Making compensation fit

Market rates, hot skills modifiers and incentives can help
By Gail Evans and Ardin Dalik
|Canadian HR Reporter|Last Updated: 10/23/2012

Is your compensation plan fitting like an old suit? With the challenges of the current war for talent, an employer needs a customized plan that fits the organization and catches the eye of top prospects who will try it on for size.

As human capital strategies become more complex, so do the values of critical employees. What we once thought were strong retention tools may no longer stick. With pressure to work longer hours, be more productive, stay connected and be innovative, employee needs are evolving and organizations’ total reward strategies must change to accommodate.

A branded strategy incorporates a company’s brand into its reward design so it attracts candidates who will be a great fit from the start. But we’re now seeing some employers take this one step further through customized rewards.