Now is the time to fix your worst incentive plans, or adjust pay structures that have crumbled under the weight of furloughs, lay-offs, remote work, shrinkage, growth, or any other of the myriad of issues that are being faced in business. Yes, you are tired. But so are your competitors. The best time to win is when they can’t respond. In a world where increases have been in low single digits for a decade, it doesn’t take too much to set your company above the crowd.
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Sales people are eager and enthusiastic to get started with a new plan, new sales cycle, new anything. This can be tough on the people who are trying to enhance or create sales plans. You want them to be engaged. Once this goal is achieved, your sales people are ready to sprint. It can be a challenge when every project begins with: On your marks! Get set! (The 5 year-old next to you starts running.) GO! And once again you are playing catch up. Prepare well before you start explaining your approach because you won't get much time once everyone is involved.
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I often say that the most important aspect of any incentive plan is its intent. Intent drives the details of design. Intent sets the foundation for communications. Intent informs people of the definition of success. But intent without great execution will nearly always fail.
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On November 24, 2020, the SEC published proposed long-anticipated changes to Rule 701. As a reminder, Rule 701 allows companies to provide offers and sales of securities with an exemption from Rule 144. Basically, it makes it easier to grant equity or sell shares to employees. No need to go into the legalese here, since there are a ton of other places that cover it in detail.
The proposed rules cover some esoteric stuff like REITS and Foreign Issuers and also cover things that every pre-IPO company (or long-term private company) should be aware of.
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World at Work defines Total Rewards as:
“All of the tools available to the employer that may be used to attract, motivate and retain employees. Total rewards include everything the employee perceives to be of value resulting from the employment relationship.”
We have invented more tools with corresponding rules, regulations, and variations. And our employees have become more diverse. Explaining the totality of Total Rewards has become increasingly difficult for many in and out of the world of compensation.
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SPACs are going to be here for a while. I guess that means it’s time for all of us to learn what that means to compensation professionals. In a recent post I explained the basics of a SPAC, or Blank Check transaction, and emphasized why this recent phenomenon has received so much press (hint, it’s the money.) In my next few posts, I want to drill into some key considerations for compensation and HR professionals.
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