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Good advice Laura!

One last thing to do is have a talk with your CFO. You need to know what the revenue projections are for the next 3 years. Labor cost is a percentage of revenues. That needs to be taken into consideration first in planning.

For example if labor cost is held to 60% of revenues and your initial plan ends up at 75% of revenues, then you need to backtrack and figure out another way to stay competitive.

Of course this isn't just comp increases but the total cost of total rewards.

Laura - I find it interesting that nowhere in your post do you mention pay or reward philosophy. All the actions you recommend are excellent, and many of them should be occurring regardless of Board requests. But without an overriding philosophy surrounding pay practices, developed in concert with the vision and mission of the organization, trying to tie together a strategic plan will be a difficult exercise indeed.

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