Totally Rewarding Chats | Ep. 5: Should the Merit Increase be Dead

In this engaging conversation, Sean Luitjens, Paul Reiman, and David Turetsky delve into the evolving landscape of performance ratings and merit increases in the workplace. They discuss the challenges of traditional merit increases, the potential of incentive pay, and the importance of timely performance feedback. The conversation also touches on the role of technology in HR and the need for a more strategic approach to employee compensation. Throughout the discussion, the speakers emphasize the necessity of aligning performance metrics with organizational goals and the importance of adapting to the changing needs of employees. Chapters 00:00 Introduction and Guest Bio 04:59 The Future of Performance Ratings 14:59 Incentive Pay vs. Merit Increases 18:08 Long-Term vs. Short-Term Incentives 19:00 The Debate on Salary vs. Bonus Structures 24:12 Understanding Bonus Pool Dynamics 28:07 Rethinking Performance Metrics 32:46The Future of Performance-Based Pay