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10/17/2012

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Great article Laura! I agree with you. Compensation professionals need to start rolling up their sleeves and start doing more analysis than just survey result analysis. I think that we will see a much more diverse use of total rewards in the future. Money motivates some people almost to the extreme (Wall Street brokers) and others want more recognition, work challenge, etc. The answer is understanding what motivates your workforce --- both in the aggregate and by jobs, by functions, by business units, etc. The result will likely be, again, more diverse ways to deliver total rewards.

Forgot to add ---- yet one more reason following "best practices" is worthless. Not that it ever was worth doing. Smart people know that "best practices" are "one size fits all" --- just re-packaged with a different name.

Thank you Jacque - I agree we'll start seeing a shift from 'best' practices to tailored practices as companies invest in more precise data.

Pricing jobs/functions in the rapidly changing business environment is more art than science, and getting relevant data points can be a challenge. Jacque is spot on with 'best practices'; most of them are yesterday's news. High turnover, bad management, and misdirected incentive programs have been around for a long time, and pay rates have been an easy donkey to pin the tail on. Analysis is critical in order to understand what's happening within an organization, but we make it hard on ourselves by the complexity we seem to love in designing and managing compensation systems. Yes, money is important, but only up to a point. Motivating employees involves a number of variables, and the key is to understand, quantify, and communicate those variables. Easier said than done.

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