Which is Better in an Uncertain Economy—Higher Salaries or Bigger Incentives?

When economic conditions are in constant motion, is it even possible to determine the “right” pay strategy?

For example, some company leaders believe high salaries are necessary to attract great people, but are concerned about having costly pay commitments if the economy is shut down again. Others think employee earnings should be tied heavily to performance, but wonder what metrics to use—and how to balance short versus long-term rewards. So, is one right and the other wrong?

The reality is there is no playbook for determining how to pay employees amid the kind of economic uncertainly we have been experiencing. So, what should you do?

This broadcast will help you answer that question. You will learn how to use compensation as a strategic tool and construct a rewards approach that is agile enough for changing conditions but enduring enough to work in any economy. We will, in fact, show you how to resolve the “higher salary versus bigger incentives” dilemma.

In this broadcast, you will learn:

• Why your organization’s talent strategy must be defined before you can determine the best rewards approach.
• What value creation means and how to measure it in your company.
• Why you must define your compensation philosophy before you can develop your pay strategy.
• How to shift from incentive compensation to value-sharing—and why you must do so to survive in the new economy.
• How to construct a rewards plan that is flexible but enduring—to meet the demands of an ever-changing economy.
• What top talent will want in a pay offer and how that expectation should influence your pay strategy.
• How to develop the right value-sharing metrics for both short and long-term performance rewards.