Responsibility takes on a whole new meaning as organizations try to balance the welfare of their people with keeping their business afloat. Overwhelmingly we are seeing leaders putting their people first, and exhausting all other cost-savings options in order to retain their talent while staying solvent. Those organizations will keep their people’s support in the future, as well as be prepared for the rebound when it happens. But this means taking a creative and agile approach to managing reward.
Supporting changes to executive compensation
As the economic and social impacts of the crisis affect organizations, adjustments need to be considered for executive remuneration arrangements – including possible adjustments to base salaries, modifications of annual incentive plans or payout opportunities, and compensation tied to longer-term organization performance. Working with executives, HR, shareholders and shareholder representative bodies, Korn Ferry supports organizations swiftly and effectively to adjust to “now” and develop the right programs for the future.
Taking a balanced approach to workforce reward
Total cost optimization – In crisis situations companies run the risk of focusing on short-term headcount reductions. Removing the wrong roles or people or cutting too deeply into areas that drive value, will damage employee productivity and may have a negative impact on future growth. Korn Ferry’s approach to total cost optimization looks at organizational inefficiencies while ensuring that critical value drivers are maintained. Korn Ferry identifies roles with the strongest impact on executing strategy and realign talent to the future of work, before identifying ways to reduce human capital costs.
Reward effectiveness audit – Korn Ferry helps organizations understand how they can improve the overall effectiveness of their reward programs, while balancing fiscal, strategic, employee relations and litigation concerns, evaluating quality, competitiveness and robustness of reward programs, and alignment to new short-term and future business objectives.
Managing salesforce activities and compensation
Korn Ferry is helping organizations build and adapt sales compensation plans that motivate and rewards sales resources to meet and achieve revenue and profit goals during abnormal economic times. Korn Ferry’s analytical diagnostic and qualitative assessment capability allow organizations to understand overall sales impacts and design programs that link changing business priorities with salesforce goals in real time as the situation changes:
• Working with organizations to review and restructure their current sales organization to better align with changing business plans and evolving sales talent strategy needs.
• Working with sales leaders to drive the overall efficiency and productivity of the salesforce and improve the cost effectiveness of selling efforts in both strong economic times and times of hardship.
Tracking economic and reward impacts of COVID-19
Leveraging the global COVID-19 Pulse Surveys on Rewards Actions and Workforce Changes Korn Ferry is using its consulting experience to offer clients a real time, detailed summary of trends and practices. Data is available by sector, geography, and employee level as well as tailored to reflect the considerations of local geographies and country rewards practices and local governmental actions to support businesses across all aspects of the workforce.
The Agile reward Startegy webinar is now available online here.
In this webinar, speakers discuss the challenges and impacts of the current global situation, and share learning from prior disruptive events:
• How to manage a two-cycle year with different objectives for each half.
• They key to weighing up internal performance vs external impact.
• Finding a balance: start planning now for long-term programs.
For more information about Korn Ferry Luxembourg, please see https://www.kornferry.com/about-us/consultants?office=Luxembourg
Communicated by Korn Ferry
Publié le 22 avril 2020