Make a comment reference one or both of the answers to these questions:
Given the volatility and changes in business, how likely is it that a Compensation strategy can remain viable for any length of time?
With the unpredictable fluctuations in business and compensations, it can be rather daunting for a compensation strategy to remain viable for any length of time. It is highly unlikely for a compensation to remain viable for any length of time. In this case business leaders tend to look at test and review compensations strategies as an ongoing practice.
How might a Compensation strategy be structured such that it has a longer life span?
A compensation strategy should be structured according to the affordability of the business. Another factor is the future of the business and industry. Business leaders should include base salaries, benefits, perks and fringe benefits when deciding on compensation strategies to support their employees. In order to make the life span of compensation strategies longer leaders should gather general data and track metrics on employee compensation. Developing a dashboard or scorecard can be a viable method that business leaders can depend on to make future decisions on compensation strategies.