The Key to Developing a Pay-for-Performance Culture that Impacts Retention

How to create a successful pay-for-performance strategy using comparative pay and performance metrics

If aligning talent with compensation strategy, and employee engagement with retention, are business objectives that keep you up at night, you are not alone. A recent compensation best practices study revealed that although 44% of employers say their employees are fairly paid, only 20% of employees agree. In this same survey, 69% of organizations indicate that their top reason for adjusting their compensation salary was to impact employee retention.

Successful pay-for-performance strategy

Many companies haven’t developed a successful pay-for-performance strategy because it’s difficult to do so without good comparative pay and performance metrics. These critical metrics are necessary for HR and executive leadership teams to understand how best to allocate budgets that reward top performers and encourage their engagement and loyalty.

Don’t let your best assets walk out the door! Download this free guide to learn how HCM technology can help you link compensation analysis to your organization’s bottom line, integrate compensation with other HR processes and broader financial and operation plans, use compensation modeling to communicate business priorities to your workforce, and much more.