Keep On Moving - Don't Freeze
"There is a tendency right now to freeze - to avoid doing new things for fear of doing the wrong thing. Freezing is a mistake." (Source: "What Leaders Must Do Next" by Jennifer Robison, Gallup Management Journal, 6/11/09) And freezing your efforts to develop a cost effective pay for performance system is also a mistake.
Believe it or not, "inflation-adjusted pay is up 2 to 3 percent over last year. The economy is just emerging from a severe recession, yet the pay of most workers has been rising." (Leonhardt, 2009, The New York Times) Furthermore, the The average base pay increase in 2010 in the United States is projected to be approximately 2.8%. (Worldatwork, 2009)
The employees you have retained during this economic downturn are your most valuable commodity; you kept them for good reason. Do you know what motivates these top performers? Do you have an engagement strategy in place to retain this top talent and continue building their motivation and contribution? How much money have you spent so far in 2009 on soft rewards such as pizza, picnics, parties, hats and mugs, without meaningful metrics that drive company performance? Do your current reward practices "channel the right rewards to the right employees at the right time for the right reasons."? (Fuehrer, 2008)
PORTICO can help you develop a simple total reward strategy, create meaningful metrics and cost effective rewards that drive line of sight between employee and company performance.
We invite you to contact us for an initial complimentary consultation. 612-414-7629
