Using Big Data to Enhance the Value of Compensation Programs
Big data is coming at us from a wide range of sources at a rapid pace. Many choices we face every day are influenced by big data. Big data is affecting the way consumers and businesses make decisions. Consider Amazon, Netflix, and Google as examples of the power of big data.
The expanding volumes of data we generate and have access to can provide valuable insights for compensation professionals. In fact, in the near future, big data likely will become a prominent ingredient in compensation planning and aligning pay with performance.
This chapter examines ways to use big data to improve compensation decisions and drive high performance for our organizations. ...