Date post: | 02-Aug-2015 |
Category: |
Recruiting & HR |
Upload: | hrsoft-inc |
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TalentTakeawayswebinar & podcast series
3 Simple Ways to Increase Employee
Engagement & Productivity with Compensation Planning
AGENDA
Brian SharpChief Marketing Officer , HRsoft
S. Austin MuzumdarSenior Vice President Client Success, HRsoft
Our Presenters
Talent Takeaways | Compensation Planning
Primary Drivers of Engagement
Talent Takeaways | Compensation Planning
Clear & Fair Expectations
Belief/Affinity
Alignment
Recognition
Development/Career Development
Relationship with Manager & Peers
Equitable & Fair Pay
PayScale Survey Findings
Talent Takeaways | Compensation Planning
Compensation led the list of reasons employees left in 2014
63% of companies referenced retention as top focus of compensation
Over half use some form of broad based P4P
75% adjusted their comp structures
Most have HR/Comp set structures
Gallup didn’t even ask a comp question!
Compensation Planning
Traditionally a very specialized area of HROften more administrative than strategic
Not always linked to HR initiatives
Seasonal with strict deadlines
Talent Takeaways | Compensation Planning
The HR Challenge
Increased pressure to increase engagement scores
Disengaged employees Employee turnover increasing
Looking to comp to help solve the problem
Talent Takeaways | Compensation Planning
Proactive Compensation Planning
3 Simple Ways to Increase Employee Engagement & Retention with Compensation Planning
Talent Takeaways | Compensation Planning
1. Identify
2. Reward
3. Retain
Identify Top Talent
KEY QUESTIONSWho are your top performers?
Who are your most critical talent?
How are they being paid?
How do you identify them?
Talent Takeaways | Compensation Planning
Identify Top Talent
TOOLSPerformance ManagementSuccession PlanningMarket Data Analysis
TIPIncrease ROI of Comp budget by smarter allocation
TALENT TAKEAWAYSFocus comp planning strategy on your top performing employees
Talent Takeaways | Compensation Planning
Reward Top Talent
KEY QUESTIONSDo you have a comp strategy?
Is everyone paid appropriately?
How is your comp budget allocated? Why?
Talent Takeaways | Compensation Planning
Reward Top Talent
Talent Takeaways | Compensation Planning
TOOLSComp Planning GuidelinesComp Planning Structures
TIPEmpower managers to make comp decisions
TALENT TAKEAWAYSMaximize comp budgets – get the money where it helps most!
Retain Top Talent
Talent Takeaways | Compensation Planning
KEY QUESTIONSDo you know what is driving your turnover?
Do your employees know the full value of their compensation?
Do you have a simple and transparent way to show them?
Retain Top Talent
Talent Takeaways | Compensation Planning
TOOLSClear & transparent processEasy compensation calculation
(W.A.V.E. calculator)
TIPCreate a simple total rewards communication plan
TALENT TAKEAWAYSRetention starts with communication
Talent Takeaways
Talent Takeaways | Compensation Planning
IDENTIFYFocus comp strategy on top performers
REWARDMaximize comp budget & get money where it helps most
RETAINCommunicate their full compensation value
COMPview™High Impact Compensation Planning Software
HRsoft.com
Talent Takeaways | Compensation Planning
answer questions
share resources
offer solutions
Strategy Session
Resources & Support
Talent Takeaways | Compensation Planning