14 April 2023
Good Pay Practice verse Pay Reality: Doing something different.
When companies look at market indicators for remuneration insights, they see a seesaw of competing factors which has created uncertainty and hesitation about remuneration decisions.
As a result, most companies have tried hard to line up pay with the market, or sometimes slightly above it. Leaders are being challenged to move quicker than ever from project phase to profitable operations, whilst also embracing technology and operational innovations; achieving measurable sustainability goals; and striving for safe and human-centric work design.
In these circumstances, paying to market may work for most roles, but not for skilled professionals or leaders with a track record of achieving success. There are not enough of them out there, they know their value, and offering them the market average is not going to attract or retain them.
So, what can companies do better and differently?