The Importance of Strategically Designed Compensation Plans
Compensation plans have not always been considered a strategic business initiative. However, with the effects they have on recruiting, retaining and motivating people as well as the implications for a company's bottom line, compensation design is a critical element to achieving success.
This article discusses the key components of a strategic compensation plan and provides examples of how two companies overcame significant business challenges by reevaluating and strategically designing new compensation plans. By finding the right balance between organizational goals and employee needs, compensation plans can play a strategic role in the success of a business.
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