THE IMPACT OF FINANCIAL CRISIS ON COMPENSATION STRATEGIES

Tatiana Mosteanu and Monica Andrei
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Monica Andrei: Academy of Economic Studies, Bucharest

Theoretical and Applied Economics, 2009, vol. 12(541)(supplement), issue 12(541)(supplement), 49-53

Abstract: The continuous impact of uncertain economic environment affected most organizations’ workforce through an uninterrupted increase of unemployment, wage reduction and diminution in offered benefits, thus forcing more and more companies to revise their compensation strategy. Employee compensation consists of a series of elements used in order to attract, retain and motivate skilled employees. Nevertheless, especially in Eastern Europe, the most important factor is still the fixed pay, respectively the base salary. Last year’s financial crisis has a major impact in shaping the compensation elements to be gradually restructured starting with 2010.

Keywords: Compensation; pay structure; salary budget; workforce; communication. (search for similar items in EconPapers)
Date: 2009
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