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A well-designed compensation strategy is foundational to attracting and retaining talent.

The Importance of Implementation Korn Ferry’s McMullen and Reidy suggest: Developing base salary increase budgets based on the cost of labor in comparator markets vs. cost of living/inflation;Considering the magnitude, eligibility and management of off-cycle increases, including promotions, counteroffers, pay equity adjustments, hot-skills adjustments, and in-band lateral adjustments;Utilizing the entire compensation tool kit, including sign-on, retention, referral and project bonuses, to attract, engage and retain key talent;Using highly leveraged nonfinancial rewards such as career development, organization transformation initiatives, recognition and providing meaningful work; “We typically see the best rewards programs being the ones that are more effectively implemented as opposed to those with an elegant strategy and design,” McMullen and Reidy wrote.

Areas to review include: ;Plan design.

Revenue: A Sales Compensation Crediting Conundrum , Workspan Daily article;The Checkup: Diagnosing and Optimizing Your Sales Compensation Program , Workspan Daily article;Sales Compensation , course series;Sales Compensation: Strategy and Design Application , course; Many organizations are structured with distinct divisions that operate independently within different geographic or market segments.

We guide them in the design and delivery of Total Reward programs with our education and certification; idea exchange; thought leadership; knowledge creation; information sharing; research; advocacy; and networking.

Morales has spent more than two decades in HR at this multinational designer and manufacturer of networking hardware, software, telecommunications equipment and high-tech services, moving up the ladder from HR generalist to HR manager to HR chief of staff to HR director and senior director.

.; ;Design a process to address evolving interpretations and compliance nuances with legal counsel.; Editor’s Note: Additional Content For more information and resources related to this article, see the pages below, which offer quick access to all WorldatWork content on these topics: ;Employee Compensation; ;Finance and Budgeting; ;Organizational Performance; #1 Total Rewards & Comp Newsletter Subscribe to Workspan Weekly and always get the latest news on compensation and Total Rewards delivered directly to you.

Directly linking TR and performance means basing compensation and rewards decisions, such as merit increases or incentive payouts, on how employees perform against set goals and competencies, said Christina Hussong, the senior director of work and rewards and the global incentive plan design solution leader at consulting firm WTW.

“To realize their cost savings and clinical impact, employers can provide member education, promote cross-stakeholder alignment and create plan design opportunities as more biosimilars continue to enter the market.”

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