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Webinar-Comp Strategies for Fast Growing Companies

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When organizations get into a high growth phase, everything starts moving faster. From recruiting to onboarding new hires, everything speeds up and becomes more challenging.

Compensation is a critical piece of the puzzle that you must get right as you scale quickly. Neglecting to think about compensation planning can cost you top talent, slow down recruiting, and create internal inequities down the line.

Attend this webinar and learn:

-How comp can help make hiring easier during high growth
-Ways to pay fairly across multiple locations
-3 options for your comp plan during a merger or acquisition

Published in: Recruiting & HR
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Webinar-Comp Strategies for Fast Growing Companies

  1. 1. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies
  2. 2. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Rusty Lindquist VP of HCM Thought Leadership BambooHR Mykkah Herner Modern Compensation Evangelist Payscale
  3. 3. Understanding Rapid Growth (and how it relates to comp)
  4. 4. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Growth Time STAGE 1 STAGE 2 STAGE 3 Market Viability Client Acquisition Business Scalability Organizational Waste (grow)(validate) (operationalize) BYPRODUCTS OF GROWTH Cultural Dilution Reduced (Intrinsic) Engagement Reduction In Transparency Strained Management Inconsistencies Create Friction
  5. 5. Ram Charan Best-selling Author, Business Advisor
  6. 6. OUR PEOPLE SYSTEMS ARE THE MOST IMPORTANT SYSTEMS IN OUR ORGANIZATIONS
  7. 7. Comp Plans Can Help
  8. 8. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Reinforce Clear Strategy
  9. 9. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Align Resources to Goals
  10. 10. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Develop Guidelines for Pay
  11. 11. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Enable Quicker Pace
  12. 12. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Ensure fairness across locations
  13. 13. Comp & Culture
  14. 14. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies
  15. 15. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Everything you do becomes part of that story… The story of what you value
  16. 16. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Compensation: The story of how much you are valued
  17. 17. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Making the Compensation Conversation a Culture Builder Don’t be offended Be open Take it seriously Be objective Be proactive Be Positive
  18. 18. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Make Sure Your Approach To Comp Tells The Right Story
  19. 19. AligningAcross Multiple Locations
  20. 20. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Same job in multiple locations has different titles and pay
  21. 21. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Different jobs in multiple locations have the same titles
  22. 22. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies How do you fix it?
  23. 23. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Target Specific Issue Areas
  24. 24. Comp & Engagement
  25. 25. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Feeling appreciated, valued, and adequate rewarded for your effort. Value Total rewards Va Value Rewards Recognition Compensation What you get from work
  26. 26. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Comp is about an Exchange of Value Not just Money 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 DriversEmployee 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
  27. 27. Three Options for M&As
  28. 28. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Maintain separate plans
  29. 29. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Use one plan
  30. 30. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Merge plans too
  31. 31. bamboohr.com 1-866-387-9595 Comp Strategies for Fast Growing Companies Things to do today 1. Things to do today 2. Clarify alignment of business goals to talent strategy 3. Discover your talent markets 4. Prioritize pay decisions based on the above 5. Decide between pay ranges and pay grades 6. If merging, get to know both plans 7. Make a plan to develop a comprehensive comp plan
  32. 32. Thank you! Follow BambooHR on social media: bamboohr.com/blog
  33. 33. Follow BambooHR and PayScale on social media: bamboohr.com/blog | payscale.com/compensation-today Questions? Rusty Lindquist V P S T R A T E G I C H R I N S I G H T S B A M B O O H R @ r u s t y l i n d q u i s t r u s t y @ b a m b o o h r . c o m w w w . l i n k e d i n . c o m / i n / r u s t y l i n d q u i s t Mykkah Herner M O D E R N C O M P E V A N G E L I S T P A Y S C A L E @ m y k k a h _ h e r n e r M y k k a h H @ p a y s c a l e . c o m w w w . l i n k e d i n . c o m / i n / m y k k a h h e r n e r

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