How Modernizing Your Employee Incentives Strategy Can Help Address Pay Equity
How Modernizing Your Employee Incentives Strategy Can Help Address Pay Equity
Where could you be more strategic in your total rewards spend? Are you funneling much of it into an annual bonus?
New research from Wharton shows that the annual bonus, a staple of many total rewards programs, can actually lead to unethical behavior, fuel turnover, and foster envy among co-workers. Sounds like unnecessary drama – and money wasted. More importantly, the performance boost of an annual bonus diminishes within weeks.
Read our e-book and learn a better way:
- Why employee recognition is a powerful management breakthrough
- How to get more bang for your buck – and sooner
- Ways to improve performance management, retention, and employer brand
A little rethinking and reallocation means you can increase your margins without adding a penny to your budget.
Forward-thinking organizations know that unconscious bias – and even conscious bias – is an inherent part of workplace culture that needs to be addressed. While there is no simple solution for mitigating the bias that can lead to pay inequity, a modern employee incentives strategy can address five of the top pay equity challenges and be a smart step toward achieving company-wide balance and equity.
To build equity and employee incentives alike, we need to tap into new rewards systems that provide:
- Equal opportunity for getting rewarded
- Spontaneity and surprise
- Frequency of positive reinforcement
- Meaning and relevance to our work
- Multiple points of view
Download the Whitepaper