Sunil Ramlall on Compensation Strategies in the Caribbean

The paper examines and analyses compensation practices in the Caribbean; compares 'current' practices and the extent to which HR professionals think the current practices 'should' be utilised in driving firm performance; and compares current compensation practices in the Caribbean to the USA wherever applicable. The findings do not only provide vital understanding of the effectiveness of current practices, but also provide critical insights as to how organisations in the Caribbean can become more competitive through compensation strategies. Some of the major findings identified include: pay increases are generally not tied to individual performance; current compensation systems do not always provide the money's worth; there is little input from employees on compensation practices; seniority currently plays a significant role in an employee's compensation; employees do not feel that the current compensation practices enable organisations to attract, motivate, and retain employees.