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Unformatted text preview: • Pay scales raised annually • Industry comparisons of compensation only • “Santa Claus” bonuses • Compensation Approaches • Traditional Approach • compensation is primarily base pay. • Bonuses are for executives only • Fixed benefits tied to long tenure • Pay grade progression is bases on organizational promotions • One organization wide pay plan for all employees. • No raises for length of service • No raises for longer service poor performers • Market-adjusted pay structure • Broader industry comparison • Bonuses tires to performance results • • Total Rewards Approach • Annual/long term incentives provided to all employees • Flexible and portable benefits offered • Knowledge bases broadbands determine pay grade • Multiple pay plans consider job family, location, and business units • Variable pay used with base pay...
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- Spring '08
- Santa Claus, primarily base pay, Pay grade progression, organization wide pay