Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Rusty Lindquist
VP STRATEGIC HR INSIGHTS
BambooHR
Rita Pate...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
5 steps to set up your
compensation plan
Gain executive sup...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Step 1: Gain
Executive Support
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Payroll is, by far, a company’s
biggest expense; the cost o...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Pay is the number 3 reason people quit jobs
[BambooHR study...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Top Compensation Mistakes
• Not updating compensation regul...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Compensation plans help
the bottom line.
1. They make good ...
– Ram Charan
Best-selling Author,
World-renowned Business Advisor
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
“If you pick the right people and give them
the opportunity...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Step 2: Define Your
Compensation Strategy
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Questions to ask:
• What is your market?
• What are your go...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
What is the right compensation
mix for your company?
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
—Harvard Business Review
“Keep the plan simple. It should b...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Step 3: Develop a Market-
Based Pay Structure
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Decide on the correct job evaluation method.
Market Pricing...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Choose the right data source
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Step 4: Build Pay Ranges
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Identify Market Differentials
Schedules preserve both compe...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Determine Your Pay Grades
The number of pay grades you use ...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Some considerations include
• How wide should my ranges be?...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Evaluating employee placement in range.
Developing guidelin...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Use market data
Verify internal alignment
Assign Jobs to Gr...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Basic Function
& Key
Differentiators
• Administrative
Accou...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Step 5: Implement Total
Rewards Plan
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Compensation Plan Element
• Philosophy
• Strategy
• Ranges
...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Budgeting for Increases
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Deal with Outliers
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Strategies: Equip Managers
• Educate them
• Give them the b...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
What can we do now?
1. Talk with executives about the need ...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
COMP & CULTURE
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Everything you do
becomes part of that story…
The story of ...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Compensation:
The story of
how much you are valued
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Compensation:
The keystone
of culture
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Follow BambooHR and PayScale on social media:
bamboohr.com/...
bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Questions?
BambooHR
Receive a free job posting on our ATS a...
Upcoming SlideShare
Loading in …5
×

bamboohr.com payscale.com 5 Steps to 5 Steps To A Smart Compensation Plan

64,893 views

Published on

bamboohr.com payscale.com
5 Steps to a Smart Compensation Plan
Deal with Outliers

Published in: Business
  • I went from getting $3 surveys to $500 surveys every day!! learn more... ♥♥♥ http://ishbv.com/surveys6/pdf
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • Natural enlargement book for free? [Download] Your natural enlargement blueprint. ◆◆◆ https://tinyurl.com/ydaetwbk
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • Sex in your area for one night is there tinyurl.com/hotsexinarea Copy and paste link in your browser to visit a site)
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • Earn $500 for taking a 1 hour paid survey! read more...  https://tinyurl.com/realmoneystreams2019
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • Your opinions matter! get paid for them! click here for more info...●●● https://tinyurl.com/realmoneystreams2019
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here

×