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Rewarding Excellence: Pay Strategies for the New Economy

In the new economy, human capital, perhaps more than any other asset, is an organization’s chief source of competitive advantage. And if your company wants to attract, retain, and motivate the kind of people it needs to hold that advantage, it needs to develop a reward system that recognizes their market value and rewards them for developing their knowledge and skills. It needs a system that encourages high performance as it rewards excellence.In this book, acclaimed management expert Edward E. Lawler III identifies a variety of reward system practices that support the high-performance organization model. He shows how the development of core competencies and organizational capabilities is enhanced once a company learns how to pay people instead of jobs. He also details new methods for measuring and rewarding performance and for determining how much of an individual’s pay should be based on performance.You’ll get useful advice on how you should conduct performance appraisals and how you can structure a pay system that suits your organization and serves its strategic goals. You’ll benefit from Lawler’s practical discussions and guidelines regarding the appropriateness of such practices as team-based pay, 360-degree performance appraisals, stock options, incentive pay, and skill-based pay. Moreover, you’ll learn how to design a reward system that attracts excellent employees, inspires excellent performance, and makes for a stronger, more profitable enterprise.More than just a book about paying individuals, Rewarding Excellence is a blueprint for designing and managing pay systems that create excellent organizations. It’s about gaining competitive advantage by maximizing the potential of human capital. And so, ultimately, it’s about the future effectiveness of your enterprise.

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