New Era of Regulation & Compliance: Executive Compensation and A Renewed Pay-For-Performance Mandate | Softscape - White Paper

New Era of Regulation & Compliance: Executive Compensation and A Renewed Pay-For-Performance Mandate
from Softscape

White Paper

Description:
It is clear that a new era of regulation is upon us, and that it will have far-reaching implications on your current business and HR policies, processes, and systems. Best-in-class organizations focus on a performance-driven rewards system that compensates individual contributors directly proportionate to what they achieve and what they contribute to the bottom-line. Moving toward a pay-for-performance model will not only ensure compliance with new regulations, but also ensures that your workforce will be better aligned to overall corporate strategy, thereby providing your business with a distinct advantage relative to more slower-moving competitors.

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Governments across the globe are in the midst of defining their new frameworks, which will combine elements of legislative and regulatory reform. How deep and wide these changes will go remains unclear. Yet one thing is certain: Reforms are dictating that companies implement more uniform processes and systems for compensation and performance, particularly in the areas of compliance reporting and auditing.

HR and business leaders can take a few steps today to prepare for the inevitable regulatory reforms. These steps include:

Develop a cross-functional working group
Assess current pay-for-performance processes and systems
Investigate technology infrastructure

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