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Ceridian Recommends New Employer Compensation Strategy: Be More Creative
The world of work is changing, as are employee expectations, and compensation needs to reflect that to be both fair and impactful.
The old-world approach to compensation would typically include an annual merit increase – and perhaps an annual bonus – based on a rigid budget.
Today, HR leaders need to be more fluid and creative with their compensation strategies, and take factors like timely rewards and pay equity into account. Armed with modern human capital management technology, they can help managers leverage data and insights to factor in things they traditionally may not have in the past. The result is smarter, more impactful and unbiased reward decisions.
Last year, Ceridian surveyed a sample of its customers to identify the greatest pain points that managers encounter in a typical compensation cycle. By far the most frequent response, 51% of managers stated that they don’t have enough information to feel good about the merit or bonus recommendations they are making for their employees.
From a leadership standpoint, consider the following questions as a starting point when thinking about how you approach compensation today:
- What is important to your people?
- What are the engagement drivers?
- How do you empower managers to facilitate the process?
Click here for four factors to think about to successfully evolve your compensation strategy.