This is all about looking “outside the box”. It is about looking beyond, and challenging, traditional approaches and systems and coming up with a new way of doing things that is right for your organisation, your situation. It is about “daring to be different”.
A Compensation and Rewards Program is a tool used by employers to effectively attract, retain and motivate employees. The program results in equitable payment for performance of a service, in exchange for the work of an employee.
An effective compensation strategy serves to motivate current employees and attract new ones. Some people think of compensation as merely salary but the real cost of total compensation includes every aspect of employee benefits.
A lot of business leaders think culture is squishy. They don’t like squishy. They’re more comfortable with data in spreadsheet rectangles. But culture makes up MORE of the foundation of a successful business than sticks and bricks do. Employees don’t come in to your company every day because of the paint on the walls or the water in the cooler. They come because of culture.
Being smaller in size, conveys an advantage in that managers have more opportunity to connect with employees face-to-face, and know their employees as people. What’s more, employees have access to senior leadership, including the CEO, and are often on a first-name basis with those executives who employees at larger companies only experience at town hall meetings, or annual visits.