THE PERFORMANCE PAY DILEMMA: Tackling Compensation Challenges!
Type
digital resource
Date Issued
2024-02-28
Author(s)
Abstract
Have you ever pondered how to optimise compensation? As part of our ongoing project to revolutionize performance management, we recently delved into the complexities of pay and reward with Stefanie Hornung.
The presentation explores the definition of pay and the connection between performance and compensation, highlighting the goals of performance pay, compensation components, and the ubiquitous nature of performance. It emphasizes the concept of holistic pay, which extends beyond monetary rewards to include impact and development opportunities.
Moving on to "New Pay", Stefanie contrasts traditional pay structures with new approaches across seven dimensions, illustrated through examples. Finally, she discusses the dilemmas encountered on the New Pay journey and proposes a compass for addressing them, along with common challenges for all compensation approaches.
[ABOUT STEFANIE HORNUNG]
Stefanie Hornung is an influential freelance journalist renowned for her expertise in new management practices. She has deep insights into HR and is particularly recognized for her expertise in pay structures, having co-founded the New Pay Network and the New Pay Collective. She is a former key member of Europe's largest trade fair for HR management and has authored multiple books on compensation, contributing significantly to discussions on innovative pay models.
[HR CONGRESS - PERFORMANCE MANAGEMENT TRANSFORMATION WORKING GROUP]
Performance management is at the very heart of the organization. It is the quintessential connection between people and the purpose of the business. Yet, it mostly sucks! Traditional performance management practices in organizations have long been plagued by significant challenges and frequent failures. Recognizing these shortcomings, there is a growing consensus that a revolution in performance management is necessary and urgent. We are assembling a coalition of the willing to dismantle outdated practices and promote innovative solutions that truly support organizational flourishing. Our collective effort is driven by a shared commitment for a more equitable, humane, and inspirational workplace experience. Join us in this endeavor to shape a future where performance management is a genuine catalyst for growth, development, and collective prosperity and well-being!
The presentation explores the definition of pay and the connection between performance and compensation, highlighting the goals of performance pay, compensation components, and the ubiquitous nature of performance. It emphasizes the concept of holistic pay, which extends beyond monetary rewards to include impact and development opportunities.
Moving on to "New Pay", Stefanie contrasts traditional pay structures with new approaches across seven dimensions, illustrated through examples. Finally, she discusses the dilemmas encountered on the New Pay journey and proposes a compass for addressing them, along with common challenges for all compensation approaches.
[ABOUT STEFANIE HORNUNG]
Stefanie Hornung is an influential freelance journalist renowned for her expertise in new management practices. She has deep insights into HR and is particularly recognized for her expertise in pay structures, having co-founded the New Pay Network and the New Pay Collective. She is a former key member of Europe's largest trade fair for HR management and has authored multiple books on compensation, contributing significantly to discussions on innovative pay models.
[HR CONGRESS - PERFORMANCE MANAGEMENT TRANSFORMATION WORKING GROUP]
Performance management is at the very heart of the organization. It is the quintessential connection between people and the purpose of the business. Yet, it mostly sucks! Traditional performance management practices in organizations have long been plagued by significant challenges and frequent failures. Recognizing these shortcomings, there is a growing consensus that a revolution in performance management is necessary and urgent. We are assembling a coalition of the willing to dismantle outdated practices and promote innovative solutions that truly support organizational flourishing. Our collective effort is driven by a shared commitment for a more equitable, humane, and inspirational workplace experience. Join us in this endeavor to shape a future where performance management is a genuine catalyst for growth, development, and collective prosperity and well-being!
Language
English
Official URL