Survive the ‘perfect storm’ by matching pay to performance

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in HR Management,Human Resources,Leaders & Managers,Management Training,Performance Reviews

BY SHARON KOSS

Just as many organizations are finding they need to lay off employees—sometimes en masse—during the economic slowdown, they’re also finding that they’re suffering from a shortage of skilled workers.

It seems contrary. But an economy that has forced millions to live paycheck to paycheck, and created a need for more nurses, pharmacists and engineers than U.S. universities can produce has also created a perfect storm.

It has a direct impact on compensation. If your organization has plenty of employees but not enough of the ones with the skills you need to survive the economic downturn, you’re going to have to change the way you pay them. Make three changes to weather the tempest:

1. The best get more

Pay your stars more. Even if you’re laying off huge numbers of people, the retention of your best is your organization’s top challenge.

You must keep your highest-skilled, top-performing employees—the...(register to read more)

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