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Rusty LindquistVP Strategic HR InsightsBambooHR Mykkah HernerHead of Professional Services PayScale
v How Compensation Discussions Make or Kill Your Culture: Organizational Impact Determining compensation Communicating with executives Communicating with managers Communicating with employees Your seat at the strategic table
v How Compensation Discussions Impact Your Organization Culture Performance Engagement Retention
CULTURE Greater Business Output
Everything you do becomes part of that story… The story of what you value
Compensation: The story of how much you are valued
Compensation: The keystone of culture
Making the Compensation Conversation a Culture Builder
Using objectives and values to determine compensation v
Compensation is about an exchange of value, not money.
Value Exchange Experience in industry Experience in market vertical Experience in adjacent markets Experience in field of discipline Experience in adjacent disciplines Experience with competitors Product knowledge Competitor knowledge Time and experience in company Education Discipline training and certification Supply and demand Employee Value Drivers
Value Exchange Experience in industry Experience in market vertical Experience in adjacent markets Experience in field of discipline Experience in adjacent disciplines Experience with competitors Product knowledge Competitor knowledge Time and experience in company Education Discipline training and certification Supply and demand Employer Value Drivers Employee Value Drivers Base pay Performance Pay Paid time off Benefits Travel Culture and environment Work flexibility Work/Life balance Meaningful work Who you work with Challenging work Opportunity to impact Job security Shared purpose / mission Career advancement opportunities Autonomy Senior leadership
THE COST OF GETTING COMP WRONG Payroll is by far your biggest expense; the cost of getting it wrong is tremendous.
Align compensation plan with business goals
Drop in engagement. Drop in performance. Distancing. Sudden increase in negativity. Early Indicators of Compensation Misalignment
Communicating with executives v
Executive Audience Leaders don’t want to be told what to do Leaders can be distrustful of change Leaders are decision-makers Many leaders have access to information What matters to your leaders?
Execs are also Managers Give them tools for success: Flight Risk report & the inverse report Disparate Pay report Give them insight into what employees care about Am I making enough money to cover my basic needs (entry level) Am I being paid fairly (professional level) Am I being paid enough to deal with managing people (Mgrs/Dirs) Give them talking points for comp conversations with employees Report Relevant Info
Communicating with managers v
Agents of the Organization
Sell the organization and the full package on the table Sell the benefits of the offer (initial or increase) Listen to the ask behind the ask Meet them and then move Negotiation Skills
Manager Training Compensation Plan Overview Putting It Into Practice Compensation 101 Philosophy & Strategy Structure Policies Linking Performance to Pay Calculating Increases Talking with Employees
Communicating with employees v
Develop a Communication Plan
Lead The Conversation Finding out where you stack up vs. peers can dramatically change: Desire to stay/leave Overall job satisfaction Exert more/less effort I was approached by an employee who was very upset that her base pay was being frozen. After going through our philosophy, the employees pay compared to the grade and range she was in the employee left the meeting with a smile on her face, feeling positive about the conversation. Monarch Landing, 300 employees Source: Card, D., et al., (2011); “Inequality at Work: The Effect of Peer Salaries on Job Satisfaction.” “Wow! This is what our employees need to see! They only ever talk about what they see in their paycheck, so this would really drive home our total investment!” Alberta Motor Association - 2,000 employees of employees will compare pay
Anticipate Employee Questions & Concerns
Employee Pay is Low Consider Should the employee pay be low? Is the organization able to adjust employee pay? Talking Points Start by appreciating accomplishments Mention market movement of the position if applicable Explain position in range Remind of last year’s adjustment amount if appropriate Discuss what you will or won’t do for increase or bonus depending on skillset, performance, etc. Open the door
Employee Given No Performance-based Increase Consider What does the employee need to be eligible for the next round of increases? What potential does the employee have to move up in the organization? Talking Points Start by appreciating contributions Remind of performance issues Explain position in range Discuss what you will or won’t do for increase or bonus depending on skillset, performance, etc. Explain what they need to do to be eligible next go round
“I FOUND A SALARY REPORT ON THE INTERNET” Conflicting information The “independent study” Position pricing vs. people pricing The conversation
v Compensation: Your seat at the strategic table
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