Compensation, Reward and Recognition
This discipline covers the various forms of direct compensation—i.e. employee’s pay including variable pay, short and long term incentives, company stock awards, as well as promotions and pay increases. It also deals with indirect compensation such as paid leave, insurance, retirement income and various employee services, commonly referred to as “benefits” that employers use to attract, recognize, retain and motivate employees to contribute to the organization’s strategic objectives.
The Compensation and Reward discipline includes designing and administering compensation philosophy, strategy and systems, compensation benchmarking, executive compensation and other competency or function based compensation practices.
In addition, it explores flexible work arrangements, such as telecommuting and flextime that employees may perceive as benefits and covers the mechanism of rewards which encourage superior performance from employees, like sales incentives.
This discipline also includes matters that focus on compensation-related careers, communication, legal and regulatory issues, technology, metrics and outsourcing, as well as effective compensation practices and global compensation issues.