While it may be common knowledge that financial services organizations include annual cash components as the cornerstone of their compensation plans, effectively managing the more unique and complex aspects of these plans is essential. Awards allocation processes and decisions at these organizations can be very dynamic and iterative, and while average overall compensation levels may vary across industry sub-sectors, the operational challenges of managing the compensation process are the same. HCM leaders within financial services must reconcile how to attract and retain people using creative compensation plans while also acting within the constraints of a shrinking bonus pool. It is critical to select and deploy software built to manage these activities in a comprehensive way that utilizes data and inputs from across the entire organization.
Total Compensation in Financial Services
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About the Author
VP and Research Director
Quincy Valencia leads the human capital management (HCM) expertise at Ventana Research and guides HR and business leaders in best practices and technology covering HCM applications, suites and platforms, including these specific focus areas: continuous payroll, employee experience, learning management, talent management, total compensation management and workforce management.