If you want to attract and retain high calibre talent in today’s competitive labour market, your Compensation & Benefits Program will need to be competitive with other companies operating in the same labour markets. It will need to be consistent with your business strategy and competitive on an industry wide and geograpical basis.
To meet these high aspirations you will need to consider all or most of the following, when designing and establishing the program elements & detail. It will need to:
- Have the ability to attract, motivate and retain both prospective and current employees
- Be flexible to adapt as the business grows, develops and meets new challenges
- Reward both Individual and Team Performance
- Reward skill development
- Reward flexibility, initiative and creativity
- Be easy to understand and communicate
- Be cost effective and affordable to the business
- Be simple and easy to administer
- Be straightforward to benchmark against your Industry norms and your competition for similar talent
- Compliment your Employer branding
Easier said than done. Worth the effort though. How does your company’s C&B model rate against the above best practice design criteria?