Improving Your Existing or Designing a New Wage & Salary Administration Plan
OVERVIEW
Whether you are interested in creating a wage and salary administration plan or considering redesigning your current plan,
this webinar will show you how to implement the steps to create a
well-structured plan.
Well-structured wage and salary administration
plans in addition to facilitating the retention and recruitment of
top-performing employees:
- Contribute to an Organization’s
being able to execute its Business Strategy and maximize its
profitability.
- Provide Leaders control over and
maximize the payback from compensation expense – a significant budget item
for any Business
- Enable an Organization to
appropriately compensate Employees relative to the market rate for their
positions and their job performance.
- Drive and reward the Employee
Behaviours and Performance outcomes the Organization Needs
- Give Employees confidence and
trust in their Leadership Team
- Cause Employees to focus their
attention on and be
- motivated to perform their jobs to
the best of their ability,
- Thus giving the Organization a
significant return on its compensation dollars.
WHY SHOULD YOU ATTEND
Wise employers know that keeping quality
employees requires providing the right compensation package in the form of
wages, salaries, bonuses, commission plans, stock options, profit-sharing, etc.
Attracting Talent:
Employees always want to put themselves in the
best possible position financially. Through on-line sources employees can
determine their worth and the monetary value of positions that might interest
them. Therefore, it is critical that companies conduct external equity research
to determine what their competitors are paying and how compensation affects
employee performance. A competitive package will be required to attract the
best candidates to your company. And, of course, hiring the right candidate the
first time reduces turnover costs.
Employee Motivation and Engagement:
While recognition and praise motivate
employees, competitive compensation must also be in place. Employees desire to
work where there is a compensation plan where their performance can be rewarded
with merit increases and promotions.
Properly compensating employees shows you
value them as employees and as human beings. When people feel valued, company
morale increases and people are motivated to come to work and do a good job.
Additionally, when employees know there are merits, bonuses and/or commissions,
they are increasingly motivated to deliver enhanced results.
Employee Retention:
Proper compensation helps to ensure that
employees will stay. Losing a good employee costs the employer in terms of lost
productivity, the competency they brought to the job and the expenses
associated with turnover.
Employee compensation management is an
important factor in employee retention. Employee retention and low-turnover
rates are great for employers who require teams that know how to perform. Those
employees are also motivated to be part of the team.
Increased Productivity:
Engaged employees are productive employees.
Productivity in relation to compensation starts with employees feeling valued
which increases their motivation and loyalty. The longer employees are with a
company, the more they know and the more efficient they become,all leading to
increased productivity.
Job Satisfaction:
Creating the proper compensation plan leads to
stronger job satisfaction. The right compensation program invests employees in
to their work which gives them a sense of satisfaction when the company
succeeds. They know they will be rewarded for their efforts - and everyone
likes to be appreciated.
Well constructed compensation plans can easily
more than pay for themselves.
AREAS COVERED
I. Identifying your objectives for your
compensation program: desired employee behaviours& performance outcomes
your organization needs
- Project’s rationale, goals &
objectives
- Performance outcomes your
organization needs in order to execute its business strategy
- Type of employee behaviors your
organization needs in order to execute its business strategy
- Ways in which the new compensation
plan needs to be different from your current plan
- Sample compensation project goals
and objectives
- Identifying your critical success
factors and desired employee competencies
II. Establishing external equity - in
alignment with your organization's compensation philosophy
- Determining your compensation
philosophy
- Identifying the employers you
compete with when recruiting and retaining employees
- Documenting the duties of your
unique jobs via job analysis questionnaires and job descriptions
- Determining how your employee
grade and salary structure compare to those organizations with which you
compete for employees
- Aligning your wage and salary
ranges in relation to market rates, your competitors and your compensation
philosophy
III. Developing a wage & salary
administration structure - that facilitates performance-based wage and salary
increases
- Developing competitive employee
grade and salary structure with the appropriate minimum, mid point and
maximums – including adequate room for salary growth
- Slotting each of your positions
within those scales and ranges
- Common types of compensation
programs
- Steps that facilitate
performance-based wage and salary increases
IV. Basing your wage and salary increases on
desired employee performance & accomplishments
Working with each manager to assist them in:
- Defining & being able to
distinguish for each unique job – above average, average and below
average performance
- Being able to match those
performance levels to the proper performance appraisal rating
- Communicating the above
information to their employees
- Improving supervisors’ and
managers’ skills at coaching, preparing for and conducting performance
appraisals
V. Developing the policies and procedures
needed to properly administer your compensation program
Determining how your organization will:
- Update your salary ranges and
hourly pay grades
- Administer promotions and
demotions
- Tie performance appraisal ratings
to merit increases
- Make cost of living adjustments
VI. Utilizing multiple forms of communication
- so employees understand & buy-in to the compensation plan
- Initiating a phased-in
communication plan
- Having a means of addressing
employees’ questions on an ongoing basis
- Documenting what employees would
have earned under the old and new plan
- Introducing the plan first to
supervisors and then to non supervisory employees - seeking input from
both groups
- Conducting a new compensation plan
kickoff event
- Supervisors meeting with their
direct reports to introduce:
- their performance expectations
and metrics
- the associated performance
evaluation ratings
- the associated merit increases
VII. Training your supervisors and managers in
their compensation roles
- The rationale for the compensation
changes
- How the plan was developed
- How to administer the various
policies
- Steps and a timeline for merging
the new with the existing compensation plan
- Techniques for effectively
coaching, counseling and conducting performance appraisals
VIII. Implementing the new compensation
plan
- Developing and adhering to a
project plan – with a step-by-step, ‘best practice’ phased-in process,
with accountabilities and due dates
LEARNING OBJECTIVES
The cost of compensation for most
organizations is usually 20-80% of the cost of running the business. Since
compensation is such a significant budget item, it's only logical for
organizations to want to have a wage & salary administration plans that:
- Contributes to the Organizations'
ability to execute its Business Strategy
- Attracts and Retains Top
Performing Employees
- Enables the Organization to
Compensate Employees according to their Performance
- Causes Employees to trust the
Compensation Plan and focus their attention on and be motivated to perform
their jobs to the best of their ability.
WHO WILL BENEFIT
HR Professionals New to the Field - seeking a
comprehensive view of the topic of Wage and Salary Administration.
Experienced HR Professionals - seeking a
refresher on the Topic.
Line Manager - who want to participate in
enhancing their current Wage and Salary Administration Plan.
For more detail please click on this below
link:
Toll Free: +1-888-300-8494
Tel: +1-720-996-1616
Fax: +1-888-909-1882
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