Money isn't everything to today's employees. This book shows companies how to combine traditional compensation with the educational, emotional, and psychological benefits that will attract the best and brightest. It identifies the ten elements - including learning, advancement, emotional rewards, and quality of life - that job seekers rank highest among desired benefits. Then it shows employers how to combine them with monetary benefits to create effective, employee-driven compensation packages.
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JOHN E. TROPMAN is adjunct professor in the organizational behavior and human resources management program of the University of Michigan Business School and professor of social policy and nonprofit management at the University of Michigan School of Social Work.
In their desire to satisfy employees, many organizations focus too narrowly on money as compensation. Of course money is an important factor, but employees?and prospective employees?are demanding more. Learning opportunities, advancement prospects, emotional rewards, and the ability to pursue a particular lifestyle are incentivies that are drawing today's top-level workers to forward- thinking organizations. Company leaders must retool their old pay systems and create new ones if they are to attract, motivate, and maintain a quality workforce. The Compensation Solution is a practical guide written for executives and managers who want to move their company from a traditional compensation system to an innovative rewards system. The Compensation Solution offers the information and tools needed to develop a total compensation package that addresses the varied needs and lifestyles of today's diverse workforce. Using this hands-on resource, organizations can create flexible, employee-driven compensation systems that allow employees to customize their individual compensation package. Based on ten compensation variables?base pay, augmented pay, indirect pay, works-pay, perks-pay, opportunity for advancement, opportunity for growth, psychic income, quality of life, and the X factor?The Compensation Solution hones complex concepts into easy-to-understand ideas that can be readily applied. In addition, the book is filled with helpful suggestions and specific guidelines that will help any organization, no matter how large or how small, develop a total compensation package that will become a magnet for exceptional employees. The Author John E. Tropman is adjunct professor in the organizational behavior and human resources management program of the University of Michigan Business School and professor of social policy and nonprofit management at the University of Michigan School of Social Work.
In their desire to satisfy employees, many organizations focus too narrowly on money as compensation. Of course money is an important factor, but employees?and prospective employees?are demanding more. Learning opportunities, advancement prospects, emotional rewards, and the ability to pursue a particular lifestyle are incentivies that are drawing today's top-level workers to forward- thinking organizations. Company leaders must retool their old pay systems and create new ones if they are to attract, motivate, and maintain a quality workforce. The Compensation Solution is a practical guide written for executives and managers who want to move their company from a traditional compensation system to an innovative rewards system. The Compensation Solution offers the information and tools needed to develop a total compensation package that addresses the varied needs and lifestyles of today's diverse workforce. Using this hands-on resource, organizations can create flexible, employee-driven compensation systems that allow employees to customize their individual compensation package.Based on ten compensation variables?base pay, augmented pay, indirect pay, works-pay, perks-pay, opportunity for advancement, opportunity for growth, psychic income, quality of life, and the X factor?The Compensation Solution hones complex concepts into easy-to-understand ideas that can be readily applied. In addition, the book is filled with helpful suggestions and specific guidelines that will help any organization, no matter how large or how small, develop a total compensation package that will become a magnet for exceptional employees.The AuthorJohn E. Tropman is adjunct professor in the organizational behavior and human resources management program of the University of Michigan Business School and professor of social policy and nonprofit management at the University of Michigan School of Social Work.
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