Every company is a performance based company now and as such needs to learn how to use what salary budgets it has for maximum effect on employee performance while still ensuring equity within internal and external components and avoiding compliance problems. The salary budget is often the biggest expense in a company but is also a reward system for work performed in your company and for the skills that employees bring to the workplace.
Learn how a system needs to be recognized, communicated and managed as such. Yes, communicated as such because employees see stagnant wages as mainly their employer’s problem. Employers view compensation as a systemic 2012 problem but many employees still view compensations systems in pre 2008 terms and as such viewed as a personal problem whose lack of corrective action by the employer is causing them personal frustration and stress. Such polar opposite views can’t help but cause friction and dissatisfaction over wages.
But salary increase budgets are determined by not only range movements but the actual budget (or not) for increases the employer has. Plus many job ranges either aren’t moving or are moving in an untraditional manner.
Why You Should Attend:
All employees would like (many expect) their wages to rise every year and many don’t necessarily care how their employer makes that happen. These days’ employees often don’t understand why they can’t expect a COLA increase, especially after an expensive trip to the gas pump. However the economy is forcing most employers to take a clear look at understanding and managing what is most likely their biggest expense. Their reward system or in other words their compensation system.
Areas Covered in the Session :
- What is external equity? How to understand and use ranges effectively.
- How does salary compression and salary inversion happen? What can you do?
- Current salary structure – Understanding how those numbers got that way and what they mean.
- Building modern salary budgets and matrixes.
- Using what money you have (no matter how little) for increases in a more effective way – offsetting the effects of salary compression while rewarding higher performers.
- How an automatic Cost of Living Increase (COLA) nowadays is akin to the idea of Santa Claus. Nice but not real.
- How small or mid-sized businesses can have more flexibility with pay in a tight economy.
- Compensation is a reward system. Changing the mindset of pay and taking the mystery out of pay.
- How explaining how salary ranges are determined and increases awarded can help an employer operationally – not only at increase time but year round.
- Mistakes than can blindside an employer compliance wise
Who Should Attend:
- HR Managers
- HR Generalists
- Business Owners and CEO’s
- Plant Managers
- Management Personnel
- Compensation Associates