Credit Union Compensation: Philosophy or Strategy?

  • Share:
strategy

q12018performanceblog2

A compensation philosophy guides the role and function of an organization’s compensation program. How an organization believes its employees should be paid, how compensation impacts its overall mission and how it supports the company’s values are all part of a compensation philosophy.

Thinking and planning

Every organization has a philosophy to attract, motivate and retain top talent, but a strong philosophy goes into greater detail, providing a blueprint for using compensation as a management tool.

Good compensation philosophies identify the organization’s pay programs and reward strategies, as well as how those systems support the company's human capital needs, competitiveness and business strategy. Organizations that have solid compensation philosophies do not stop at ensuring their pay programs are fair and competitive, they also excellently communicate and motivate employees to bring their A-game.

q12018performanceblog2

Strategy in action

A philosophy without a compensation strategy is just a statement. A strategy takes into account the nitty gritty details that make up a compensation program, including:

If an HR team is unclear about how their compensation strategy directly aligns with and supports their compensation philosophy, it’s time for a close evaluation of both.

  • Share:


« Return to "Trends"
TrendScan logo
<< Back to Articles

Latest Trends

  1. What Is a DDoS Attack and Why Should Credit Unions Be Concerned?
  2. Become a Tax Resource for Members
  3. Anticipating Change with a Succession Plan
  4. The Website Audit Your Credit Union Needs
  5. Building a Website with the User in Mind
  6. Don't Get Snagged on ADA Compliance Requirements
  7. 5 Things Credit Unions Can Learn from Cyber Attacks
  8. Content Marketing: Well Worth the Effort
  9. Optimizing Websites for Voice: What You Need to Know
  10. Are You Ready to Adopt a Continuous Performance Management System?
  11. The Importance of Creating Quality Content
  12. Should You Still Be Concerned about ADA Website Compliance?
  13. 3 Succession Plans Your Credit Union Needs
  14. Popular DDoS Mitigation Methods in 2019
  15. What the C-Suite Wants out of Social Media
  16. Why HR Should Take Advantage of Employee Self Service
  17. Is Your CMS the Right Fit?
  18. Your Social Media Accounts Deserve Quality Content
  19. Whatís Hot in Performance Management Technology
  20. Experience Company Growth and Discovery with Employee-Driven Communication
  21. A Simple Way to Unify Your Marketing Efforts
  22. 3 Ways Credit Unions Can Prepare for a Cyber Extortion
  23. Keeping Up with Digital Lending Convenience
  24. 3 Website Design Trends for 2019
  25. Making Sure You Have the Right Leaders in the Right Seats
  26. The Credit Union Advantage for the Digital Customer
  27. Shifts and Trends to Know About in E-Learning
  28. 4 Steps to Increased Social Media ROI
  29. How Credit Unions Can Formalize the Branding Process
  30. 3 Key Factors for Creating Good Content
  31. What Credit Unions Should Do with Ambiguous ADA Standards
  32. How Useful Are Member Personas for Credit Union Marketing Teams?
  33. How to Generate Content with Fewer Resources
  34. 2 Big FinTech Goals for Credit Unions
  35. Empowering Employees and HR with the Latest Technology
  36. Learning Management Systems: What Credit Unions Should Consider
  37. The Performance Management Conundrum: Structure vs. Creativity
  38. If Your Site Isn't Mobile Optimized, You're Losing Out
  39. The Dream Team for Successful Online Customer Interactions
  40. Is Your Executive Compensation Still Appealing?
  41. Continuous Performance Management is Disrupting HR
  42. 7 Tax Changes Your Members Need to Know About
  43. 3 Factors Impacting Credit Union Compensation Plans
  44. Are You Missing Out on the Power of Video?
  45. Protect Your Credit Union with a Website Accessibility Response Plan
  46. Credit Unions Can Complete with Shadow Banks
  47. Are Your Landing Pages up to Snuff?
  48. 5 Guideposts to Measure Your Brand Promise Against
  49. People Analytics: Bringing HR and Data Together
  50. The Quest for a One-Stop Shop Financial App
  51. Americansí Lack of Financial Literacy Is an Opportunity for Credit Unions
  52. How Credit Unions Can Embrace Storytelling in Marketing
  53. How to Identify What You Want in an ESS
  54. Prioritizing the Credit Union Employee Experience
  55. Caution: Customers Don't Always Ask for What They Want
  56. Wanted: Apps for Clarification and Simplification
  57. 3 Brand Promises Credit Unions Can Learn From
  58. Don't Underestimate the Power of Financial Education
  59. Leveraging Social Media for Member Engagement
  60. Finding the Best Platform for HR Technology
  61. Credit Union Compensation: Philosophy or Strategy?
  62. The Role of HR and Hiring Managers in the Candidate Experience
  63. Don't Undervalue Your Brand Promise
  64. 6 Factors for Choosing the Right ESS System
  65. Underestimate the Onboarding Process at Your Peril
  66. Why You Should Invest in an Applicant Tracking System
  67. Consumer Appetites in Mobile Innovation
  68. The Win-Win Results of Prize-Linked Savings for Credit Unions and Members
  69. Build Up Membership Through Supportive Savings Programs

Related Trends

  1. Anticipating Change with a Succession Plan
  2. Is Your Executive Compensation Still Appealing?
  3. 3 Succession Plans Your Credit Union Needs
  4. Credit Union Compensation: Philosophy or Strategy?
  5. Learning Management Systems: What Credit Unions Should Consider
  6. 3 Factors Impacting Credit Union Compensation Plans
  7. Making Sure You Have the Right Leaders in the Right Seats
  8. Shifts and Trends to Know About in E-Learning

Industry insights
to your inbox!

Subscribe