Yesterday, we got some insights from Chuck Csizmar of CMC Compensation Group about the importance of having a formal compensation strategy document at your organization. Today, we’ll look at the rest of his “Top 8” list of design considerations, plus some final strategies for success.
Tag: Compensation Strategy
You may already have a mission statement in place at your organization. But do you have a formal compensation strategy document—a comp-specific mission statement, in other words? You need one, says Chuck Csizmar of CMC Compensation Group. Read on to find out why.
Keeping Your Best Employees: Using Compensation Strategy to Nurture the Keepers In today's market, even if you're not making changes yet, your competitors are already hiring, promoting, providing bigger merit increases, and restoring bonuses. There's less and less barrier and more and more incentive for employees to go somewhere else. "I think now it's incumbent […]
10 Bad Habits for Your Compensation Strategy Ten bad compensation habits to avoid: The "peanut butter" approach. Avoid always spreading money evenly across employees. "Keeping your top employees and rewarding and nurturing them and engaging them is the opposite of the peanut butter approach. With low merit budgets, this becomes harder, but we can differentiate […]