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Presentations by Jay R. Schuster, Ph.D., a partner with Schuster-Zingheim, Inc., of Los Angeles, California, and Maggi Coil, a partner with the Center for Workforce Effectiveness, of Chicago, Illinois, highlighted two 1999 Strategic Compensation Conference plenary sessions. Both speakers are highly respected private sector compensation and human resources authorities and shared their perspectives about compensation with participants.
Total Rewards for the New Millennium. Dr. Schuster highlighted the characteristics of the evolving workforce deal. According to Dr. Schuster, the old deal was characterized by paternalism and career employment, and was balanced toward the workforce. The new workforce deal is characterized by tough love and employability, and is balanced toward the organization. Dr. Schuster suggests that the better workforce deal for the year 2000 and beyond should be characterized by mutual accountability, win-win partnerships, and an equal balance between the workforce and the organization.
Dr. Schuster shared the following six reward principles for the new workforce deal:
The Duality of the Compensation Contract. Maggi Coil discussed the duality of the compensation contract–what companies are offering employees, and what employees are seeking from their employers. Ms. Coil noted that companies most commonly offer the following as benefits:
Employees, on the other hand, are most commonly seeking:
According to Ms. Coil, some of the things that we can do within the Federal Government to attract and retain valuable employees include:
She challenged us–the Federal Government–to "make work fun!"
Both speakers shared invaluable information regarding a variety of reward principles that tie into the total compensation philosophy. These reward principles help to create a work environment that sets the stage for employees to add value to the organization.
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Originally published on October 1999.
This page can be found on the web at the following url: http://www.opm.gov/perform/articles/1999/oct99-3.asp