Compensation Practices and Planning in Times of Budget Uncertainty
Speaker: Delaine Orendorff
Increasingly, companies are realizing the importance of managing employee total rewards. As they strive to control the rising cost of pay and benefits, companies must remain competitive in order to attract and retain the most suitable and productive workforce. On the other hand, companies must also manage their total reward dollars wisely. Rapidly increasing health care costs can place severe restrictions on cash compensation, increasing the emphasis on low cost or no cost rewards. Some companies have successfully leveraged total rewards to weather the emphasis on low cost rewards. Other companies are still working on breaking down silos and created an integrated total reward framework.
What is the state of total rewards in your company, and what do you think the future holds? Does your company have a written total rewards philosophy?
Has anyone changed their total rewards philosophy or balance over the past few years? If so, has it been successful? Lessons learned?
Has it provided a distinct employment value proposition?
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