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.
With the baby boomers reaching retirement age, a large number of companies are expected change hands in the coming years. When the Canadian Federation of Independent Business (CFIB) polled its members recently about when they planned to exit their businesses, almost two-thirds said they would do so in the next decade.
The absence of a succession plan can undermine an organization’s effectiveness and its sustainability. Without a succession planning process, an organization may not have a means of ensuring that the programs and services that are crucial to its operation are sustained beyond the tenure of the individual currently responsible for them.