INFLUENCE OF FLAIR FACTORS ON COMPENSATION – BALANCING CONTRIBUTIONS AND PAY EQUITY

Marija Runić-Ristić; Tijana Savić-Tot; Milica Arsić

doi:10.58898/ijmt.v1i1.39-51

Authors

Marija Runić-Ristić Faculty of Management, Sremski Karlovci, University UNION Nikola Tesla, Belgrade
Tijana Savić-Tot Faculty of Management, Sremski Karlovci, University UNION Nikola Tesla, Belgrade
Milica Arsić

DOI:

https://doi.org/10.58898/ijmt.v1i1.39-51

Keywords:

flair factors, compensation philosophy, top talents

Abstract

The utmost priority of every organization in today’s competitive environment is to attract and retain top talents. The aim of this paper is to emphasize the importance of “flair factors” those greatly valued personal qualities that enable an organization to accomplish its mission. The paper links insights about flair factors, as critical elements of organizational success, with the development of a compensation philosophy that can help organizations to recruit, attract, and retain top talented employees. Moreover, nine often-repeated errors made in developing and administering an effective compensation system are outlined. Finally, the paper benefits to both scholars and practitioners by suggesting how to solve the problem of identifying and hiring the right people for successful performance in organizations.

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