In yesterday’s Advisor, we got Steve Forbes’ and Al Gore’s take on critical HR issues. Today, Gore on short-term thinking and compensation, and an introduction to the “Compensation Bible.”
Challenge #4: Organization Development
[Go here for Challenges 1 to 3.]
Gore worked on the “reinventing government” program at the country’s largest employer, the United States Government. He says the key to finding better ways of doing things is to start at the bottom.
His teams met first with the janitors and worked their way up the ladder. “Search out the insights of individuals who do the work—they’ve got the great ideas,” Gore says.
Challenge #5: Short-termism
Management’s propensity to think short-term will always be a problem for HR, Gore says, because the term of return for HR initiatives typically extends past the next quarter.
Gore told of a study that asked CEOs and CFOs, “If you had a potential investment that meets your investment targets, but doing it would make you slightly miss your next quarter’s expected earnings, would you make the investment?”
Seventy percent of the CEOs and CFOs said no, Gore notes. “If routine decisions focus on 90 days, you can’t optimize long-term success,” Gore says. “This is an important challenge for HR.”
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Challenge #6: Compensation and Incentives
Monetary rewards are important, says Gore, but other types of rewards are also important. In a recent McKinsey and Company study, nonmonetary rewards were more effective at long-term retention and engagement.
Working toward sustainability (“sustainable capitalism,” as Gore calls it) and accepting environmental responsibility aren’t just good for pride, retention, and engagement, he says. They make for higher profits as well.
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