At the core, a meaningful compensation philosophy should provide the board of directors and compensation professionals
with a guide on how to define the competitive market for attracting and retaining human capital, the key components the organization believes will best motivate and retain that human capital, the relative value between those components, and the value of an employee's total compensation relative to competitive market values.
We went from a very structured "one size fits most" approach, in which key decisions were made by compensation professionals
and implemented by management teams with very little flexibility, to a more flexible system in which decisions are given to managers with the guidance to pay their best employees like the best in the marketplace.
Without disputing that increased scrutiny has had a positive impact on executive pay, there is concern by some compensation professionals
that we now run the risk of over-regulating CEO pay to the detriment of American business.
So what does all of this mean for compensation professionals
? They have been given the responsibility for overseeing the reward and recognition programs and processes in their organizations.
This annual event offers more than 30 breakout sessions along with technical demos, networking, certification credits, and CEUs for hundreds of compensation professionals
The day was filled with a number of educational sessions and breakouts for Workers' Compensation professionals
. When they weren't absorbing in sessions, attendees walked the showroom floor.
She is also an active member of the National Association of Mutual Insurance Companies, and the American Society of Workers Compensation Professionals
, where she is Treasurer.
"Here is a clear case where well-trained workers' compensation professionals
could have intervened before the incident occurred, when the irregularity in the machine was initially reported," says Preston Diamond, a certified workcomp advisor and executive director for the Asheville, N.C.-based Institute of WorkComp Professionals.
This should serve as a wake up call for boards, executives and compensation professionals
. If private industry does not act quickly to self regulate executive pay and set high standards, the government will try to do so, and as history has shown, it will not do it well.