How Compensation Discussions Make Or Kill Culture презентация

Содержание

Rusty Lindquist VP Strategic HR Insights BambooHR Mykkah Herner Head of Professional Services PayScale

Слайд 2Rusty Lindquist VP Strategic HR Insights BambooHR
Mykkah Herner Head of Professional Services
PayScale


Слайд 3v
How Compensation Discussions Make or Kill Your Culture:
Organizational Impact
Determining compensation
Communicating

with executives
Communicating with managers
Communicating with employees
Your seat at the strategic table

Слайд 4v
How Compensation Discussions Impact Your Organization
Culture
Performance
Engagement
Retention


Слайд 5CULTURE
Greater Business Output


Слайд 6CULTURE


Слайд 7Everything you do
becomes part of that story…
The story of what you

value

Слайд 8Compensation:
The story of
how much you are valued


Слайд 9Compensation:
The keystone
of culture


Слайд 10Making the Compensation
Conversation a Culture Builder


Слайд 11Using objectives and values to determine compensation
v


Слайд 12Compensation is about an exchange of value, not money.


Слайд 13Value Exchange


Experience in industry
Experience in market vertical
Experience in adjacent markets
Experience in

field of discipline

Experience in adjacent disciplines

Experience with competitors

Product knowledge

Competitor knowledge

Time and experience in company

Education

Discipline training and certification

Supply and demand

Employee Value Drivers


Слайд 14Value Exchange


Experience in industry
Experience in market vertical
Experience in adjacent markets
Experience in

field of discipline

Experience in adjacent disciplines

Experience with competitors

Product knowledge

Competitor knowledge

Time and experience in company

Education

Discipline training and certification

Supply and demand

Employer Value Drivers

Employee Value Drivers

Base pay

Performance Pay

Paid time off

Benefits

Travel

Culture and environment

Work flexibility

Work/Life balance

Meaningful work

Who you work with

Challenging work

Opportunity to impact

Job security

Shared purpose / mission

Career advancement opportunities

Autonomy

Senior leadership


Слайд 15THE COST OF GETTING
COMP WRONG
Payroll is by far your biggest expense;

the cost of getting it wrong is tremendous.

Слайд 16Align compensation plan with business goals


Слайд 17Drop in engagement.
Drop in performance.
Distancing.
Sudden increase in negativity.
Early Indicators of Compensation

Misalignment

Слайд 18Communicating with executives
v


Слайд 19Executive Audience
Leaders don’t want to be told what to do
Leaders can

be distrustful of change
Leaders are decision-makers
Many leaders have access to information
What matters to your leaders?

Слайд 20Execs are also Managers

Give them tools for success:
Flight Risk report &

the inverse report
Disparate Pay report

Give them insight into what employees care about
Am I making enough money to cover my basic needs (entry level)
Am I being paid fairly (professional level)
Am I being paid enough to deal with managing people (Mgrs/Dirs)

Give them talking points for comp conversations with employees

Report Relevant Info


Слайд 21
Communicating with managers
v


Слайд 22Agents of the Organization


Слайд 23Sell the organization and the full package on the table
Sell the

benefits of the offer (initial or increase)
Listen to the ask behind the ask
Meet them and then move

Negotiation Skills


Слайд 24Listening Skills


Слайд 25Manager Training

Compensation Plan Overview






Putting It Into Practice
Compensation 101
Philosophy & Strategy
Structure
Policies
Linking Performance

to Pay
Calculating Increases
Talking with Employees

Слайд 26
Communicating with employees
v


Слайд 27

Develop a Communication Plan


Слайд 28Lead The Conversation
Finding out where you stack up vs. peers can

dramatically change:
Desire to stay/leave
Overall job satisfaction
Exert more/less effort


I was approached by an employee who was very upset that her base pay was being frozen. After going through our philosophy, the employees pay compared to the grade and range she was in the employee left the meeting with a smile on her face, feeling positive about the conversation.

Monarch Landing, 300 employees

Source: Card, D., et al., (2011); “Inequality at Work: The Effect of Peer Salaries on Job Satisfaction.”

“Wow! This is what our employees need to see! They only ever talk about what they see in their paycheck, so this would really drive home our total investment!”

Alberta Motor Association - 2,000 employees

of employees will compare pay


Слайд 29Anticipate Employee Questions & Concerns


Слайд 30Employee Pay is Low
Consider
Should the employee pay be

low?
Is the organization able to adjust employee pay?

Talking Points
Start by appreciating accomplishments
Mention market movement of the position if applicable
Explain position in range
Remind of last year’s adjustment amount if appropriate
Discuss what you will or won’t do for increase or bonus depending on skillset, performance, etc.
Open the door


Слайд 31Employee Given No Performance-based Increase
Consider
What does the employee

need to be eligible for the next round of increases?
What potential does the employee have to move up in the organization?

Talking Points
Start by appreciating contributions
Remind of performance issues
Explain position in range
Discuss what you will or won’t do for increase or bonus depending on skillset, performance, etc.
Explain what they need to do to be eligible next go round


Слайд 32“I FOUND A SALARY REPORT
ON THE INTERNET”
Conflicting information
The “independent study”
Position

pricing vs. people pricing
The conversation

Слайд 33v
Compensation: Your seat at the strategic table


Слайд 34Follow BambooHR and PayScale on social media:





bamboohr.com/blog | payscale.com/compensation-today


Thank you!


Слайд 35Questions?

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


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