Employee pay is likely your organization’s single largest expense item, but do you know whether that money is being spent effectively and efficiently, or do you fear that perhaps a portion is simply wasted?
This session will walk the listener through an understanding of how an employee’s pay moves (increases) within your reward system; how it could move, and how it should move.
Part of that movement likely involves a pay-for-performance appraisal process. Understanding that process and making it work for you is critical to properly managing your reward systems – and your costs.
Employee pay is not a static figure; it moves in relation to internal realities (i.e., performance) and in at least partial acknowledgement of a similarly moving external competitive marketplace. The trick is in understanding how to move your employee pay in such a way as to reward desired performance, motivate future performance and at the same time provide internally equitable and externally competitive pay levels.
Most employers consider the annual performance appraisal and merit increase processes as the go-to tactics for internal pay movement. We’ll discuss in depth and provide practical advice as to how best to establish and administer such programs; and how best to avoid the money-pit traps that have ensnared so many.
But there are other approaches an organization can consider as well; we’ll talk about each, along with the pros and cons. Not every organization or family of jobs finds that one particular tactic is always a universal success. So we’ll talk about what tactics work where, how to use them, when to avoid them, and how best to get the most out of your employees and your payroll dollars.
Areas to be Covered:
This session will explore the following topics:
What’s an in-grade pay strategy?
The practical value of performance management
How does an employee’s pay move?
Our favorite “kicking boy” – merit pay
Are automatic increases a dinosaur tactic?
Cost of Living vs. Cost of Labor
The flaw in merit design
The cost spiral of title inflation
When merit pay is not enough
What’s wrong with performance appraisal?
The manager’s perspective on performance management
Who will Benefit:
This is a must attend webinar for all:
Compensation Department Managers
Human Resources Department
Leaders in Startup companies