In a BLR webinar entitled ‘Incentive Pay: Best Practices for Designing and Managing Pay-for-Performance Plans’, Dan Kleinman explains the basics about incentive pay. Many employers around the country respond to tough financial times by doing the following:
- reducing their workforces
- holding pay increases in check
- paring employee benefits as much as possible in an effort to weather the storm
In recessionary times, it’s even more critical for employers to attract and retain key talent, especially as signs gradually point toward the initial signs of a recovery on the way. Creating a climate of appreciation and empowerment among your employees can position your workforce well for the day when things get better.
Dan Kleinman is the principal of Dan Kleinman Consulting, a California-based compensation and human resource consulting firm. He can be reached at firstname.lastname@example.org.