7 key questions for compensation and benefits professionals
Prof Xavier Baeten shares 7 key questions for Compensation and Benefits professionals:
1. Pay knowledge has a more significant impact on pay satisfaction than pay level. Internal equity and cost management are thus top concerns for Compensation and Benefits professionals. What about you?
2. Employees have a rather bad feeling about the fit between their benefits and their personal situation. Do you take the personal circumstances of your employees into account? Does this mean there is potential for cafeteria plans?
3. On average, your employees prefer 78% fixed pay and 22% variable. How do you balance fixed and variable pay? And what could be the risk of a high % fixed pay?
4. 40% of the employees think that the difference between their pay and their supervisor’s pay is acceptable. Good news about internal equity! How would your employees evaluate the difference?
5. There are 4 types of non-financial rewards on which you can have influence: affective, cognitive, instrumental and physical. Would you know how to manage these non-financials?
6. Total reward satisfaction explains 34% of the variance in work engagement. Who manages the other 66%?
7. The non-financial reward which employees are most satisfied with is autonomy. How autonomous can your employees work? And how do you foster autonomy?
Interested in more thoughts on Compensation and Benefits Management? Participate in our 4-day programme – you’ll be able to design compensation & benefits policies that motivate your employees while keeping their focus on the company’s strategic objectives.