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Webinar-Make Your Compensation Calendar Work for You

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Compensation is an integral part of any organization’s infrastructure. You allocate time and energy for budgeting, reviews, recruiting, and more. Why would you not do the same for your compensation efforts?

Join us as we dive into the basics of developing a compensation calendar that aligns with other critical areas of your HR and workforce management. We’ll also be covering the benefits and how to integrate your comp calendar with other responsibilities in order to best leverage the bandwidth of you and your team!

This webinar will cover:
-Fundamentals of a comp calendar
-Comp stoppers (what gets in the way)
-Examples of successful comp calendars
-Next steps

Published in: Recruiting & HR
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Webinar-Make Your Compensation Calendar Work for You

  1. 1. Making Your Comp Calendar Work for You
  2. 2. Camie Bailey Senior Customer Training Specialist Laura Richardson Customer Success Manager II
  3. 3. www.payscale.com Rita Patterson, CCP Manager, Customer Education https://www.linkedin.com/in/rita-patterson-ccp-5b039812 Mykkah Herner, MA, CCP Modern Comp Evangelist https://www.linkedin.com/in/mykkahherner 1 2 3 Agenda • Why it matters • Fundamentals of a comp calendar • Comp calendar example • Transitioning to a schedule • What you can do next • Q&A
  4. 4. PayScale Collects and Analyzes the Largest Database of Salary Profiles in the World
  5. 5. Why It Matters
  6. 6. www.payscale.com • Allows for proactivity • Actual opportunities to be strategic • Work with your timelines, not against them • Creates a more inclusive process • Support internal communication and bandwidth • Better Budgeting • Time, Energy, and Capacity • Reduce cycle time and stress Managing Time & Resources Effectively
  7. 7. www.payscale.com • Poor time management • Clustered deadlines • Not accounting for peak busy seasons • Bottleneck effect • Not enough resources or time • Failure to over or under communicate • Not matching transparency to culture • Not providing training for leadership Comp Stoppers
  8. 8. Fundamentals of a Comp Calendar
  9. 9. www.payscale.com Questions to ask yourself before you begin – understand your starting place: • Do we have a comp plan in place? • Who needs to be a part of these processes? • Leadership/BOD? • Managers? • Other Stakeholders? • How transparent do we want to be? Quick Pulse Check
  10. 10. www.payscale.com Building Blocks of a Smart Comp Calendar • Milestones • Market Analysis/Strategy Review • Performance Review Period • Increase Cycle • Tasks • Benchmarking • Manager Training • Admin Duties
  11. 11. www.payscale.com • Market Analysis & Strategy Evaluation • Identify Current Data • Develop or Update Comp Plan • Structure Review • Budgeting • Fiscal Year • Board Meetings • Updates on Communication • Manager Training • Performance Reviews • Compensation Review & Increases Major Milestones and Tasks
  12. 12. www.payscale.com • Strategic Planning • Variable Pay • Bonus’ • Commissions • Profit Sharing • Implementing and roll-out comp projects • Goals and Targets for next year • Ad Hoc compensation questions • Create office hours Consider Timing for the Essentials
  13. 13. www.payscale.com • Seasonal needs • Accounting Firms – ‘busy season’ • Be considerate of other departments • Sales EOY • Benefits Administration • Open Enrollment • Holiday’s or peak vacation seasons • Peak summer vacation season Other Timelines to Work With
  14. 14. Transitioning to a schedule
  15. 15. www.payscale.com www.payscale.com Rita Patterson, CCP Manager, Customer Education https://www.linkedin.com/in/rita-patterson-ccp-5b039812 Mykkah Herner, MA, CCP Modern Comp Evangelist https://www.linkedin.com/in/mykkahherner Start high level by identifying comp milestones1 2 Break the year up by quarters and map milestones 3 Dive down and assign tasks with estimated timeline Map Your Milestones and Tasks
  16. 16. www.payscale.com • Plan the execution date • Next quarter? • Next Fiscal year? • Gain/Confirm Stakeholder buy-in • Communicate and educate • ‘Why’ and ‘when’ • Give managers tools they need • Roll out Rolling Out Your Calendar
  17. 17. www.payscale.com • Perform Year End Review • What worked well? • What should be changed/adjusted • Great time to survey teams • Communication Management • Change Management • Strategy and Structure • Unforeseen changes to business org or market Maintaining your Comp Calendar
  18. 18. Comp Calendar Examples
  19. 19. 2018 2018Q1 Q2 Q3 Q4 Enter/Audit Adjustments 1/1/2018 Market Study 5/1/2018 Develop Training 7/1/2018 Budgeting 7/31/2018 Performance Evaluations 9/2/2018 Increases Allocated 11/1/2018 Annual Incentive Payout 12/2/2018 Goal Setting for Next Year 12/9/2018 4/2/2018 - 4/30/2018Perform Benchmarking/Review Benchmarking 5/1/2018 - 5/15/2018Perform Market Analysis 5/16/2018 - 5/30/2018Develop or update comp plan 6/5/2018 - 6/19/2018Develop or update Performance Management 6/20/2018 - 6/29/2018Develop Training 7/15/2018Board Meeting - Budgeting 8/1/2018 - 8/15/2018Train Managers 8/15/2018 - 9/14/2018Performance Evaluations 9/16/2018 - 9/30/2018Update Insight - Run Raise Recommendations 10/1/2018 - 10/31/2018Manager Pay Decisions - Crew 11/1/2018 - 11/30/2018Executive/HR approval 12/4/2018Payroll deadline Compensation Calendar Example
  20. 20. www.payscale.com Increase Cycle Timeline
  21. 21. www.payscale.com • Know your starting place • Identify what your working with • Stakeholders • Resources • Milestones • Build your calendar • Train & Communicate • Roll out and test Action Items
  22. 22. Q&A
  23. 23. www.payscale.com The PayScale Pay Transparency Spectrum
  24. 24. Retention Market Data & Analytics Recruitment Efforts Engagement Talent Development “Here’s why we pay like we do.”

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