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How to Sustain Performance Like a World’s Most Admired Company
By Jeff Shiraki, Mel Stark and Mark Royal, Ph.D., Hay Group
Each year, Hay Group partners with “Fortune” magazine to identify the top 50 World’s Most Admired Companies (WMACs) and evaluates how these companies outperform their peers. In this year’s study, researchers looked into the approaches WMACs are taking to sustain performance during difficult economic times. Researchers found three key areas in which WMACs stand out: growth, innovation and employee enablement. This paper describes how three WMAC businesses focus on those areas.
The Fluctuating Workweek Method of Pay: An Employer-Friendly Pay Practice Hits a Snag
By Frank Giancola
The pay practices of salaried, nonexempt employees who work a fluctuating schedule of work and are eligible for overtime pay under the Fair Labor Standards Act (FLSA) have been a controversial and challenging subject for compensation practitioners. These employees have the dubious distinction of being one of the few groups covered by a statutory pay practice that favors the employer over the employee, as their overtime pay rate declines by law with each additional hour of overtime they work. The U.S. Department of Labor (DOL) has devoted a considerable amount of time to their pay practices and recently changed its position on how they should be paid. This paper discusses current pay practices, legislative intent of the FLSA, and the positions of the DOL and groups that have tried to expand and curtail these practices. Several options are proposed for employers who wish to respond to the recent DOL change.
Side Agreement Facilitation: An Intermediary Role for the Compensation Professional
By Theodore E. Weinberger, Insperity Inc.
Even the best conventional incentive plan cannot address unanticipated business situations that call for extraordinary employee efforts. To address such situations, a variable play plan, or side agreement, can be negotiated between employer and employee. This paper describes how a compensation professional, acting as a third party, can help negotiate a side agreement that is both acceptable to employer and employee and facilitates solving the unexpected business challenge.
Effectively Managing Workforce Costs in Public-Sector Organizations
By Robert J. Butler, CCP, SPHR, and Robert J. Greene, Ph.D., CCP, CBP, GRP, GPHR, CPHRC, Reward Systems Inc.
Public-sector organizations are under economic pressure to reduce workforce costs. Agencies facing declining tax revenues are seeking various methods to reduce direct and indirect payroll costs without reducing the ability to perform. One method is to re-examine benefits plans constructed during more prosperous times that are no longer viable. Without implementing significant cost controls, public agencies could be forced to reduce headcount, endangering services. This paper presents an analysis of several approaches for planning and managing this inevitably difficult challenge.
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Reward Fairness: Slippery Slope or Manageable Terrain?
By Dow Scott, Ph.D., Loyola University Chicago; and Tom McMullen and Mark Royal, Ph.D., Hay Group
Reward professionals face numerous challenges in determining how to reward employees. They must balance market competitiveness, internal equity, organizational performance and individual performance considerations. Notably, issues of “fairness” underlie each of these areas. No matter how sophisticated their design, reward programs, policies and practices that are not perceived as fair will not successfully attract, retain and engage employees. This survey of 568 WorldatWork members reaffirms that reward fairness is important and highlights how reward professionals create reward programs, policies and structures that are perceived as fair.
Published Research in Total Rewards
A review of total rewards, compensation, benefits and HR-management research reports. |
