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 Considerations in Financial Services
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About the Author
VP and Research Director
Steve Goldberg is responsible for the human capital management (HCM) research at Ventana Research. Steve guides HR and business leaders to manage their workforce to gain competitive advantage and value from their investments. He covers the major areas including candidate engagement, employee experience, HRMS, learning management, payroll optimization, talent management, total rewards management and workforce management.