5 considerations for your compensation philosophy
In 2019, 70% of firms either had a compensation philosophy or were working on creating one for their firm, according to Payscale. A healthy compensation philosophy sets the tone for compensation decisions at a company.
But what if your compensation philosophy is in need of a refresh? Or what if you’re one of the firms who is trying to create a comp philosophy that fits your firm’s unique positioning in the market? Where do you start?
Willis Towers Watson’s Catherine Hartmann, rewards practice leader for North America, typically outlines five key considerations for her clients: competitive positioning, segmentation, performance orientation, affordability and governance.