Retailer revamps compensation
February 26, 2001,
PLANO, TX -With J.C. Penney Co. restructuring its organization to a centralized buying organization with new titles and responsibilities, the company has changed its compensation plan to be more aligned with the rest of the department store community.
At the same time, buyers will be compensated according to their individual area of responsibility's contribution to sales and profits. This change provides "a more granular focus on individual contribution and accountability."
The changes, effective Feb. 1, are to enable Penney "to pay competitively if we are to hire and retain the best talent."
The company also has changed its job titles and responsibilities to be more in alignment with the rest of the retailing industry. As an example, the title of president of a division such as home has been changed to senior vp, gmm.
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