As businesses strive to become increasingly dynamic in today’s market, collaboration and innovation are both critical components to gaining a competitive edge. Once a company has decided upon its business strategy, it is easy to become mired in the process of developing a compensation philosophy to match. The Finance team can be HR's most important ally in speeding up this process. Effective collaboration with Finance to gather feedback from the business can enable HR to map out a compensation strategy aligned with the business' goals. We will discuss how HR and finance teams have partnered successfully to develop a yearly compensation plan.
Key Takeaways Include:
How to get started while avoiding “analysis paralysis”
Which strategies are relevant to which stage of business cycle
What elements are essential to a great compensation philosophy
What HR data and analysis is critical in presenting a proposal to Finance