Once the essential workforce and programs are in place an effective process for managing performance is needed to ensure that the organization gets the outcomes it desires. This goes beyond compensation and is really about aligning individual goals with organizational goals. It enables individuals to better understand the value they bring to the organization and how they contribute to its overall success.
- Overall Compensation Programs: not limited to salary, but also includes the direct and indirect rewards, as well as the benefits provided by the organization
- Direct Financial Compensation (wages, salaries, bonuses)
- Indirect Financial Compensation (benefits, leaves)
- Non-Financial Compensation (advancement opportunities, rewards, recognition)
- Performance Management Programs: these programs are values based and include goals and development plans
- Competency Models: Creation of competencies that describe “how” employees should complete work. Competencies are created at the organization and individual levels