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5 Steps To A Smart Compensation Plan презентация
Содержание
- 2. Rusty Lindquist VP Strategic HR
- 3. 5 steps to set up your
- 4. Step 1: Gain Executive Support
- 5. Payroll is, by far, a company’s biggest
- 6. Pay is the number 3
- 7. Top Compensation Mistakes Not updating compensation regularly
- 8. Compensation plans help the bottom line. They
- 9. “If you pick the right
- 10. Step 2: Define Your Compensation Strategy
- 11. Questions to ask: What is your market?
- 12. What is the right compensation mix for your company?
- 13. —Harvard Business Review “Keep the
- 14. Step 3: Develop a Market-Based Pay Structure
- 15. Decide on the correct job evaluation method. Market Pricing v. Point Factoring
- 16. Aging is great… for wine and cheese.
- 17. Step 4: Build Pay Ranges
- 18. Identify Market Differentials Schedules preserve both competitive pay to local markets and internal equity.
- 19. Determine Your Pay Grades The
- 20. Some considerations include How wide should my
- 21. Evaluating employee placement in range. Developing guidelines or policies for movement. Using Pay Ranges
- 22. Use market data Verify internal alignment Assign Jobs to Grades
- 23. Build Career Path
- 24. Step 5: Implement Total Rewards Plan
- 25. Compensation Plan Element Philosophy Strategy Structure Policy Process
- 26. Budgeting for Increases
- 27. Deal with Outliers
- 28. Strategies: Equip Managers Educate them Give them the big picture Give them tools
- 29. What can we do now?
- 30. Follow BambooHR and PayScale on social media:
- 31. Questions? BambooHR Receive a free job
Слайд 2
Rusty Lindquist
VP Strategic HR Insights
BambooHR
Mykkah Herner
Head of Professional Services
PayScale
Слайд 3
5 steps to set up your compensation plan
Gain executive support.
Define your
compensation strategy.
Develop a market-based pay structure.
Build pay ranges.
Implement a total rewards plan.
Develop a market-based pay structure.
Build pay ranges.
Implement a total rewards plan.
Слайд 6
Pay is the number 3 reason people quit jobs [BambooHR study].
If employees aren’t being paid what they’re worth, they will find it somewhere else.
Executives must care about compensation if they care about retention.
Слайд 7Top Compensation Mistakes
Not updating compensation regularly
Not empowering managers to fix problems
Not
being transparent
Giving across-the-board raises
Not having a structured plan
Giving across-the-board raises
Not having a structured plan
Слайд 8Compensation plans help the bottom line.
They make good business sense.
They help
attract and retain talent.
They support your company’s mission, strategy and culture.
They support your company’s mission, strategy and culture.
Слайд 9
“If you pick the right people and give them the opportunity
to spread their wings and put compensation as a carrier behind it, you almost don’t have to manage them.”
—Jack Welch
Слайд 11Questions to ask:
What is your market?
What are your goals?
How competitive do
you need to be?
What should you reward?
Is your current strategy working?
What should you reward?
Is your current strategy working?
Слайд 13
—Harvard Business Review
“Keep the plan simple. It should be extraordinarily clear
which outcomes you are rewarding.”
Слайд 18Identify Market Differentials
Schedules preserve both competitive pay to local markets and
internal equity.
Слайд 19
Determine Your Pay Grades
The number of pay grades you use will
influence your midpoint differential and should sufficiently distinguish difficulty levels of different jobs.
Слайд 20Some considerations include
How wide should my ranges be?
How much overlap between
pay ranges is good?
Build Pay Ranges
Слайд 21Evaluating employee placement in range.
Developing guidelines or policies for movement.
Using
Pay Ranges
Слайд 29
What can we do now?
Talk with executives about the need for
an updated compensation plan.
Research market data for your employees’ jobs.
Create a pay structure to ensure internal equity.
Review your current compensation policies and decide where updates are needed.
Research market data for your employees’ jobs.
Create a pay structure to ensure internal equity.
Review your current compensation policies and decide where updates are needed.
Слайд 30Follow BambooHR and PayScale on social media:
bamboohr.com/blog | payscale.com/compensation-today
Thank you!
Слайд 31Questions?
BambooHR
Receive a free job posting on our ATS and full HRIS
for one week.
We will contact everyone within the next few days to set this up.
Download our free eBook: Communicating Compensation: Your guide to tackling tough conversations about pay
PayScale
