The Compensation Daily Advisor® announced today the release of a free report for compensation professionals, Broadbanding for Compensation Success, which provides a strategy to help employers reduce administrative costs, save time, and simplify the management process.
The 38-page special report examines the practice of consolidating a large number of pay grades into a few “broad bands,” which has proven to be a good means by which companies can tie their compensation strategies to their business goals. It transitions away from a highly stratified work culture toward a high-performance, high-involvement work environment. Also, the trend toward flatter organizational structures means fewer promotions and merit raises, with more attention given to:
• Skill acquisition
• Individual growth.
In this context, many advocates view broadbanding as the solution for dealing with an uncertain economy and limited budgets for merit raises. The report includes how to determine if broadbanding is a good strategy for your company, as well as how to implement a broadbanding program. Also included are four specific case studies of broadbanding in action.
“With widespread staff reductions and the elimination of many managerial positions in recent years, employers are looking for ways to simplify salary administration, encourage remaining employees to acquire new skills, promote lateral movement within the company, and make their workforce more responsive to changes in the economy and consumer demands,” explained Compensation Daily Advisor Editor Stephen Bruce, PHR. “This report is an excellent resource for those considering a broadbanding strategy.”
For instant access to this complimentary resource courtesy of the Compensation Daily Advisor, go to http://compensationdailyadvisor.blr.com/2011/06/broadbanding-compensation/?source=CAL&effort=7.
For more information about the Compensation Daily Advisor, please visit http://compensationdailyadvisor.blr.com.