Credit Union Compensation: Philosophy or Strategy?
strategy
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.
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:
- Budget allocation
- The competitive set
- Degree of competitiveness
- Salary ranges
- Benefits package
- Variable pay
- Compliance
- And much more
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.
« Return to "Trends"
Latest Trends
- Identifying Marijuana-Related Businesses
- Cut Through the Noise and Deliver Value Members Want
- 3 Key Factors for Creating Good Content
- Preparing a Transparency Communication Plan
- A Content Management System Will Make Your Life Easier
- Enterprise Risk Management — Where to Start
- Why You Need ERM in Your Strategic Planning
- Just How Distracted Are Consumers?
- Credit Unions Could Replace Predatory Lenders
- Opportunities and Risks of Banking for Marijuana-Related Businesses
- Are You Properly Rewarding Your CEO?
- The Quickest Way to Understand Enterprise Risk Management (ERM)
- The Easiest Way to Deliver Content for Employee Development
- What Borrowers Wished Credit Unions Knew
- What Is a DDoS Attack and Why Should Credit Unions Be Concerned?
- Are You Ready to Adopt a Continuous Performance Management System?
- 5 Things Credit Unions Can Learn from Cyber Attacks
- Consumer Attitudes Toward Digital Advertising
- Three ways to up your social media game
- Omnichannel Delivery: Banking Based On Members
- Is Your Credit Union Supported by the Four Pillars of Digital Banking?
- Keep content relevant, short, iterative and engaging
- Preparing for Compensation Transparency
- Bankers associations’ opposition to mergers does a disservice to member banks and to consumers
- Credit Unions Have an Opportunity to Help Their Members Through Tax Season
- 2 Big FinTech Goals for Credit Unions
- Learning Management Systems: What Credit Unions Should Consider
- Experience Company Growth and Discovery with Employee-Driven Communication
- Should You Still Be Concerned about ADA Website Compliance?
- The Quest for a One-Stop Shop Financial App
- Popular DDoS Mitigation Methods in 2019
- How Useful Are Member Personas for Credit Union Marketing Teams?
- Become a Tax Resource for Members
- The Member Service Experience
- The Quickest Way to Find the Right (and Safest) CMS
- Volunteer and Young Board Members Need Development
- Don't Get Snagged on ADA Compliance Requirements
- Building a Website with the User in Mind
- What's Hot in Performance Management Technology
- Americans Trust Their Financial Institutions for Tax Advice
- Americans' Lack of Financial Literacy Is an Opportunity for Credit Unions
- The Planning Process - Improved
- Common Mistakes in Compliance
- Three Ways to Enhance Compensation Strategy for an Age-diverse Workforce
- The Role of HR and Hiring Managers in the Candidate Experience
- Credit Union Compensation: Philosophy or Strategy?
- Anticipating Change with a Succession Plan
- 7 Tax Changes Your Members Need to Know About
- Your Social Media Accounts Deserve Quality Content
- The Performance Management Conundrum: Structure vs. Creativity
- The Process of Crafting a Relatable, Moving Brand Story
- Achieving the Golden “Narrative Transport” in Brand Storytelling
- Why HR Should Take Advantage of Employee Self Service
- You Know You Need an LMS — Now What?
- 3 Ways Credit Unions Can Prepare for a Cyber Extortion
- 6 Factors for Choosing the Right ESS System
- Leverage the Resources of Trusted Experts for Tax Season 2019
- Continuous Performance Management is Disrupting HR
- Do You Know Why Payday Loans Are Used so Much?
- Identify how chatbots will help you
- Content Marketing: Well Worth the Effort
- Consumer Appetites in Mobile Innovation
- Predict the Future of Mortgage Lending with Analytics
- People Analytics: Bringing HR and Data Together
- 3 Website Design Trends for 2019
- Remaining a Player in the New Home-Buying Experience
- You Might Already Have the Solution to Your Current Talent Competency Gap
- What others are doing
- 3 Succession Plans Your Credit Union Needs
- The Win-Win Results of Prize-Linked Savings for Credit Unions and Members
- Conversational Commerce and the Rise of the Chatbot
- Shifts and Trends to Know About in E-Learning
- Content, Tools, and Channels to Capture Consumer Attention
- The Secret to Future-Proofing Your Organization
- 5 Guideposts to Measure Your Brand Promise Against
- Is Your Executive Compensation Still Appealing?
- Prepare for integration
- What Credit Unions Should Do with Ambiguous ADA Standards
- The Importance of Creating Quality Content
- Why You Should Invest in an Applicant Tracking System
- The Website Audit Your Credit Union Needs
- Do you need a new compensation strategy for multigenerational staff?
- Selling Payments and Wealth Management Services
- The Best Compliance Training with New Topics You Will Need
- Prioritizing the Credit Union Employee Experience
- Build Up Membership Through Supportive Savings Programs
- How to Identify What You Want in an ESS
- 4 Steps to Increased Social Media ROI
- Optimizing Websites for Voice: What You Need to Know
- Serving the Underbanked and Millennials
- Wanted: Apps for Clarification and Simplification
- Is Your CMS the Right Fit?
- A Simple Way to Unify Your Marketing Efforts
- The Credit Union Advantage for the Digital Customer
- Empowering Employees and HR with the Latest Technology
- Making Sure You Have the Right Leaders in the Right Seats
- The Dream Team for Successful Online Customer Interactions
- Don't Undervalue Your Brand Promise
- Are Your Landing Pages up to Snuff?
- Caution: Customers Don't Always Ask for What They Want
- Are You Missing Out on the Power of Video?
- How Credit Unions Can Formalize the Branding Process
- Keeping Up with Digital Lending Convenience
- What the C-Suite Wants out of Social Media
- Credit Unions Can Compete with Shadow Banks
- How to Generate Content with Fewer Resources
- 3 Factors Impacting Credit Union Compensation Plans
- Don't Underestimate the Power of Financial Education
- 3 Brand Promises Credit Unions Can Learn From
- Leveraging Social Media for Member Engagement
- Underestimate the Onboarding Process at Your Peril
- How Credit Unions Can Embrace Storytelling in Marketing
- If Your Site Isn't Mobile Optimized, You're Losing Out
- Protect Your Credit Union with a Website Accessibility Response Plan
- Finding the Best Platform for HR Technology