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Upper Saddle River, N.J. -August 12, 2005 - During the WorldatWork 50th Annual Conference & Exhibition held from May 22-25, 2005 in New Orleans, Compensation Resources, Inc. (CRI) surveyed conference attendees concerning their thoughts on current and future compensation issues. The results of the survey are as follows:
The overwhelming majority of respondents (86%) indicated that their companies have a Compensation Philosophy, a positive indication that these organizations recognize the need to formalize their position on compensation. Consistent with this notion, 94% of respondents believe that their company’s culture can support changes to its compensation system to positively impact employee performance. Considering that the Compensation Philosophy serves as a baseline for the development of pay programs, this indicates that respondents within these companies have cultures consistent with their position on compensation. When asked about pay-for-performance, 71% feel that pay-for-performance can work given a limited budget.
When asked to pull out the “crystal ball”, conference attendees indicated the following topics that will influence the future of the compensation professional:
· Recognizing the importance of the organization’s most important asset - its employees · Total rewards and the work/life balance · Compensation as an evolving practice with more progressive needs · Enhancing pay-for-performance programs
These continue to be hot issues in the area of compensation as more and more companies recognize the importance of their employee base and how a properly structured compensation plan can reward them commensurate with their performance and contributions.
It is our intention to conduct this survey on an annual basis to identify important trends in compensation. Compensation Resources, Inc. would like to thank all of the individuals who took the time out of an extremely busy conference schedule to complete the survey questionnaire, and to speak with us concerning these issues.
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