When change is underway, pay can be a powerful communicator of values and directions. And in today's challenging business environment, the need to use pay strategically is more important than ever as organizations and their leaders look for ways to improve outcomes, performance, productivity, and teamwork. Linking rewards to business goals and competencies is essential to gain competitive advantage through people.
Based on extensive research with Fortune 100 companies and on their own consulting work with companies in various industries worldwide, Jay R. Schuster and Patricia K. Zingheim offer a powerful strategy for making pay a positive force for organizational excellence. This pioneering work includes the first "best practices" study to show the impact of pay practices on organizational performance. With numerous sample pay strategies and examples of pay tools that can be adapted to a wide range of situations, the authors provide how-to guidance to executives, managers, and human resource and compensation specialistsanyone responsible for developing base pay, incentive, and benefit plans.
Where traditional models of compensation and reward no longer serve the best interests of organizations and the employees who must make companies succeed, The New Pay provides the critical tools for creating a total compensation strategy and pay programs that add value and support organizational success.
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About the Author
JAY R. SCHUSTER are partners in Schuster-Zingheim and Associates, Inc., a pay consulting firm founded in 1985 and located in Los Angeles. They consult extensively on total rewards with companies in the U.S. and throughout the world, and are frequent speakers to business and professional groups. Their web site is www.paypeople right.com.
Table of Contents
1. Socioeconomic Foundation of New Pay.
2. Organizational Strategies and New Pay.
3. Designing New Pay Strategies.
4. Total Compensation Strategy Statements.
5. From Strategy to Practice by Involvement.
6. Principles of New Base Pay.
7. Paying the Individual.
8. Evaluating Jobs.
9. Base Pay Adjustments.
10. Principles of New Variable Pay.
11. Types of Variable Pay.
12. Variable Pay Design Issues.
13. Principles of New Indirect Pay.
14. Health Care Benefits Under New Pay.
15. Other Employee Benefits Under New Pay.
16. Flexible Benefits.
17. Survey of Pay Practices.
18. Linking Employees and Organizations.
Appendix: Guide to Total Compensation Strategy Development.
What People are Saying About This
From Richard J. Schonberger; Author of Building a Chain of Customers and World Class Manufacturing: The Next Decade
A fine presentation of world-class agenda from the pay viewpoint.
From Robert H. Waterman, Jr.; Coauthor of In Search of Excellence and Adhocracy
This book is full of truly innovative ideas for relating pay to measures of performancenot just for executives but for everyone.
From Nancy K. Austin; Coauthor of A Passion for Excellence and coauthor of Five-Star Leadership
Schuster and Zingheim revolutionize old-line compensation systems with The New Pay. By showing how modern pay plans develop talent over the long run, they demonstrate how to make the best possible investment in a company's future.
From From the foreword by Edward E. Lawler III; Author of From the Ground Up and Rewarding Excellence
A challenging road map for the future of pay systems in organizations.Ought to be read by everyone who impacts total employee compensation in today's business environment.