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Your compensation programs represent the cornerstone of what you offer as an employer. So you want to get pay right – both in terms of plan design and administration – to ensure your programs deliver value.
Asking five questions about your organization’s approach to compensation can help you identify potential trouble spots before they create more serious challenges:
1) Do you have well-designed pay programs or are pay decisions largely discretionary?
If you want your compensation programs to fire on all cylinders, you first need to establish which jobs are peers, or at the same organizational level.
Some organizations experience muddled pay because they miss this foundational step.
Jobs should align with organizational levels – and related pay bands – in a well-considered and consistent manner. And this should be the case both within and across departments or functions.
Without a clear framework for aligning jobs to levels, an organization may find itself paying individual employees quite differently, even when they are doing comparable work. This can open the door to a ...Read More
Does your organization deliver pay for performance?
If you use salary increases as the central way to create such links, you may sometimes wonder whether the juice is worth the squeeze.
In many organizations, budgets for salary increases remain quite lean year by year. That means you have a fairly limited pool of dollars through which to recognize top performers.
And some argue the difference between what top performers receive versus average performers isn’t especially meaningful. This is a point of frustration in many organizations, because leaders know it is important to reward employees for their achievements and to ...Read More
For compensation programs to deliver maximum value, they need to be perceived as being fair.
From an employee vantage point, perceptions of pay fairness emerge based on three major considerations:
One of the challenges in tackling pay ...Read More
When effectively designed and managed, incentive plans can be powerful reward vehicles.
They often represent a significant part of a competitive total cash compensation offering. And the plan measures can focus employees on top business priorities, which helps drive desired actions and results.
But an incentive plan should be regularly reviewed to ensure its design continues to make sense from a business perspective. Incentive plans can lose their impact over time if they don’t remain in alignment with business priorities and financial circumstances.
Consider seven signs your approach to incentive pay made need refreshing:
Raise your hand if you know many people who enjoy conducting performance reviews - or being evaluated.
If it’s hard to come up with even a short list, you’ve just highlighted why so many organizations struggle with performance management. In fact, there’s a tremendous amount of debate about performance management today - including whether the process should even be maintained.
But while there may be many ways to improve the tools supporting performance management, there’s no escaping that managing people is a primary accountability in many jobs.
So if you’re grappling with how ...Read More