How Do You Design Compensation Plans to Attract and Retain Top Talent?

Can we have a discussion on:

1. Designing and deploying compensation approaches to attract, reward, and retain talent and drive performance.
2. To commission a compensation survey and set up the system to process and evaluate internal jobs to ascertain level equivalence.
3. Optimum mix of fixed pay and variable pay across various functions, as well as employee benefits based on an understanding of different kinds of compensation plans.
4. How to utilize a Salary Report.

Hi Colleague,

We can definitely have a discussion on this. Where do you want these concepts to be applied - I mean the industry? Then we can start putting in our thoughts on how we can attain it.

Dear Anonymous!!!

Sorry, just joking as you haven't mentioned your name. Don't mind.

See, this would be a general approach to HR strategy and therefore may relate to any industry. It is just how to go about it, the steps an HR professional should take. What do you say?

Regards, and thanks for your interest.

Colig

Hi Colleague,

I am not anonymous! All posts are marked by the name of the person who has written them. Just look at the top left corner of the post.

The strategies would differ from industry to industry depending on the current standards and practices. The working environment in each industry is also unique. You cannot design a strategy that is applicable to all industries; that would be too generic, as such strategies are already outlined in textbooks.

What I meant was, let us know the industry, and we will try to find specific solutions tailored to that industry for the given subject.

No offense.

Oh, sorry Azmal.

If you take, I am from the Pharmaceutical Industry. What about yours?

Coilg

Azmal/Colleague,

I am from the Shipping Industry and am also in the queue to clarify my concepts on the mentioned topics. How can one ideally make use of a Compensation Survey? What kind of compensation is suitable: the one with level-wise information or the one with job description-wise information?

Azmal, could you please provide me with the name of the book you are currently reading?

Deepa

Hi Deepa,

I am a new member. I see that you are in the shipping industry. I am in the freight forwarding/MTO industry, and maybe we could share some notes on your policies as our company has the bare minimum on policies. I am going about setting up the systems and policies for our organization.

Jayant

Dear Jayant,

It's great to know that we both share the same industry. With regard to knowledge sharing, you are always welcome. I will also benefit from this.

Deepa 😄