By Robert E. Sibson
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Theres a growing to be consensus that the present task improvement systemboth within the US and overseas--is badly damaged. Too many of us cant locate sturdy jobs. Too many companies cant locate certified humans. Whats at the back of the deep expertise shortages that now confront the USA and lots more and plenty of the realm? and the way will we rebuild the pipeline?
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Extra resources for Compensation
Make sure that compensation supports productivity management. 5. Manage payroll costs, not just pay-rate levels. 6. Recognize that not every dollar of payroll is the same type of expense. Pay Must Be Competitive It is sometimes considered insensitive to talk about wages as prices, but pay is the price paid for work. That applies to the minimum wage required by law, and it applies to the pay of an executive who is paid $10 million a year. The use of compensation in terms of attracting and retaining talent has always been recognized as a critical management activity.
The use of compensation in terms of attracting and retaining talent has always been recognized as a critical management activity. As a means of allocating resources, pay is only starting to be recognized as a key management toollargely because labor scarcity has caused more attention to be directed to the competitiveness of pay. As a form of motivation, pay contributes to the competitive success of the enterprise. Competitiveness of pay is one basic aspect of compensation that impacts on enterprise success.
First, there must be fairness at work and a commitment to employees' personal goals if there is to be employee accountability to work and a sufficient employee commitment to excellence of work. Second, while physical assets belong to the owners, knowledge belongs to the employees. I think these issues can be resolved by compensation answers rather than by psychological or legal answers. For example, one answer is an employee stock ownership plan. More work needs to be done on accountability to employees on the part of management.