Purpose:
Provide all individuals with remuneration and benefits based on their contribution and value to the organization.
Objective:
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Description:
The organization must formulate a compensation strategy that motivates and rewards the skills and behaviors the organization considers vital to its success. Compensation represents the only process area at the Managed Level whose execution is coordinated by actions at the organizational level. Compensation must be coordinated primarily through centralized activity in order to establish a sense of equity in the system. Once the workforce perceives the system to be equitable, it can be adjusted to motivate the development of needed skills and better alignment of individual performance with that of the workgroup, unit, or organization. Periodic adjustments to compensation are reviewed to ensure they are equitable and consistent with the organization’s strategy and plan.
Entrance Criteria:
Exit Criteria:
Process and Procedures:
Tailoring Guidelines:
Process Verification Record(s):
- A responsible individual(s) verifies that Compensation activities are conducted according to the organization’s documented policies, practices, procedures, and, where appropriate, plans; and addresses noncompliance.
- Executive management periodically reviews the Compensation activities, status, and results; and resolves issues.
Measure(s):
- Measurements are made and used to determine the status and performance of Compensation activities.
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- Unit measures of Compensation activities are collected and maintained.
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- Aggregate trends in compensation activities and decisions are measured and reviewed on a recurring basis.
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References:
