Employers are facing pressure to deliver the right compensation to the right employee segments in the right way. It stands to reason as compensation is one of the most visible, front-of-mind elements of an organization's Total Rewards portfolio. In fact, base pay remains the leading driver of retention and attraction for employees globally. As employer's work to improve their Total Rewards programs overall, effective design and delivery of a total compensation management strategy which both enhances the employee experience and improves the bottom line is critical.
Employers need to make critical decisions regarding how to allocate their often tight compensation budgets in a way that delivers the best return for the organization, and attracts and retains the talent required to achieve their future business objectives. As organizations begin to examine their compensation strategies and processes, they find considerable room for improvement. Employers can better align rewards with employee preferences to get the best value for their spend, promote specific behaviors and drive higher productivity. And they have the flexibility to segment and differentiate rewards for different employee groups or parts of their business.
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