Searching Compensation on page 17

Companies that handled it best took a number of steps, such as: Defining a cross-functional and cross-geo steering committee to assess and design sales compensation changes;;Investing in digital capabilities to better administer, communicate and implement their sales compensation plans;;Simplifying their compensation plans by eliminating measures and mechanics; and;Improving the alignment of their sales compensation plans to overall business strategy (including changes in strategy), from a data-driven perspective, as opposed to relying purely on philosophy and “gut” beliefs.; Workspan: The pandemic has obviously affected the way companies and leaders approach sales compensation.

The calculation follows a standardized formula: [Employee Total Compensation Target] - [Replacement Cost Total Compensation Range Benchmark Based on Role] ÷ [Replacement Cost Total Compensation Range Benchmark Based on Role] This formula creates a ratio between an individual's target compensation relative to market standard and the overall market benchmark for that role.

This level of pay transparency will result in a greater understanding of the compensation philosophy and employees will be equipped to make informed decisions about their compensation.

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; You have to login to perform this action.

Fred Whittlesey, principal consultant at Compensation Venture Group SPC , said the current interest around crypto in compensation plans reminds him of the stock plans craze in the 1990s.

When crafted and applied properly, innovative executive compensation practices fit an organization’s specific needs and circumstances.

In a test of the FLSA overtime rule, the Supreme Court ruled that highly compensated employees can be eligible for overtime pay if they are paid on a daily basis instead of salaried.

As we plan out our editorial calendar for Workspan each year, we try to keep our focus on the compensation-related challenges that are consistently front and center for compensation professionals — pay compression, pay equity, geographic pay strategies, sales compensation and much more.

Save Reuse Permission There is a strong focus today on skills-based compensation, which is used to attract, reward and advance employees who have attained specific skills and continue to build on them.

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