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Author Topic: Harvard Business Review: THE NEW RULES OF TALENT MANAGEMENT  (Read 136 times)

ilconsiglliere

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https://hbr.org/2018/03/the-new-rules-of-talent-management

As this is coming from the Harvard Business Review you can believe that the executives in companies are going to be paying attention. This bullshit flows down to companies.

Basically its more "Talent Management" bullshit. Its just more nonsense and a way to manipulate the employees so you can pay them less.

Sample below:

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Compensation.

Pay is changing as well. A simple adaptation to agile work, seen in retail companies such as Macy’s, is to use spot bonuses to recognize contributions when they happen rather than rely solely on end-of-year salary increases. Research and practice have shown that compensation works best as a motivator when it comes as soon as possible after the desired behavior. Instant rewards reinforce instant feedback in a powerful way. Annual merit-based raises are less effective, because too much time goes by.

Patagonia has actually eliminated annual raises for its knowledge workers. Instead the company adjusts wages for each job much more frequently, according to research on where market rates are going. Increases can also be allocated when employees take on more-difficult projects or go above and beyond in other ways. The company retains a budget for the top 1% of individual contributors, and supervisors can make a case for any contribution that merits that designation, including contributions to teams.

Compensation is also being used to reinforce agile values such as learning and knowledge sharing. In the start-up world, for instance, the online clothing-rental company Rent the Runway dropped separate bonuses, rolling the money into base pay. CEO Jennifer Hyman reports that the bonus program was getting in the way of honest peer feedback. Employees weren’t sharing constructive criticism, knowing it could have negative financial consequences for their colleagues. The new system prevents that problem by “untangling the two, ” Hyman says.

DigitalOcean redesigned its rewards to promote equitable treatment of employees and a culture of collaboration. Salary adjustments now happen twice a year to respond to changes in the outside labor market and in jobs and performance. More important, DigitalOcean has closed gaps in pay for equivalent work. It’s deliberately heading off internal rivalry, painfully aware of the problems in hypercompetitive cultures (think Microsoft and Amazon). To personalize compensation, the firm maps where people are having impact in their roles and where they need to grow and develop. The data on individuals’ impact on the business is a key factor in discussions about pay. Negotiating to raise your own salary is fiercely discouraged. And only the top 1% of achievement is rewarded financially; otherwise, there is no merit-pay process. All employees are eligible for bonuses, which are based on company performance rather than individual contributions. To further support collaboration, DigitalOcean is diversifying its portfolio of rewards to include nonfinancial, meaningful gifts, such as a Kindle loaded with the CEO’s “best books” picks.

How does DigitalOcean motivate people to perform their best without inflated financial rewards? Matt Hoffman, its vice president of people, says it focuses on creating a culture that inspires purpose and creativity. So far that seems to be working. The latest engagement survey, via Culture Amp, ranks DigitalOcean 17 points above the industry benchmark in satisfaction with compensation.