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Money vs. recognition “Employers need to focus on assessing rewards, putting the right tools/technology in place and taking action to address shortcomings in their pay programs,” says one industry expert. (Image: Shutterstock)

As employers come under increasing pressure to boost pay for performance and employ fair pay strategies in the workplace, they’re rethinking the programs they already have in place, according to a new survey from Willis Towers Watson.

Its “2018 Getting Compensation Right Survey” reveals that a number of factors are leading bosses to make or consider changes to their programs. While cost is the top-cited factor, at 71 percent, also affecting those decisions are manager feedback (63 percent), the changing marketplace (61 percent) and feedback from employees (59 percent).

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.

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