What Your Business Needs to Know About Compensation
Keynote: What Your Business Needs to Know About Compensation, Rewards and Recognition in a Recovering Economy
Compensation and rewards are key to attracting, retaining, developing and motivating talent—human resources—to perform well and to thereby enhance overall business performance. In this session, three “drivers” of compensation and rewards, namely, labor markets, business strategy and employee motivation will be discussed and then applied to particular examples and decision situations. Certain trends in compensation and rewards will be identified, pay for performance and pay for other factors will be analyzed and future pay and reward developments will be identified.
In this session, Prof. Lewin will address:
- Three main factors to keep in mind when designing or redesigning compensation/rewards strategies: Labor Market, Business Strategy and Motivational considerations
- Labor Market trends, challenges and future outlook
- How the labor market can influence your compensation/rewards strategies
- Compensation based on performance, compensation based on other factors, and tournament type compensation
- Reward strategies to retain key talent, including non-monetary rewards and pitfalls to avoid
- Looking ahead: What’s in store for compensation and rewards?
Presenters: