I
recently had a medical issue that put me out of commission for a few
weeks. Although this gave me some time to reflect and catch up with
friends and colleagues, it also made me realize that, like nearly
everyone reading this article, I really didn’t have the time to put my
work on hold. That is when I realized that being compensation
professional is often like being an open ocean swimmer.
Last year a friend came out to visit San Francisco so her 12 year-old
could participate in a swim from the infamous Alcatraz Prison to the
San Francisco shoreline. It was an amazing spectacle, with almost one
hundred swimmers churning the water. Boats, coaches and support teams
surrounded the swimmers of all ages. They were cheered on, helped out
and given instructions, but in the end it was their skill and will power
that got them to land. (And, no, it did not inspire me at any point to
personally participate in the swim.)
In nearly every activity, you can stop and catch your breath without
real risk. On a bike you can coast down hills and even pick up speed
while doing it. When running or walking you can simply stop and step
aside until you are ready to go again. However, when you’re swimming in
the ocean, you have to keep moving or you will sink, freeze or get swept
away. The compensation world is very much the same.
Very few corporate compensation professionals have the same luxury of
specialization as I do. Even with my focused practice, I must always be
reading and studying to stay ahead of changes in regulations and
trends. And, as an internal compensation professional, you too, have
stay current with everything. And when I say everything, I mean
everything.
Not only must you work to keep your company on course with its
compensation philosophy and execution, but you must also keep everyone
else in the company up to speed. As pay for performance moves from a
trend to a mantra, you are required to be an expert in business strategy
as well as market trends, financial metrics and even motivational
speaking. All of this must be done with smaller budgets and tighter
timelines than ever before.
So, how are you to get it all done well? First, it requires training.
It can be tedious and boring. It can be painful and time consuming, but
without training you are likely to sink before you make it to shore.
Second, it requires a support team. This includes internal staff,
external help and the occasional “attaboy” from a random stranger.
Finally, it requires perseverance. Sometimes we forget to pat ourselves
on the back for diving into a career that, by design, leaves no place in
which to rest.
When you get home from work tonight, you will likely still thinking
about the remains of your workday, or planning for the urgent project
that must be done tomorrow. I suggest you take a moment to congratulate
yourself for succeeding in a field that, like ocean swimming, often
seems too daunting to even attempt. Then, look ahead to the summer and
figure out how to build a little raft to float on for the much-deserved
break or even a vacation that you hopefully get to take this year.
Dan Walter is the President and CEO of Performensation
an independent compensation consultant focused on the needs of small
and mid-sized public and private companies. Dan’s unique perspective and
expertise includes equity compensation, executive compensation,
performance-based pay and talent management issues. Dan is a co-author
of “The Decision Makers Guide to Equity Compensation” and “Equity Alternatives.” Dan is on the board of the non-profit National Center for Employee Ownership, a partner in the ShareComp virtual conferences and the founder of Equity Compensation Experts
a free networking group. Dan is frequently requested as a dynamic and
humorous speaker covering compensation and motivation topics. Connect
with him on LinkedIn or follow him on Twitter at @Performensation and @SayOnPay