CFMA.org is currently experiencing technical difficulties and may be unavailable, Financial Management and Accounting for the Construction Industry, Strategic Compensation as a Competitive Advantage, Roles and Responsibilities of the Financial Manager, www.abc.org/en-us/newsmedia/constructioneconomics/constructioneconomicupdate.aspx, www.agc.org/galleries/news/2014 Construction Hiring and Business Outlook Report.pdf, construction.com/about-us/press/housing-leads-construction-industry-to-moderate-growth-in-2014.asp, www.irs.gov/Retirement-Plans/409A-Nonqualified-Deferred-Compensation-Plans. The compensation should be based on job evaluation. It will encourage the employees to perform better and to achieve the fixed standards. 2. increase the satisfaction level of employees. People often think of compensation as merely a salary. Based on the compensation philosophy of the company, the various components of compensation are designed and chalked down in detail. /Keywords (6th Edition; Canadian; Long; Singh; Solutions Manual; Strategic Compensation in Canada) However, these professionals don’t have an incentive to stay if they don’t see a direct link to their future with the company from a compensation perspective.Bonuses and stock ownership have their benefits, but here too, these methods of compensation don’t always have an obvious connection to hiring and retention strategies. 7. >> Therefore, to increase competitiveness, cooperation and team cohesion, the policy, working culture and strategies play an important role in transmitting message to the employers about how important they are to the organization. Any failure in compensation design leads to failure to motivate any employee. Since, among four Ms., i.e. Metrics are only used in performance evaluations once employees understand the goals and measures that support them.Beyond the well-known key performance indicators (KPIs) like profit and revenue, construction executives should also measure economic indicators based on employee performance. /Type /Page Every factor contributes to the process of production /business. /MediaBox [0 0 612 792] WHAT IS COMPENSATION? In the past, few firms used team incentives. High-performing employees sometimes leave organizations in order to sell their stock, as they have no other option to realize value.Another problem with relying on base compensation, incentive compensation, and ESOPs is that the exact same pool of assets is being leveraged for both basic performance and for hiring and retention.

Boston: Harvard Business Press, 2009.3. www.irs.gov/Retirement-Plans/409A-Nonqualified-Deferred-Compensation-Plans. Do employees work individually or in teams? /Rotate 0 /Type /Page The system of compensation should be well defined, uniform, and applicable as a general system. 3 0 obj The administrative overhead associated with the annual pay grades review and revision is a disadvantage of the system. The CEO and owner must be kept informed of performance on all goals. Types 6. 5.

Contact publications@cfma.org for reprinting information. >> The owner’s typical defense is to try to convince employees to focus on longevity and stay with the company. A leading HR consulting firm has only three bands across the organisations entry level, proficiency level and mastery level. The Lincoln Electric plant in Cleveland, has modified the piece rate system of compensation. This model also encourages vertical career moves and therefore does little to motivate technical staff. Compensation in kind could also be offered to motivate and energise the employees such as medical facilities, free transportation, housing, co-operative societies for economic purchases of essential goods, schools for children, gifts for birthdays/ marriages, etc.

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