Compensation professionals, allow us to peer into your future. Rather than
little cards or crystal balls, though, we?ll attempt to divine current
and future trends in compensation from a more terrestrial source.
Due to a lack of workforce management, large corporations are losing revenue
and market share potential. In its study of 300 Fortune Most Admired
companies, Convergys Corporation found that even companies known for implementing
best practices estimate overspending by at least 10 percent on their workforce,
and that their employees are underperforming by 10 percent.
Don't be afraid to admit it--things have changed. Much more data and information are available about outsourcing now than when you entered into your initial outsourcing contract.
Human resources organizations that are looking for a silver bullet to increase
their efficiency and effectiveness are missing the mark, says Stephen Joyce,
HR practice leader for The Hackett Group, a business advisory firm. Instead,
companies striving for peak performance at optimal cost need to adopt a holistic
approach.
We've read about scandal after scandal--Tyco, Enron, ImClone, WorldCom, Global Crossing. So what does this mean for the future of executive compensation? Some experts offer their predictions.
When employees of one high-tech manufacturing organization walk into the company's
cafeteria on the last Friday of each month, they immediately know whether they
met that month's corporate goals by the scent of either steak or pork and
beans hanging in the air.
Like green-thumbed gardeners, those of us in the human resources arena for
more than a few years have nurtured a variety of ideas, tended them, and watched them take root. Sometimes the ideas die on the vine. But sometimes they come to fruition; people are better served by our harvest, and corporate money is saved.
