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The war for talent will become more bitterly fought as the Boomers leave the battleground. To attract a new executive or any team member is going to require your organisation to have an employment brand that differentiates you from your competition. Having a compensation advantage is a good place to start.
5 Ways To Create a Compensation Advantage:
- Understand the competitive market and your place within it. Set your compensation position so as to enable you to attract the talent that your organization needs. This may not be the 50th percentile nor may it mean having the same level of short term incentive as your immediate competitors.
- Create policies on pay so that management and the Board has a documented road map of how decisions are made and of the principles that are followed. These will help improve effectiveness and serve as the basis for communication on pay to employees and shareholders.
- Be transparent. An incentive program will be less than effective if the recipient does not know what is expected. Good communication will improve the effect that compensation practices will have on employee engagement and retention. Employees and executives need to feel that they are being treated fairly.
- Include pay policy guidance as part of your onboarding program for for new hires.
- Plan. General salary increases, promotions and “hot skills” requirements should all be figured into your pay plan that is rolled up into annual budget. Compensation should be no different from other areas of expenditure; considered and planned in advance.