At LwinElllis+ we believe there are three keys to building fair and effective compensation practices: Alignment, Transparency, and Execution. This philosophy is at the heart of everything we do.
For any compensation strategy to be effective, it must align with the needs and values of the organization. Without this alignment, it’s difficult for organizations to attract and maintain the right talent, maintain internal equity, and reward the behaviors that drive success. When compensation practices are aligned properly, they reinforce the organization’s mission.
Too often, managers and employees view compensation as a black box; something shrouded in mystery and confusion. In order for any program to be successful, managers must understand what it is, when and how to use it, and how to explain it to their employees. We call this transparency, and it requires effective collaboration and communications between Human Resources and management.
It isn’t enough to design and develop the best compensation programs. Human Resources must also be able to execute those programs and execute them well. Management will look to HR to ensure a fair, accurate, consistent and efficient approach. Proper execution requires well thought-out processes and procedures to deliver consistent results and the right technology to get the job done efficiently. The demand for execution at this level is constant. So it is a critical part of any compensation practice.
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