks, and define change management steps.

Phase 3 – Implement the multi-year strategy and new benefits philosophy statement.

Phase 1: Construct Background Data and Strategic Tools

Phase 1 of your process should focus on developing analysis to give stakeholders a baseline understanding of your health benefits program design, cost drivers, and competitiveness. Actuarial data analytics, projections, and benchmarking provide the critical data for stakeholders to weigh the benefits of maintaining the status quo vs. considering, prioritizing, and launching forward-thinking strategies.

Gather and analyze your plan’s cost in recent years then identify the key drivers of cost under your current plan design. Next, identify any immediate plan design opportunities to build into your multi-year plan. Finally, build an annual financial projection model to fit your strategic planning horizon (for example, five years). The model should take into account projected claims, contribution strategies, and reserve/risk monitoring. It should be used to set metrics and evaluate the effectiveness of your strategic plan going forward.

Phase 2: Define Your Objectives Using Action-Oriented Strategic Planning

Defining your multi-year strategy requires key leadership engagement and effective change management. As you know, your organization’s leaders understand the importance of strategic planning to drive business performance, but may not have the time required for the typical multi-day approach. Instead, consider using Compression Planning – a facilitation technique designed for busy business leaders to rapidly identify and build consensus around key goals and action items to form the basis of the strategic plan.

Before the Compression Planning session, your leaders should receive the actuarial data analytics, benchmarking results and analysis of your current plan, and your baseline for strategic planning and changes. In the Compression Planning session, a trained facilitator poses prepared questions to guide leaders through brainstorming and action planning. Typical questions may include:

  • Three years from now, what does a culture of health and well-being look like at your organization?
  • What do you want your health and welfare benefits environment to look like in 20XX?
  • What should employees be responsible for? What should the organization be responsible for?
  • What unique challenges exist in your environment (either within or external to the organization)?
  • What changes with healthcare providers can be leveraged?

The facilitator then leads a prioritizing activity to define and build consensus around the top goals and objectives that become part of your strategic plan. Action steps for your strategic plan are then developed in Phase 3.

Phase 3: Create, Implement, and Monitor Your Multi-Year Strategic Plan

In Phase 3, your project leaders define the multi-year milestones and metrics for the objectives and develop a high level change management strategy consisting of the major initiatives and timelines for implementation.  Once this strategic framework is in place, the interactive forecast modeling tool established in Phase 1 becomes the key tool for defining plan design changes and modeling annual budgets to achieve your financial goals.

Beyond the strategic plan, many organizations develop a healthcare benefits philosophy statement. This statement serves as the mission for health and well-being at your organization; defining the organization’s commitments and employee responsibilities that serve as the foundation for the strategic and tactical steps taken each year.

Once the strategic plan is set, a detailed change management project plan defines each year’s implementation steps and timing. Educating and empowering participants to understand benefits, use healthcare wisely, and take responsibility for their health and well-being are critical elements to achieving the strategic plan objectives.

Monitoring actual vs. forecast experience begins immediately and continues throughout the course of the multi-year strategic plan, measuring and evaluating your actual experience against the metrics and milestones set in the planning process.

In Perspective

Organizations that have a strategic plan and process for managing their benefits programs report better company performance and more success in attracting and retaining employees.[3] Employer-provided health benefits are an organization’s biggest benefits cost,[4] and the key employer-provided benefit that attracts new employees and retains your current talent. Your employer-provided health benefits are also likely your most complex benefits offering. That’s why a strategic approach and process is a must to maintain a health benefits program that helps your business keep its competitive edge.

Questions? For additional information about developing or enhancing your strategic plan, contact the Findley consultant you normally work with, or info@findley.com

Posted November 15, 2018

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[1] Which Benefits Drive Employee Satisfaction? GlassDoor Economic Research, June, 2016.

[2] Kaiser Family Foundation Employer Health Benefits Survey, 2018.

[3] 2017 Strategic Benefits Survey-Strategize with Benefits, Society for Human Resource Management

[4] Health benefits average 8.2% of total compensation nationally. Employer Costs for Employee Compensation, Bureau of Labor Statistics, June 2018.

Hot Topics in Total Rewards

Featured

From conference presentation topics to client interactions, here’s a look at four Total Rewards current hot topics:

Employee Recognition Program Vendors

The number of vendors administering employee recognition programs has increased. Some manage offerings that provide employees with goods (i.e., a golf club), while others offer experiences (i.e., scuba diving lessons) to deserving employees. These programs are designed to reward top performers, increase employee engagement, and provide a good or experience that may help in retaining the employee.

The Best Rewards?

It is hotly debated, what would employees prefer as rewards? Would they prefer to receive a spot bonus or incentive payment, rather than a good or experience? Often vendors are restricted on the goods or experiences they can offer; do these match what the employees actually want? Also, companies are paying for the administration of the program. Depending upon the company, it may make more sense to direct funds spent on the administration of such a program to the employees the company is looking to reward.

Gender Pay Inequities

The gender pay gap is an accepted fact these days, but a viable, workable solution has been elusive. There are several ways to examine gender pay inequities, which may not be sufficient (especially in a pay for performance environment) including:

  1. Average or median pay of a male vs female for the whole company. Note the United Kingdom has adopted this for all companies of a certain size.
  2. Average or median pay of a male vs female by position.
  3. Average or median pay of a male vs female based on years in the position.

The Solution?

Some combination of (b) and (c) above is likely the best answer. However, a study would really need to be done on a case by case basis and the pay philosophy of each company would need to be considered. Item (a) above is an incomplete measure, but may indicate if the company is providing opportunities for advancement to both genders.

The Role of Compensation Committees

Most companies that have a Board have a smaller group of Board members which make up a Compensation Committee. The Committee has historically been more centered on executive compensation decisions and CEO secession planning. However, they are getting more involved in talent management and compensation decisions both at the executive level and lower levels.

The Impact?

Committees are starting to focus on retention and grooming of future top talent. Also, they are shifting some of their focus to ensuring the company’s compensation strategy is being followed at all levels. With increased scrutiny around gender pay and executive pay, as well as the labor crisis, this is likely to continue.

Performance Management

There are many challenges involved with establishing a well-designed performance management system. Linking pay to performance is the best way to impact performance. The keys in implementing a well-designed performance management system include:

  1. Having a grasp of the positions value in the market and to the company.
  2. Ensuring the plan is designed in a financially responsible manner.
  3. Creating individual performance plans that are measurable and align with company goals.

The Impact?

Performance management has many benefits including spending less time micro-managing employees and less misunderstanding between employee/employer on expected work. This topic will continue to be a hot trend for years to come.

In Perspective

These four hot topics shouldn’t surprise you. Some of these are issues that companies have wrestled with for years. Finding the right recognition vendor, solving the pay gap, working with compensation committees, and finding the right performance management are all challenging puzzles but solving them will reap great rewards for the company.

Questions? Contact the Findley consultant you normally work with or Brad Smith at Brad.Smith@findley.com, 419.327.4414.

Posted November 13, 2018

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