In this episode, host Randy Goruk talks integrated compensation strategies with Scott Trumpolt, a compensation expert with 30 years of experience. They discuss strategic approaches to compensation in the workplace and how to create effective compensation strategies that attract, engage, and retain employees.
You will learn:
- How integrated compensation strategies go beyond competitive wages.
- How compensation should align with the company’s business model and specific needs.
- Why customized pay strategies are more effective than copying from a competitor.
- Younger workers value pay transparency and how to deliver it.
- Why effective balanced incentive plans include individual objectives and team bonuses.
- Why a total compensation approach includes base salary, health insurance, 401K matches and training opportunities for career advancement.
- How to include career development in the compensation conversation.
- Successful compensation strategies are holistic, transparent, and aligned with both employee aspirations and business objectives.
Scott Trumpolt Website: www.hrcompensationconsulting.com
Resources
Scott Trumpolt
Managing Director and Principal Consultant, Trumpolt Compensation Design Solutions
