Sports and Compensation – A strategy for success
Are you a sports fan? A new football season has just begun and your end of year comp season is quickly approaching.
As I watched children on my block board the school bus this morning along with increased traffic, I realized that summer is really over. Labor Day has long passed and the leaves are starting to change. With that comes not only baseball playoffs but also a new football season.
How many of you are participating in a fantasy football league? How much time did you spend preparing for your draft? If you are like most, you familiarized yourself with your league’s scoring system, rankings of all the players were scrutinized, and you questioned which players should be targeted? Who should be avoided? Who the sleepers are this season and who is ranked the highest as you went through the middle to late rounds. The more information and data that you armed yourself with, the better a team you were able to assemble.
Switch gears to your day job as a compensation expert, and, like your football strategy, the same concept applies. With fall here, and while most of you are gearing up for your year-end compensation cycles, I’ve compiled a short list of what may be your top concerns:
- What procedures does your company have in place to implement your bonus, merit, long term and short term incentive plans?
- What are your biggest pain points when it comes to implementing those plans?
- Are you a small company who can successfully utilize spreadsheets and/or a home grown system, or are you a larger firm who can benefit from investing in a HCM solution that will automate and simplify your compensation processes?
- Do you have a system in place for 2017 but are looking to upgrade and move your company towards HR 2.0 in 2018?
With a market competitive compensation program that addresses these issues, you can:
- Attract and retain the best available employees/workers
- Take advantage of access to real time data and analytics to make critical decisions
- Significantly shorten compensation cycle times
- Eliminate use of spreadsheets and errors often found within outdated formulas
Whatever your situation, as with your fantasy football team, keeping on top of compensation trends and arming yourself with the most up-to-date data and software for compensation management will help ensure your future success.
To that end, the following resources are available for your everyday use:
Enjoy the football season and best of luck in your respective fantasy football leagues!