Most business leaders know that some portion of their pay construct should be in the form of incentives, but are left struggling to find answers to these kinds of questions: How much of someone’s pay should be variable? And who should have incentive pay as part of their mix? How much of the incentive should be short-term and how much should be based on long-term performance? What type of incentive(s) should it be. If these are questions you struggle with, you will not want to miss this.
Building a Compensation Plan Part 3: Implementing Your Total Rewards Plan PayScale, Inc.
Building a compensation plan… easy. Making it work for the organization . . . . . not so easy.
It’s true that the most difficult part of any major HR project is the implementation, and when building a compensation plan it’s no different.
In this webinar, we’ll talk about how to develop an effective implementation plan, including:
Get an implementation plan approved by senior leadership with appropriate budget allocation
Think through one-time vs. multi-year rollout approaches
Develop a communication strategy tailored to employee, managers and leaders.
Building a Compensation Plan Part 3: Implementing Your Total Rewards Plan PayScale, Inc.
Building a compensation plan… easy. Making it work for the organization . . . . . not so easy.
It’s true that the most difficult part of any major HR project is the implementation, and when building a compensation plan it’s no different.
In this webinar, we’ll talk about how to develop an effective implementation plan, including:
Get an implementation plan approved by senior leadership with appropriate budget allocation
Think through one-time vs. multi-year rollout approaches
Develop a communication strategy tailored to employee, managers and leaders.
Employee Value Proposition Template PowerPoint Presentation SlidesSlideTeam
Retain your employees by incorporating our employee value proposition PowerPoint slides. Our employee value proposition PPT slideshow has a set of various useful and customizable Presentation slides which can represent the offerings given to your employees in an eye pleasing manner. It is the people which leads an organization to the path of success using their skills, knowledge and capabilities. So, you should hire the best of talent offering them the best possible opportunities using our employee value proposition Presentation theme. This content-ready employee value proposition PowerPoint deck covers topics like employee value proposition components, employee benefits, work life balance, framework, benefits, and more. Increase your workforce and retain the talent by showcasing your viewers employee value proposition Presentation templates. You can add your own content as the graphics are completely modifiable. A strong employee value proposition PPT design will help in retaining top performers and attract the best talent. Download these PPT diagrams as required. Encourage folks to express friendship with our Employee Value Proposition Template PowerPoint Presentation Slides. Generate handshakes all around.
Presenting this set of slides with name - Employee Engagement Strategy Powerpoint Presentation Slides. We bring to you to the point topic specific slides with apt research and understanding. Putting forth our PPT deck comprises of thirty-eight slides. Our tailor-made Employee Engagement Strategy Powerpoint Presentation Slides editable presentation deck assists planners to segment and expounds the topic with brevity. Content and design of slides are fully editable make changes to colors, data, and fonts if needed. PPT slides are accessible in both widescreen and standard format. PowerPoint templates are compatible with Google Slides. Quick and risk-free downloading process. It can be easily converted into JPG or PDF format.
Compensation plans include understanding what the marketplace is offering and establishing your salary levels or pay rates for each position in your company.
Compensation planning must be done carefully and strategically to attract and retain the best talent, especially in tight, competitive labor markets and in certain industries.
1. Rewards Management
2. Types of Rewards
3. Incentives at Google, Wegmans, BCG
4. Reward System of Sanima Bank
5. Total Rewards Model
6. Organizational Justice
7. Organizational Entry, Violations of policies/Discipline, 8. Grievances and Grounds of Termination
9. Ethics Program, Organizational Entry, Ongoing Relationship, Discipline, Grievance Handling, Exit and Termination in Sanima Bank
5 steps to build a hybrid workplace strategyPacific Prime
A hybrid workplace blends the structure and sociability of the office, with the independence and flexibility of working from home. Here are 5 steps to help you build the right hybrid workplace strategy for your company.
Concept of Reward and Total Reward System, Five Elements of Total Rewards (Compensation, Benefits, Work-Life, Performance & Recognition, Developmental & Career Opportunities)
Full recording: http://bit.ly/1mcEgQD
This slideshare shows why our employees are often be distracted and how to get them back on track. By looking at what drives employee engagement, your teams will learn how to "be in the zone" more often.
this presentation is all about rewarding employees to keep them motivated and boost their performance. the detailed description is in presentation itself so no need to describe below. hope you will enjoy my presentation. this presentation is for academic course showcase not for practical hr reference as i have talked about theotrical aspects only.
Employee Value Proposition Template PowerPoint Presentation SlidesSlideTeam
Retain your employees by incorporating our employee value proposition PowerPoint slides. Our employee value proposition PPT slideshow has a set of various useful and customizable Presentation slides which can represent the offerings given to your employees in an eye pleasing manner. It is the people which leads an organization to the path of success using their skills, knowledge and capabilities. So, you should hire the best of talent offering them the best possible opportunities using our employee value proposition Presentation theme. This content-ready employee value proposition PowerPoint deck covers topics like employee value proposition components, employee benefits, work life balance, framework, benefits, and more. Increase your workforce and retain the talent by showcasing your viewers employee value proposition Presentation templates. You can add your own content as the graphics are completely modifiable. A strong employee value proposition PPT design will help in retaining top performers and attract the best talent. Download these PPT diagrams as required. Encourage folks to express friendship with our Employee Value Proposition Template PowerPoint Presentation Slides. Generate handshakes all around.
Presenting this set of slides with name - Employee Engagement Strategy Powerpoint Presentation Slides. We bring to you to the point topic specific slides with apt research and understanding. Putting forth our PPT deck comprises of thirty-eight slides. Our tailor-made Employee Engagement Strategy Powerpoint Presentation Slides editable presentation deck assists planners to segment and expounds the topic with brevity. Content and design of slides are fully editable make changes to colors, data, and fonts if needed. PPT slides are accessible in both widescreen and standard format. PowerPoint templates are compatible with Google Slides. Quick and risk-free downloading process. It can be easily converted into JPG or PDF format.
Compensation plans include understanding what the marketplace is offering and establishing your salary levels or pay rates for each position in your company.
Compensation planning must be done carefully and strategically to attract and retain the best talent, especially in tight, competitive labor markets and in certain industries.
1. Rewards Management
2. Types of Rewards
3. Incentives at Google, Wegmans, BCG
4. Reward System of Sanima Bank
5. Total Rewards Model
6. Organizational Justice
7. Organizational Entry, Violations of policies/Discipline, 8. Grievances and Grounds of Termination
9. Ethics Program, Organizational Entry, Ongoing Relationship, Discipline, Grievance Handling, Exit and Termination in Sanima Bank
5 steps to build a hybrid workplace strategyPacific Prime
A hybrid workplace blends the structure and sociability of the office, with the independence and flexibility of working from home. Here are 5 steps to help you build the right hybrid workplace strategy for your company.
Concept of Reward and Total Reward System, Five Elements of Total Rewards (Compensation, Benefits, Work-Life, Performance & Recognition, Developmental & Career Opportunities)
Full recording: http://bit.ly/1mcEgQD
This slideshare shows why our employees are often be distracted and how to get them back on track. By looking at what drives employee engagement, your teams will learn how to "be in the zone" more often.
this presentation is all about rewarding employees to keep them motivated and boost their performance. the detailed description is in presentation itself so no need to describe below. hope you will enjoy my presentation. this presentation is for academic course showcase not for practical hr reference as i have talked about theotrical aspects only.
A powerpoint presentation discussing the points surrounding the question 'Despite seeing evidence to the contray, the major players in the global music industry continue to claim that piracy is 'killing' new music, to what extent is illegal copying either, a criminal act,or, a democratising of popular culture?
Lynis - Hardening and auditing for Linux, Mac and Unix - NLUUG May 2014Michael Boelen
Presentation about Lynis, a tool to audit and harden Linux, Mac and Unix systems. In this presentation we compare a few methods to secure your systems. We take a look at Lynis and how it can provide a solution to a common problem of lacking compliance and security controls.
Спикер LifeHackDay 2016 - Odessa Дима Гадомский, управляющий партер в юридической компании Axon Partner, поделился опытом внедрения Agile в управление бизнесом вне IT.
Scottish Independence Referendum: 200 days to goIpsos UK
The Scottish Independence referendum on 18 September 2014 will be a major political focus of the autumn. This presentation highlights how public opinion is shifting in Scotland and the rest of the UK, as well as the wider implications of a yes or no vote.
Este estudo teve como objetivo ajudá-los a compreender quais são as características do comportamento empreendedor e a importância delas para a manutenção e o crescimento de um negócio em um mercado cada vez mais competitivo.
RWDG Webinar: A Data Governance Framework for Smart DataDATAVERSITY
Does your organization have smart data? How does your company define smart data? Smart data is data that is used in non-traditional ways such as through machine learning, through the semantic web and by taking advantage of new data opportunities such as the Internet of Thing. Businesses have embraced the importance of Big Data. Now we are being asked to embrace and govern Smart Data.
Join Bob Seiner and a Smart Data Expert for this Real-World Data Governance webinar focused on the governing the use of emerging data technologies and smart data practices as a way of maximizing the value of data in your organization. Smart data is new. Smart data will be the next Big Data. Attend this webinar to learn why Smart Data must be governed.
In the webinar, Bob and a special guest will share:
• An easy to understand definition of Smart Data
• Why you should provide a framework to govern Smart Data
• How Smart Data Governance sources differs from traditional Data Governance
• How Smart Data can and will be used in the present and future
• What it means to provide a Framework to govern Smart Data
As an enterprise leader, you want to cultivate highly productive performers in your workforce. Your business growth depends upon it. And so you search for rewards strategies that will drive the kind of productivity and performance you need. However, you do so with some skepticism—wondering if pay really has any bearing on the results you achieve. Some things you read suggest it doesn’t, but your business intuition tells you that pay, productivity and performance are (or at least should be) linked. But how? The approaches you’ve tried in the past haven't exactly “worked.” So, you grapple with what to do next. If this is an issue you face, you will not want to miss this.
Ever get questions like these from your employees?
Why is my bonus less this year than last year? Why was my raise not higher? Why are you not paying me as much as salary.com says you should be paying me? Why can’t I have stock? Why…
You get the picture. Questions like these can put you on the defensive and strain your relationship with your employees. Worse, they evidence you have created a culture of entitlement. Yikes!
To learn how to make questions like these go away and transition your employees from a sense of entitlement to one of stewardship, be sure to watch our on-demand broadcast. You will not want to miss it!
In this broadcast, you will learn:
How entitlement takes root and what you can do to prevent it.
How a clear compensation philosophy can make 90% of pay complaints go away.
How to use market pay data more effectively—and why it is less important than you (and your employee’s) think.
What it means to have a balanced pay strategy and why it will make your value proposition more compelling.
Why a Total Rewards approach is critical to creating a positive employee experience, and…
Why today’s talent trends make it essential your people have that positive employee experience.
How to build a pay strategy that performs the way you want it to.
Do you want to ensure your pay strategy will succeed—that it will do the job you’ve “hired” it to do?
If so, you must learn the process that compensation experts use. It includes four phases of planning. If followed, you will end up with a compensation offering capable of attracting premier talent and turning your employees into growth partners.
VisionLink has been building rewards strategies for over 20 years. Now we want to share our secrets with you. Join us to learn the four steps to effective pay design and why each is essential.
How do you shift your employees from an entitlement to a stewardship mentality where your people take ownership of outcomes and results? If your company’s culture is showing symptoms of the entitlement “syndrome,” you will not want to miss this.
View a recording of the presentation here: https://www.vladvisors.com/compensation-knowledge-center/webinars/how-to-transform-entitlement-into-stewardship-2018
Underwhelming Pay Strategy = Underwhelming Results
If I'm a CEO, I need my employees to draw the same conclusion I do about "what's important." And I want them to behave in a way that reflects that understanding and commitment. To accomplish that there must be alignment between the growth goals of the company, its business model and strategy, roles and expectations and financial rewards. So how do you create that line of sight and instill a sense of stewardship among employees through compensation? If these are issues you struggle with, you will not want to miss this presentation!
By: The VisionLink Advisory Group. A consulting firm that helps growth-oriented companies create greater alignment between their business plans and their rewards programs—thereby creating a unified financial vision for growing their companies.
Effectiveness in compensation can be defined by attracting premier talent (offer compelling value proposition), driving sustained success (reward results) and instilling a culture of confidence (build a competitive advantage). Learn the "habit" of pay planning that will drive that result.
How do you know whether your company’s pay strategy is successful? It’s a simple question but most company leaders struggle to find an adequate answer.
The reason the question is so difficult is because compensation is seldom considered a strategic issue. It’s considered a cost issue. Therefore, it is designed without the success measures most strategic initiatives carry.
So how do you determine a measure that best defines success when it comes to compensation? If you are struggling to determine whether your pay strategy is successful, you won’t want to miss this valuable presentation.
View the webinar recording online at: http://www.vladvisors.com/compensation-knowledge-center/webinars/what-is-a-successful-pay-strategy
Is Pay Hindering Your Company’s Performance?
A culture of performance is one where success patterns have taken root throughout an organization. The company is winning and you see it manifest in every part of the business. However, for too many companies, the culture is not “firing on all cylinders.” Performance is lagging. As a result, breakthrough growth remains out of reach.
Pay can either drive or inhibit the success patterns that fuel business growth. If your company’s rewards strategy is hindering more than enabling a performance culture, you will not want to miss this presenation
Why Competitive Pay Matters
Achieving maximum business performance requires you to have the right people in the right roles. Your value proposition should help you attract the best people and then reinforce the performance you need from them. Having a compensation strategy that is a competitive advantage is essential to achieving both those objectives. But how do you achieve that? What exactly does it mean to have a competitive value proposition and what should it include? If you want to win the talent wars and turn your pay strategy into a key growth driver for your business, you won’t want to miss this broadcast.
Most business leaders believe that some portion of employee pay should be in the form of incentives, but are left struggling to find answers to key questions: How much of someone’s pay should be variable? And who should have incentive pay as part of their mix? How much of the incentive should be short-term and how much should be based on long-term performance? What type of incentive(s) should it be? What if I don’t pay incentives and just pay higher salaries than my competitors? Will that work just as well?
If these are questions you are facing, don’t miss this presentation!
For most companies, compensation is the costliest item on the P&L. And yet business leaders typically know little about their organization’s pay strategy. In today’s hyper competitive world, that’s not okay. Pay is a strategic tool that can either drive or diminish company profitability. It is a key to recruiting the kind of talent that can positively impact the trajectory of the business. Therefore, chief executives need to play a leading role in charting the compensation course their companies take. But, to do that effectively, they must become better informed about core pay issues. But which issues? What, exactly, do they need to know?
This webinar will answer those questions. It is designed for enterprise leaders who want to learn how compensation can play a more productive role in their businesses.
Most business leaders struggle with their incentive plans. What kind of results should they reward? Who should receive them? How will the incentives be "paid for?" And finally, what is the right balance is between short and long-term value-sharing? Although there is no silver bullet answer to these questions for every company, there are guiding principles businesses should follow if they want their incentive plans to help drive the performance they seek. If you find yourself grappling with these issues, you will not want to miss this presentation! http://www.vladvisors.com/compensation-knowledge-center/webinars/how-to-balance-short-and-long-term-incentives
What if you asked your top four employees to articulate the vision and purpose of your company? Could they do it? What about its business model and strategy? How about explaining their roles and the outcomes for which they have stewardship?
Chances are even your best people would struggle with that exercise. And if they have a hard time, imagine what that implies about the rest of your team.
Those simple questions reveal the level of line of sight you have in your business. And without line of sight, it is virtually impossible to have an engaged workforce.
With that in mind, VisionLink discusses the important role of employee alignment in creating sustained success in all aspects of talent management and performance—and how to create a pay strategy that reinforces the vision and mindset you want your employees to have.
To view a recording of this webinar, visit: http://www.vladvisors.com/compensation-knowledge-center/webinars/how-to-improve-line-of-sight-and-why-it-matters
To learn more about VisionLink, visit: www.vladvisors.com
How to Ensure that Rewards Drive Growth
If you run a business, it’s likely you see a future company that is bigger and better than the present enterprise. You also probably recognize that to fulfill that vision, pay will have to play a strategic role. Growth will not be achieved simply because you’re paying a competitive salary, have a group medical plan and/or allow your employees to contribute to a 401(k) plan. Rather, you recognize growth goals are achieved when an employee feels "invested" in the results the company seeks to fulfill. So how do you use pay to help accomplish that? What role should it play and what components should it include? To find out the answer to these and other related questions, you will not want to miss this presentation.
What if the employee incentive plan you offer didn’t really cost your company anything? How much value would you share? In theory, if it didn’t really cost you anything, the amount you could share would be unlimited, right? So, what’s the catch? Is there actually such a thing as incentive compensation that pays for itself?
There really is no catch. You could start a self-financing incentive plan today if you just knew the steps to take. And that’s the purpose of this webinar. We want to teach you how to reward performance in a way that drives a positive ROI on your compensation investment, and eliminates the “cost” associated with traditional approaches. So, stop wasting money on incentive plans that are a drain on cash flow and profits.
If you lead a business, you must treat your compensation plan as a strategic tool that can accelerate company growth. If you don’t, it can become a profit diluter and a drag on company performance.
With that in mind, we invite you to learn the 3 areas of strategic impact you should be having on your company’s pay design and development. We will discuss which compensation decisions only you should make and those that can be delegated to someone else.
As a prudent enterprise leader, you want your employees’ compensation tied to their performance. However, to accomplish that you must be able to distinguish the results your employees’ are producing from those driven by other factors (such as market conditions or shareholder investment).
So how do you do that? How do you ensure that you are rewarding performance and productivity actually attributable to your people?
This broadcast will address these and other important “pay for performance” questions. you will learn what high-performance companies do to ensure they are rewarding the right results. If you have been unsuccessful in your attempt to build such a plan for your business, you will not want to miss this event.
VisionLink has been building rewards strategies for over 20 years. Now we want to share our secrets with you. Join us to learn the four steps to effective pay design and why each is essential.
Share Company Value without Sharing Equity. Many companies wonder whether there is a way to tie a long-term incentive to the value of the company without giving away equity. The answer is yes and the solution is Phantom Stock. This concept has become the answer for many company leaders who feel reluctant about sharing stock but feel equally strong that their key people should participate in the value they help create. This presentation will describe how phantom stock works and why it has become such a valuable solution for business leaders seeking an alternative to equity sharing. Whether you have a phantom stock plan now or are just considering whether it would work in your circumstance, you will not want to miss this presentation!
How to Determine if Your Pay Strategy Needs Professional Help. Compensation planning is not your core competency. Leading a business is. So is it time to stop putting your pay investment at risk and getting experts involved? In this presentation, we’ll show you seven ways you can tell.
View a recording of the presentation: https://www.vladvisors.com/compensation-knowledge-center/webinars/7-signs-you-need-a-compensation-consultant
Similar to Balancing Salaries and Incentive Pay (20)
If you are like most business leaders, your confidence in the economy is growing…but your company is not completely recovered from its COVID experience. It’s left you and your leadership feeling a bit numb. You may have had to cut salaries, freeze incentive plans and either furlough or let employees go. It’s been painful. (Our apologies for reminding you!)
Now you need to move forward with optimism but you can’t just pretend nothing has happened, right?
All of this leaves you feeling uncertain about what your pay strategy should look like in 2021. Questions abound: How can you reward employee performance but not make your cash flow vulnerable? How can you create a pay offering that is more flexible without also unleashing compensation chaos? And so on.
If this is where you and your company find yourselves, you should watch this broadcast.
When economic conditions are in constant motion, is it even possible to determine the “right” pay strategy?
For example, some company leaders believe high salaries are necessary to attract great people, but are concerned about having costly pay commitments if the economy is shut down again. Others think employee earnings should be tied heavily to performance, but wonder what metrics to use—and how to balance short versus long-term rewards. So, is one right and the other wrong?
The reality is there is no playbook for determining how to pay employees amid the kind of economic uncertainly we have been experiencing. So, what should you do?
This broadcast will help you answer that question. You will learn how to use compensation as a strategic tool and construct a rewards approach that is agile enough for changing conditions but enduring enough to work in any economy. We will, in fact, show you how to resolve the “higher salary versus bigger incentives” dilemma.
The COVID economy has likely caused you to rethink your compensation approach and forced you to confront some difficult questions: Should incentive compensation play a larger or smaller role in your pay strategy going forward? What’s more important—rewards for short or long-term performance? Better yet, should you even be offering incentives at all given the current uncertainty in the business environment?
VisionLink and EBS would like to help you answer those questions. In this webcast, you will learn why incentive plans are more important than ever and how they should be engineered in a post-COVID business world. We will show how the right approach to value-sharing can help you succeed any economy and inspire a balanced result in your employees’ performance.
If there’s one thing that’s certain about the future it’s that nothing about the future is certain. That makes it hard to plan, does it not? Yet, to succeed in the new economy you must have a strategy—and soon. It’s urgent. So, what should you do?
Start with your employees. They will have a lot to do with whether your company’s future is successful or not. Consequently, the experience you provide must be envisioned in advance and delivered according to your plan. It must attract premier talent and ensure they will want to stay and perform. And it must enable your employees to easily buy into and support your vision for the future—so they will be as committed to the company’s success as you are.
So, what kind of experience will do that?
That is the issue we addressed in this broadcast.
The COVID economy has likely created competing priorities for you as a business leader. You feel pressure to minimize your compensation expense and protect cash flow. At the same time, you need to incentivize employee performance so your people will be motivated to get results.
So, what should you do?
Tune into this webcast to learn why many enterprise leaders are finding phantom stock to be the answer. In this broadcast, we will show you how this kind of plan enables you to reward performance without increasing your compensation expense. You will also see how phantom stock allows you to share value without diluting owner equity.
In short, we will demonstrate why phantom stock is the compensation equivalent of “having your cake and eating it too.”
Chances are, you think differently about compensation now than you did a few months ago. Let’s face it, COVID-19 made us think differently about a lot of things, did it not? And although you’ve survived the crisis so far, you recognize your pay strategy going forward probably needs to change.
But change how? Exactly what should be different?
This broadcast was created to help you answer that question. We recognize business leaders like you are struggling to determine how you can effectively reward performance in the new economy without creating the same financial vulnerabilities you’ve just lived through. We can think we can help.
You want your people to buy into your vision of the future. You want to attract and keep premier talent. You want your employees to adopt a stewardship mindset and “own” results. You want all stakeholders to feel they are a part of the company’s success. You also want all stakeholders equally invested in preventing mistakes that can set the company back.
You recognize that’s a tall order in the best of times. But in today’s chaotic business environment, the challenge is even greater. So, what should you do?
This broadcast was created to help you answer that question.
The COVID-19 economy changed everything, did it not? The future business environment is not going be the same as it was prior to the pandemic. As a result, your future company can’t be the same either. It will be facing unique challenges. But it also offers you unprecedented new opportunities.
As always, those who anticipate and prepare for that future will have the advantage.
To that end, watch the recorded presentation to learn five ways you can leverage your ability to succeed in the new economy. In this webinar, we will share high impact insights that will help your company thrive regardless of the conditions that lie ahead.
Employee performance management has been undergoing a revolution over the past few years. Highly structured, year-end appraisals are being eliminated. Instead, business leaders are adopting a forward-looking, flexible mentoring and coaching approach. The “new and improved” method is designed to help companies navigate the accelerated pace of change all businesses are experiencing.
So, how is this revolution impacting compensation? What kind of pay strategies are being used with this new performance management approach? How are successful business leaders ensuring their compensation plans offer maximum flexibility without creating a need for constant reinvention?
In this webinar, we will answer all those questions and more. You will discover how a rewards plan can be both agile and enduring—and why that combination is essential in the hyper-change environment we are living in.
Compensation is expensive. And if your pay investment is not managed properly, it can wreak havoc on your company’s cash flow. For many business leaders, that’s been a key learning from the coronavirus economy.
So, how do you solve that problem? What rewards plan allocation is best suited to your organization and most likely to produce the performance results you want?
In this webinar, we will answer both those questions. We will show you how to create a structure that ensures your compensation investment is effectively planned and managed—and generates a real return for the company. Not only that, we will introduce you to an online tool that helps you achieve that outcome simply—and for free.
Happily, our country is beginning to open for business again. So, what now?
While the economy won’t recover overnight, smart companies are starting to plan how their businesses will operate differently in the future, especially when it comes to compensation. Going forward, they want pay programs that won’t paralyze their cash flow or otherwise create the kind of financial strain their current plans have caused.
So, what’s the solution? How should your rewards approach in the future be different than has been previously? What emphasis should be given to guaranteed versus incentive compensation? What is the best way to align pay with results and what kind of performance should be rewarded? How do you make sure your compensation plan has the right balance of flexibility and stability? And what should you start doing now to prepare for success going forward?
Chances are, you’ve been hit hard by the coronavirus pandemic. Not the flu itself, hopefully. (God willing, you’ve steered clear of that contagion.) No, we’re talking about the economic hit. Its impact has been more far reaching and less discriminatory than the actual virus.
If Covid-19 has created an uncertain economic future for your company, we’d like to show you a way to effectively manage compensation in the face of the current chaos that also ensures your success when things rebound. We call this the “survive to thrive” strategy.
In this presentation you will learn a pay approach that is flexible and resilient enough for broad cash flow fluctuations but enduring enough to remain relevant when prosperous times return.
While the coronavirus has stalled business for many companies, some are experiencing a sudden spike in demand for their product or service. Perhaps yours is one of them. If so, you may find yourself “hiring in a hurry” to ensure you have enough talent to handle the sudden increase in interest, traffic and opportunity.
Given the urgency, the risk of mistake-making is high and can be costly—especially when it comes to extending pay offers. Compensation is an expensive proposition, so making promises in a hurry can be particularly hazardous. You don’t want to make commitments now you will regret later.
We can help you avoid that risk.
The economic chaos caused by the coronavirus pandemic is likely causing you to examine every financial element of your business right now. And because compensation is the biggest line item on your P&L, that number blares at you like a neon sign these days. All logic tells you it needs to shrink--and quickly.
As a result, you're wondering what your pay strategy should look like for the foreseeable future. Now, more than ever, your approach to compensation needs to be tied to performance--which means it is linked to results. If that's true, what should those results be and how do you make sure your pay plan effectively rewards them?
It is time to get rid of that bonus plan you have reinvented five times in the last six years. More metrics is not the answer. A different payout schedule isn’t going to change anything. You just need to let it go. Incentive plans have become unappreciated, ineffective and economically indefensible. In today’s business environment, your focus should be on value-sharing. To learn how to transition from paying incentives to sharing value—and why it matters—watch our on-demand broadcast.
If you lead a business, perhaps you’ve had to deal with questions like these: “Why is my bonus less than it was last year?” “Why didn’t I get a bigger salary increase?” “Can I have stock?” All are indicators your employees are feeling a bit entitled.
So, how does this happen? More important, what can you do about it? How can you transform a culture of entitlement into one focused on value creation and engagement?
Is there such a thing as a chief executive who is “satisfied” with the performance of his or her employees? Or, are there any who feel their company’s performance management system is “working?” And what about pay? Do you know anyone who feels good about the relationship between the incentive payments they are making and how their people are performing?
I’m guessing not.
So why is that? How can so many run successful businesses but not be able to figure out how to effectively manage the performance of their people and reward them in a way that drives more of the results they want?
The answer is because there are no rules. And the reason there are no rules is because every business is different.
So, what do you do?
Well, you will need to watch our on-demand webinar to learn the answer. (Sorry, it’s just how marketing works!) Discover the principles and practices successful companies use to drive, manage and reward superior employee performance.
Most business leaders want greater engagement from their employees. So, they hire consultants, go on retreats, survey their workforce, initiate team-building exercises and design one engagement strategy after another. And then…they become frustrated because they have little to show for their efforts.
The truth is, employee engagement is not as complicated as we make it. The problem is, in business, we want to solve everything with a strategy. But engagement isn’t the result of a clever strategy. Its development is organic. Therefore, the focus of business leaders should be on encouraging and accelerating its evolution—not on trying to manipulate it into existence.
How do you determine the right blend of salaries and incentives in your pay strategy? Some believe that paying higher salaries attracts the best people, and therefore improves company performance. Others believe employee earnings should be tied to results, so they emphasize variable pay. So, is one right and the other wrong?
Obviously, there is no universal “right” way to pay employees. Instead, you must find what works best for your organization. So, how do you do that?
That is the question this webinar plans to answer. We will discuss 3 principles for determining the right rewards balance for your company and how they can be used to resolve the higher salary versus bigger incentives dilemma.
What if the employee incentive plan you offer didn’t really cost your company anything? How much value would you share? In theory, if it didn’t really cost you anything, the amount you could share would be unlimited, right? So, what’s the catch? Is there actually such a thing as incentive compensation that pays for itself?
There really is no catch. You could start a self-financing incentive plan today if you just knew the steps to take. And that’s the purpose of this webinar. We want to teach you how to reward performance in a way that drives a positive ROI on your compensation investment, and eliminates the “cost” associated with traditional approaches. So, stop wasting money on incentive plans that are a drain on cash flow and profits.
Senior Project and Engineering Leader Jim Smith.pdfJim Smith
I am a Project and Engineering Leader with extensive experience as a Business Operations Leader, Technical Project Manager, Engineering Manager and Operations Experience for Domestic and International companies such as Electrolux, Carrier, and Deutz. I have developed new products using Stage Gate development/MS Project/JIRA, for the pro-duction of Medical Equipment, Large Commercial Refrigeration Systems, Appliances, HVAC, and Diesel engines.
My experience includes:
Managed customized engineered refrigeration system projects with high voltage power panels from quote to ship, coordinating actions between electrical engineering, mechanical design and application engineering, purchasing, production, test, quality assurance and field installation. Managed projects $25k to $1M per project; 4-8 per month. (Hussmann refrigeration)
Successfully developed the $15-20M yearly corporate capital strategy for manufacturing, with the Executive Team and key stakeholders. Created project scope and specifications, business case, ROI, managed project plans with key personnel for nine consumer product manufacturing and distribution sites; to support the company’s strategic sales plan.
Over 15 years of experience managing and developing cost improvement projects with key Stakeholders, site Manufacturing Engineers, Mechanical Engineers, Maintenance, and facility support personnel to optimize pro-duction operations, safety, EHS, and new product development. (BioLab, Deutz, Caire)
Experience working as a Technical Manager developing new products with chemical engineers and packaging engineers to enhance and reduce the cost of retail products. I have led the activities of multiple engineering groups with diverse backgrounds.
Great experience managing the product development of products which utilize complex electrical controls, high voltage power panels, product testing, and commissioning.
Created project scope, business case, ROI for multiple capital projects to support electrotechnical assembly and CPG goods. Identified project cost, risk, success criteria, and performed equipment qualifications. (Carrier, Electrolux, Biolab, Price, Hussmann)
Created detailed projects plans using MS Project, Gant charts in excel, and updated new product development in Jira for stakeholders and project team members including critical path.
Great knowledge of ISO9001, NFPA, OSHA regulations.
User level knowledge of MRP/SAP, MS Project, Powerpoint, Visio, Mastercontrol, JIRA, Power BI and Tableau.
I appreciate your consideration, and look forward to discussing this role with you, and how I can lead your company’s growth and profitability. I can be contacted via LinkedIn via phone or E Mail.
Jim Smith
678-993-7195
jimsmith30024@gmail.com
The case study discusses the potential of drone delivery and the challenges that need to be addressed before it becomes widespread.
Key takeaways:
Drone delivery is in its early stages: Amazon's trial in the UK demonstrates the potential for faster deliveries, but it's still limited by regulations and technology.
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Other challenges exist: Who will use drone delivery the most? Is it cost-effective compared to traditional delivery trucks?
Discussion questions:
Managerial challenges: Integrating drones requires planning for new infrastructure, training staff, and navigating regulations. There are also marketing and recruitment considerations specific to this technology.
External forces vary by country: Regulations, consumer acceptance, and infrastructure all differ between countries.
Demographics matter: Younger generations might be more receptive to drone delivery, while older populations might have concerns.
Stakeholders for Amazon: Customers, regulators, aviation authorities, and competitors are all stakeholders. Regulators likely hold the greatest influence as they determine the feasibility of drone delivery.
Artificial intelligence (AI) offers new opportunities to radically reinvent the way we do business. This study explores how CEOs and top decision makers around the world are responding to the transformative potential of AI.
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This person is none other than Oprah Winfrey, a highly influential figure whose impact extends beyond television. This article will delve into the remarkable life and lasting legacy of Oprah. Her story serves as a reminder of the importance of perseverance, compassion, and firm determination.
2. 22
Balancing Guaranteed vs. Variable Pay
What is the right mix of pay
between salaries and
incentives?
It can be a juggling act
Too much focus on salaries
carries a high company cost
with no promise of
performance
Too much focus on
incentives may be perceived
as too risky for employees
3. 33
Balancing Guaranteed vs. Variable Pay
Incentive plans too commonly fail
How should incentives be aligned to your employee
demographics to generate a higher return on
investment?
How do you maximize your rewards philosophy?
4. Salary
Performance
Incentives
Sales
Incentives
Growth
Incentives
Core Health
& Welfare
Plans
Executive
Benefit
Plans
Qualified
Retirement
Plans
Nonqualified
Retirement
Plans
Salaries
Competitive with market standards?
Tied to strong performance management process (merit)?
Managed within a flexible but effective structure?
Performance Incentives
Tied to productivity gains?
Clear, achievable and meaningful?
Self-financing?
Sales Incentives
Challenging yet achievable?
Reinforcing the right behaviors?
Differentiating your offering?
Growth Incentives
Linked to a compelling future?
Supporting an ownership mentality?
Securing premier talent?
Core Benefits
Responsive to today’s employee marketplace?
Allocating resources where most needed?
Evaluated to eliminate unnecessary expense?
Executive Benefits
Flexible enough to address varying circumstances?
Communicating a unique relationship?
Reducing employee tax expense?
Qualified Retirement Plans
Giving employees an opportunity to optimize retirement values?
Operated with comprehensive fiduciary accountability?
Avoiding conflicts and minimizing expenses?
Nonqualified Retirement Plans
Optimizing tax-deferral opportunities?
Aligning long-term interests of employees with shareholders?
Structured to receive best possible P&L impact?
An Aligned
Compensation
Strategy
5. 55
What is Your Pay Mix?
Most companies aim to pay “at market”
What is “at market” pay?
If everyone paid the exact same way would that give you a
competitive advantage in hiring and retaining talent?
What is it about your pay programs that make you
unique?
What might be right for you may not be right for others
6. 66
Lets assume an Accountant should be paid between
$45,000 and $47,500
How much of that should be salary and how much should
be variable should be decided internally
Are either of these company less “competitive” than any
other?
Professional
Accountant
Base
Salary Incentives
Total
Cash
Comp
Option A 44,000 1,000 45,000
Option B 42,500 4,000 46,500
Option C 40,000 7,500 47,500
Sample Pay Mix
7. 77
Sample Pay Mix
Option A - Conservative
Has an advantage around base salary
Has higher fixed costs
Option B - Moderate
Middle ground for both salaries and
incentives
Option C - Variable
Has a competitive advantage around
incentives and Total Cash Comp
Risk when no incentives paid
Professional
Accountant
Base
Salary Incentives
Total
Cash
Comp
Option A 44,000 1,000 45,000
Professional
Accountant
Base
Salary Incentives
Total
Cash
Comp
Option B 42,500 4,000 46,500
Professional
Accountant
Base
Salary Incentives
Total
Cash
Comp
Option C 40,000 7,500 47,500
8. 88
Conservative Pay Profile
Profile Base Pay
Short-Term
Incentives
Long-Term
Incentives Core Benefits Profile
Conservative High Moderate Low Moderate Moderate
Provides a high degree of employee security at the expense of variable pay
High base salaries and Moderate incentives
Generally offers moderate level of core benefits
Cash friendly stable organization
Generally attractive to a younger employee population
Can inhibit the hiring of “high performers”
Rewards performance through merit/promotion
May have difficulty recruiting executive or key employees
9. 99
Moderate Pay Profile
Profile Base Pay
Short-Term
Incentives
Long-Term
Incentives Core Benefits Retirement
Moderate Moderate Moderate Moderate Moderate Moderate
Provides a middle of the road approach to pay
Base salaries at middle of market
Some upside incentive potential
Performance rewarded moderately
Attracts a diverse employee population
Rewards performance through multiple facets
Tries to provide a balanced approach without any distinguishing element of pay
10. 1010
Variable Pay Profile
Profile Base Pay
Short-Term
Incentives
Long-Term
Incentives Core Benefits Retirement
Variable Low High High Moderate Moderate
Provides a high degree of upside earning potential with higher level of risk
Base salaries at low end of the market
Rewards tied directly to business performance
Entrepreneurial mindset – less cash friendly
Attracts high performers, frightens risk averse
Rewards performance through incentive pay
Promotes high level of value sharing
Attracts entrepreneurial leadership through long-term awards
11. 1111
Pay Mix
Considerations
Demographics
Younger/Nonexempt employees value predictable pay
Prefer higher salaries and lower total cash compensation
Entrepreneurial/Mature employees want upside pay potential
Will accept lower salaries with higher total cash
opportunity
Usually seek both short and long-term incentives
Diverse employee populations may require different focus on
pay at different levels
Usually accommodated within compensation
structure/salary ranges
12. 1212
Owner/Shareholder attitudes on pay
Public vs. Privately held companies tend to have different pay
mixes
Privately held companies tend to place more pay in variable
programs
Public companies have the capital to pay higher salaries
Public companies may offer equity to offset salary or
incentive pay
Public companies can be limited to additional
shareholder/fiduciary concerns around pay
Nonexempt organizations also share restrictions around pay
mix
Pay Mix
Considerations
13. 1313
Pay Mix
Considerations
Capital
High salaries provide ease in hiring talent but carry heavy
fixed costs
During poor performance years, high salaries can be a
heavy burden
High incentives offers a way of self-funding compensation
based on company performance
When performance objectives are not hit and no incentives
are paid, this philosophy carries a big turnover risk
Ultimately, your pay mix needs to correspond to your
business plan
14. 1414
How is Your Investment Allocated?
What does your total pay mix look like? Does
it link employees to your business plan?
Why is your compensation budget
allocated the way it is today?
Is your total compensation allocation
producing unintended consequences
(spiraling compensation expenses,
turnover, inability to attract talent, etc.)?
Is there a more cost efficient way to
manage your compensation dollars while
aligning more tightly with your business
objectives?
The mix of incentives is usually the
easiest place to start correcting your mix
15. 1515
Create a Compensation Philosophy
Best practice is to frame up your philosophy into a written
statement
All elements of rewards should be identified (Salaries, incentives,
State where pay is targeted
We pay salaries __________
a) At the top of market
b) At the middle of the market
c) Within market, however we do not lead the market
Our incentives are ________
a) At the top of market
b) At the middle of the market
c) Within market, however we do not lead the market
16. 1616
Why a written statement?
1. Becomes a common narrative
2. Can be shared with existing employees as well as new
recruits
3. Gets managers on the same page
4. Identifies your competitive advantage
5. Creates a consistent framework for rewards
6. Your philosophy statement becomes your
Constitutional Rewards Charter
17. 1717
Align Pay to the Philosophy
Salary ranges and incentive targets are
commonly set and maintained using market
data:
ERI
PayScale
Towers Watson
Mercer
Industry surveys
Ensure you have access to
some market data
18. 1818
Using Market Data
Market data can help create salary ranges
Market data should be interpreted via your
philosophy
Conservative, Moderate, Variable
25th 50th 75th
Mercer - Accountant Sr 49,837 57,498 63,141
Market Data
19. 1919
Market Data + Philosophy
Conservative – High Salary
Moderate – Mid Salary
Variable – Low Salary
25th 50th 75th
Mercer - Accountant Sr 49,837 57,498 63,141
Market Data
25th 50th 75th
Mercer - Accountant Sr 49,837 57,498 63,141
Market Data
25th 50th 75th
Mercer - Accountant Sr 49,837 57,498 63,141
Market Data
21. 2121
Who Are You Hiring?
Baby Boomers – Born between 1946 -1964
Generation X – Born between 1965 - 1979
Millennials – Born in the 1980’s and 1990’s
Demographic identities are extremely influenced by the
world they grew up in
Disclaimer: I will be intentionally painting employee demographics with one
overly-broad brush. These statements will not hold true for all individuals in these
three general classifications. This overgeneralization is intended to provide
directional guidance on pay for these subgroups.
23. 2323
Baby Boomers
Raised by World War II Survivors
Parents worked in manufacturing, agriculture, or retail
jobs
Encouraged to attend Universities (premium)
Focused on having fewer/longer term roles within
organizations
Dominate senior leadership roles
Understand the increased cost of health care
Typically eyeing retirement
Many retired early and have rejoined the job force
25. 2525
Generation X
MTV generation/Latchkey generation
Two parents in the workforce
First to have access to home computers
College/university was strongly encouraged
Incorrectly labeled as “slackers” by preceding
generations
Strong entrepreneurship mindset
More likely to be 1099 than other gens
Married Later/Fewer kids
Took a few jobs to get comfortable
Professional and Mid-Manager jobs
27. 2727
Millennials
Grew up with technology in the house (home
computers, internet, cell phones)
Values teamwork, ingenuity, and creativity
Was told that college/university was a necessity
Many struggled to get jobs after graduation
Many prevailing myths
Not all living in Mom’s basement
Starting to have families
More likely to stay in the same job as previously
assumed
Values individuality and being recognition
28. 2828
Pay Strategy
Profile Base Pay
Short-Term
Incentives
Long-Term
Incentives Core Benefits Profile
Conservative
Millennial High Moderate Low Moderate Moderate
Profile Base Pay
Short-Term
Incentives
Long-Term
Incentives Core Benefits Retirement
Moderate
Gen X Moderate Moderate Moderate Moderate Moderate
Profile Base Pay
Short-Term
Incentives
Long-Term
Incentives Core Benefits Retirement
Variable
Boomer Low High High Moderate Moderate
29. 2929
Theoretical Solution
Structure your rewards around your
Compensation Philosophy
Example:
“My business is a regional call center
hiring predominately college students
and recent college grads.” (Millennials)
“We are a professional investment
management firm hiring mostly
experienced licensed financial
planners.” (Gen X)
“I’m looking to hire extremely
experienced legal professionals.”
(Boomers)
30. 3030
In reality…
Rarely, is your workplace
demographic so pure
Your senior leadership team
is probably in a different
demographic than your
staff accountant
As a result, their financial
goals are probably very
different
Maintaining one
Compensation Philosophy
can be challenging
32. 3232
Common Trend
Profile Base Pay
Short-Term
Incentives
Long-Term
Incentives Core Benefits Profile
Conservative
Millennial High Moderate Low Moderate Moderate
Profile Base Pay
Short-Term
Incentives
Long-Term
Incentives Core Benefits Retirement
Moderate
Gen X Moderate Moderate Moderate Moderate Moderate
Profile Base Pay
Short-Term
Incentives
Long-Term
Incentives Core Benefits Retirement
Variable
Boomer Low High High Moderate Moderate
33. 3333
Why Incentives?
All demographics appreciate incentives
Millennials – Partnership
Gen X – Entrepreneurial minded
Boomers – Hoarding cash for retirement
Most incentive plans do not deliver on a
level that all demographics can appreciate
and relate to
34. 3434
Market Compensation
Trends
Incentive programs are more
common than ever
2014 World at Work study
showed that 99% of publicly
traded companies have
incentive plans
Between 2011 and 2013 private
companies with incentives
plans have grown from 95% to
97% prevalence
35. 3535
Incentives Are A Good Bet
Good for organization to put emphasis on incentive pay
Performance Requirements
Not Guaranteed
Provides alignment with big picture objectives
When properly structured incentives create a partnership
mentality
36. 3636
Why Do
Incentive Plans Fail?
Traditional Incentive plans
They seek to change/set behaviors
They rob employees of their creative input
They reward for completion of small tasks instead of
achieving big picture results
They aren’t tied to overall companyresults/lack line of sight
They are either too discretionary or too quantitative
BOTTOM LINE:
Traditional Incentive plans are philosophically broken.
They are not perceived as empowering a partnership mentality
37. 3737
Merriam-Webster Definitions
Bonus – An extra amount of money that is given
to an employee
Commission – An amount of money paid to an
employee for selling something
Incentive –Something that incites
to determination or action
38. 3838
Traditional View of Incentives
“If I put a carrot in front of
you, you will do
what I want you to do”
At its heart, when structured
inappropriately, incentive
plans are perceived as
manipulative
Employees agree to be
manipulated for money
39. 3939
A Better Approach
“We are part of a team. If
we all work together we
will generate greater
success. That success will
be shared with everyone in
our incentive plan.”
When structured
appropriately, incentive
programs should be
perceived a partnership.
40. 4040
Partnership
Millennials do not value the traditional “employee”
and “employer” relationship
Perceived as a subservience model
“Do what I say and I will pay you”
All demographics prefer a sense
of “Partnership,” working together
towards a common goal
Partners rewarded differently than employees
41. 4141
Simplified Plan Design
Simplifying incentive plan design
Incentive plans have historically
been very metric driven
Potentially creates conflict of
interest
Should I do what’s in the
Company’s best interest or should
I just worry about performing
my goals?
Should I be paid because the
company succeeded or because I
accomplished a list or tasks?
42. 4242
Basic Structure
Plan funds at different levels based on achievement
of company goals
The incentive pool is then disproportionately shared
with employees
Higher level employees
receive a higher portion of
the incentive pool
Employee performance can
“modify” the payout
43. 4343
Advantages
Easy to understand
All employees are tasked with achieving high
level goals
No micromanaging
No conflict of interest
Simple to administer
44. 4444
Silent Communications
What does your salary
philosophy communicate?
Employee Value
What do incentives
communicate?
Performance
Don’t assume your
employees understand this
45. 4545
Employee Awareness
How much do your employees know about pay?
How much do you want them to know about pay?
For a long time, employers benefited from
keeping pay practices behind closed doors
46. 4646
Automobile Awareness
How much do you know about your car?
How much should you know about cars?
For a long time, mechanics benefited from
keeping automobile maintenance behind closed
doors
47. 4747
Do You Trust Your Mechanic?
Why do people not trust their mechanics?
Because until recently you have had to take their word
Why should your employees trust you around pay?
Compensation is just as important to your employees
as transmission fluid
How do you instill trust in your
compensation practices:
Transparency
48. 4848
Communications
Communicate your
rewards philosophy
(Compensation
Philosophy Statement)
Communicate your
incentive plan
goals/metrics regularly
Communicate actual
rewards (Total
Compensation
Statement)
49. 4949
Perception is Key
2015 PayScale Study
• The main predictor of both “satisfaction” and “intent to leave
is whether employees feel they are paid fairly.
• Even when people’s compensation was in line with their value
in the job market, two-thirds believed they were underpaid. Of
that huge group, about 60% reported low job satisfaction, and
said they plan to look for a new job within six months.
• By contrast, the researchers found that, even at companies
that pay below-market wages, if employees know why they’re
paid less than they could probably earn elsewhere, 82% say
they’re “satisfied” with their jobs and plan to stick around.
- Fortune Magazine,October 10, 2015,
“How PayTransparency Can Keep People from Quitting”
50. 5050
Return on Investment
Pay is not a cost
Pay is an investment
Every good investment should have an equal or
greater return
Proper alignment of salary and incentive programs
ensures that you have a desired return
1) Create a Philosophy
2) Align to Market
3) Communicate
51. 5151
Balancing Salaries and Incentives
Salaries and incentives are
the cornerstone of your pay
programs
Not an exact science
Identifying your key
compensation philosophy,
aligning pay accordingly, and
communicating effectively is
only way to win this
balancing act.