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For employers, these programs can increase organizational efficiency by building skill sets that the employer can call on at any time.

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We will share the basics of effective performance management programs – goal-setting, coaching, and assessing performance as well as how performance assessment is linked to pay delivery – in terms of base cash, short term incentives, long term incentives, and other forms of financial and non-financial rewards.

Key Takeaways Setting boundaries.

For example, shortly after the United Autoworkers Union (UAW) announced its record-setting contracts with the Big Three automakers — Ford, General Motors and Stellantis — last year, Toyota Motor Corp. told its nonunion workers at all U.S. plants that they also would be getting pay raises.

Also helping to close the inequity gap would be setting the default savings rate equal to the maximum match rate, she said, and contributing to employees’ accounts regardless of whether they do — a practice known as non-elective contributions.

In fact, more than 70% of acquiring companies set aside budgets for retention pools, according to WTW’s 2024 M&A Retention Study .

But should the competitive posture be the same for all types of employees, irrespective of skill set or type of work?

One employer that is in the process of filling in the hole the pandemic created has informed employees that quarterly targets will be set and, if the results meet or exceed those targets, an incentive fund will be created.

“The principles we’ve always had as compensation folks in terms of setting up structures and making sure [hiring managers] are adhering to that, those are still there, now I think with transparency it forces more precision,” she said.