Compensation speaker
Feb 5, 2009 |
by Tiffany Gnau
Ben Elrod, a 2002 Owen graduate, hosted a lunch and learn about the field of compensation Management. Finance and Human and Organization Performance students were in attendance. Elrod is the Managing Director of Compensation and Benefits for the Corrections Corporation of America. CCA is headquartered in Nashville and founded the private corrections management industry. It specializes in the design, construction, expansion and management of prisons, jails, and detention facilities. Elrod spoke about the career of a compensation professional, including the design, building and manageing of organizations' total reward systems. The goal of a compensation system is to align individuals and groups with firm strategy, and attract and retain key talent. This is done by managing base pay, benefits, incentives, and executive pay. Elrod also spoke about what he sees as the top five issues facing compensation. These included the impact of Obama, the new congress and the employee free choice act; union negotiations; merit increases; short-term incentive plan redesign; and long-term incentive issues.
