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In: Business and Management

Submitted By jonathanbaughn
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corporate policy that specifies how training, performance management and reward systems might integrate career-planning considerations.

What steps can a company take to align its compensation system with its general business strategy?

Today's compensation approaches, like the rest of the business world, are changing rapidly. As a result, the bridge that connects compensation strategy to the overall business strategy may have been weakened by the frequent shifts that characterize business today. The pace of change in both business strategy and compensation design are leading many companies to consider and implement changes to one side of the bridge without making changes to align it with the other side of the bridge. As a result, the bridge becomes weaker and is more likely to undermine the overall success of the business. This process encompasses the following key steps such as articulating the company's long and short-term business strategies and making sure they are aligned with current compensation approaches; choosing the compensation approach that will best reward and reinforce the company's articulated strategic goals; and periodically evaluating the compensation approach against the business strategy to see if goals have been met and make necessary adjustments. To align compensation with the business strategy, a company must first be able to articulate what that business strategy is.
While identifying and articulating the business strategy seems self evident, many companies have lost sight of their strategy or find that a strategy is in place but not explicitly recognized or communicated. And in this era of constant change, companies can't assume that they are pursuing their official business strategy. In other words, a company whose business strategy is obsolete may have adopted a more relevant strategy without taking the time to explicitly

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