Here at VisionLink, we have found that the compensation approach of most of the companies we partner with is—“incomplete.” Although these businesses are successful and have done a number of things correctly, they have not gone far enough in creating a strong pay strategy. For example, they may have a well thought out salary structure, a robust benefit package and a solid annual incentive plan but they have no means of sharing long-term value with those who create it.
So what does a complete pay strategy look like? It includes elements such as a sense of partnership between employees and business leaders, has contribution ambitions, a value-centered salary structure, balanced value-sharing, a flexible and comprehensive benefit package, and executive benefits. Ultimately, pay should not be viewed as a series of disparate parts that work independent of one another and exist merely because you assume you have to provide them. Instead, you should view your pay approach as you would an investment portfolio—where each asset class has a purpose and works with the others to drive the performance you need to achieve your accumulation goals.
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