& Answers from WorldatWork Webinar March 29, 2007:
Can Base Pay Really Reward Performance? Yes, It Can!
By Jay R.
Schuster and Patricia K. Zingheim
Get answers to your unanswered questions during the Webinar and find out
what others want to know about performance pay.
result of our consulting and research experience, Pay
People Right! Breakthrough Reward Strategies to Create Great Companies
outlines six Reward Principles that great companies believe result in the
successful alignment of total rewards and total pay with their business
Total Reward Components
must provide the workforce with an effective value proposition that involves the four total
reward components outlined below. Companies can either balance the
four components or emphasize one over the others, but they must
provide a total reward package that attracts the type of talent they
need and want. For example, some companies may be weak in positive
workplace but have very strong total pay to make up for the
difficult work environment. Other companies may have weaker total
pay but develop people, provide a positive workplace, and have a
compelling future that people want to support and be a part of. read
Variable Pay or Incentives
organizations have variable pay or incentives. The major pay change during
the 1990s was providing variable pay or incentives to most or all levels
of the workforce—not just executives and salespeople. Incentive plan
design has continued to evolve since then, including improvements in
measurement and goal setting, increased incentive participation, increased
incentive opportunity, and refinements in other design features to
optimize performance results. Take this quiz to
determine if variable pay is doing all it can do for your company. read
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