Reward Strategies 2008

Ann Bares annually conducts a survey on compensation plans in her market and the following results are the top three reward strategies identified for the year 2008.

The Number 1 reward strategy for the third year consecutively is; “the variable pay, incentives, bonuses etc”. The variable pay plans are said to be the megatrend for employee rewards.

The second winning reward strategy is; “keeping pay competitive”. It was said that it is important to keep the compensation structures and market plan programs competitive, keeping in mind that there is still a war for talent especially for employees with critical skills & experience.

Finally, the third winning reward strategy was; “the hiring bonus (this included the sign on bonuses and the employee referral bonuses)”.

Notes:

One of her favorite questions in the compensation plans survey is; “What compensation strategies and tactics did your organization find most successful in attracting, retaining and motivating employees over the past year?”

References:

Cf: http://compforce.typepad.com/compensation_force/2008/09/top-three-rewar.html

Image: http://www.sxc.hu/photo/480130