Financial Services Industry
Industry: Email Alert RSS FeedPoints to Help a Compensation Plan Pay Off
Accounting Technology, July, 2006
Quality employees are growing increasingly difficult to attract and retain. As a result, firms must recognize that compensation is about much more than money.Industry sources have offered several tips that may prove helpful: * Tie compensation to the firm's overall objectives and the measures established for each individual.
* Set expectations up front. * Create written role descriptions for each position outlining: overall objectives, reporting structure, primary duties, skills required, and measures of success. * It should be measurable. * Keep it simple and easy to understand. * It should promote desired behaviors. * Review an employee's performance at least on a quarterly basis. * Learn what each individual employee values most in their work (compensation, schedule...
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