The document provides guidance on building an effective compensation plan. It discusses establishing job descriptions, benchmarking salary ranges using market data, developing performance management systems, and creating guidelines for administering pay increases. The compensation plan aims to attract, motivate, and retain talent by linking pay to performance and career progression.
Employee Compensation And Benefits PowerPoint Presentation Slides SlideTeam
Presenting this set of slides with name - Employee Compensation And Benefits Powerpoint Presentation Slides. This aptly crafted editable PPT deck contains thirtytwo slides. Our topic specific Employee Compensation And Benefits Powerpoint Presentation Slides presentation deck helps devise the topic with a clear approach. We offer a wide range of custom made slides with all sorts of relevant charts and graphs, overviews, topics subtopics templates, and analysis templates. Speculate, discuss, design or demonstrate all the underlying aspects with zero difficulty. This deck also consists creative and professional looking slides of all sorts to achieve the target of a presentation effectively. You can present it individually or as a team working in any company organization.
Bonus - compensation management - Manu Melwin Joymanumelwin
Bonus pay is compensation over and above the amount of pay specified as a base salary or hourly rate of pay. The base amount of compensation is specified in the employee offer letter, in the employee personnel file, or in a contract.
Employee Compensation And Benefits PowerPoint Presentation Slides SlideTeam
Presenting this set of slides with name - Employee Compensation And Benefits Powerpoint Presentation Slides. This aptly crafted editable PPT deck contains thirtytwo slides. Our topic specific Employee Compensation And Benefits Powerpoint Presentation Slides presentation deck helps devise the topic with a clear approach. We offer a wide range of custom made slides with all sorts of relevant charts and graphs, overviews, topics subtopics templates, and analysis templates. Speculate, discuss, design or demonstrate all the underlying aspects with zero difficulty. This deck also consists creative and professional looking slides of all sorts to achieve the target of a presentation effectively. You can present it individually or as a team working in any company organization.
Bonus - compensation management - Manu Melwin Joymanumelwin
Bonus pay is compensation over and above the amount of pay specified as a base salary or hourly rate of pay. The base amount of compensation is specified in the employee offer letter, in the employee personnel file, or in a contract.
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.
Compensation Plan PowerPoint Presentation Slides SlideTeam
Ensure that your employees are motivated to work and stay with you longer using content-ready Compensation Plan PowerPoint Presentation Slides. Outline a proper compensation plan to give benefits to the employees with ready-to-use compensation plan PPT presentation templates. Incorporate compensation plan PPT presentation complete deck for compensation breakup, different types of compensation plan, pay per performance comparison table, building a compensation plan, competitors pay plan, performance-based appraisal parameters, choose your payroll software, performance evaluation parameters, employee performance summary, employee feedback, and more. Create an effective compensation plan to retain the best talent. Develop a compensation plan proposal to motivate your employees to achieve their business goals and help in the overall performance of the company. Include details like bonuses, incentives, commissions, scheduled raises, etc with compensation and benefits PPT complete deck. Drive employee performance and employee retention using ready-to-use compensation plan PowerPoint presentation templates. When you hope to climb up the career ladder when sure way to get there is by having powerful presentation skills. You are sure to impress senior management when you make use of Compensation Plan PowerPoint Presentation Slides that are sure to impress.
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.
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 2: Develop a Market-Based Pay StructurePayScale, Inc.
HR leaders aiming to develop and maintain pay ranges within their organizations face a Goldilocks problem. If too narrow, the pay ranges won’t allow an organization to reward long-tenured staff or high performers. Too broad, and the pay ranges won’t provide practical support for your compensation philosophy. But, worst of all, having no ranges at all can lead to a failure to attract top talent, or dramatically overpaying employees.
So, how can you get pay ranges just right?
Join us as Stacey Carroll, CCP, SPHR, reveals how to develop ranges from a market-centered midpoint.
You’ll learn:
How to use market data to update or create competitive pay ranges.
How to select a competitive market set for benchmarking against.
How to choose benchmark positions and slot non-benchmark positions into your structure.
This practical webinar will give you the information necessary to update or create market ranges in your organization.
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.
Compensation Plan PowerPoint Presentation Slides SlideTeam
Ensure that your employees are motivated to work and stay with you longer using content-ready Compensation Plan PowerPoint Presentation Slides. Outline a proper compensation plan to give benefits to the employees with ready-to-use compensation plan PPT presentation templates. Incorporate compensation plan PPT presentation complete deck for compensation breakup, different types of compensation plan, pay per performance comparison table, building a compensation plan, competitors pay plan, performance-based appraisal parameters, choose your payroll software, performance evaluation parameters, employee performance summary, employee feedback, and more. Create an effective compensation plan to retain the best talent. Develop a compensation plan proposal to motivate your employees to achieve their business goals and help in the overall performance of the company. Include details like bonuses, incentives, commissions, scheduled raises, etc with compensation and benefits PPT complete deck. Drive employee performance and employee retention using ready-to-use compensation plan PowerPoint presentation templates. When you hope to climb up the career ladder when sure way to get there is by having powerful presentation skills. You are sure to impress senior management when you make use of Compensation Plan PowerPoint Presentation Slides that are sure to impress.
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.
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 2: Develop a Market-Based Pay StructurePayScale, Inc.
HR leaders aiming to develop and maintain pay ranges within their organizations face a Goldilocks problem. If too narrow, the pay ranges won’t allow an organization to reward long-tenured staff or high performers. Too broad, and the pay ranges won’t provide practical support for your compensation philosophy. But, worst of all, having no ranges at all can lead to a failure to attract top talent, or dramatically overpaying employees.
So, how can you get pay ranges just right?
Join us as Stacey Carroll, CCP, SPHR, reveals how to develop ranges from a market-centered midpoint.
You’ll learn:
How to use market data to update or create competitive pay ranges.
How to select a competitive market set for benchmarking against.
How to choose benchmark positions and slot non-benchmark positions into your structure.
This practical webinar will give you the information necessary to update or create market ranges in your organization.
Building a Compensation Plan Part 1: Strategy & Executive SupportPayScale, Inc.
Your compensation strategy is the cornerstone of an effective compensation plan, and without one you’ll face more difficulty and opposition when it comes time to implement your plan. By investing time in defining your compensation strategy you’ll increase the likelihood of gaining executive support for your compensation plan as well.
Join us for part one of Building a Compensation Plan and learn:
Why a compensation strategy is so critical
The three questions that help define your compensation strategy
How to get senior leadership involved in your plan.
You’ll walk away from this session with crucial knowledge of how to build a foundation under your compensation strategy that supports business priorities and gets your executive team on board. Skip step one at your own peril.
The compensation strategy is the essential strategy for the business, which wants to eliminate the external competition from attacking the top talents. The company has to define its position on the job market, it has to identify bene
The SWOT analysis is one of the best tools for shaping ideas, introducing innovations and evaluating the current status. The analysis is simple and everyone can use it within minutes. Even Human Resources can benefit from the proper usage of the SWOT analysis.
The analysis can help to design better HR Processes, introduce new HR Models and Concepts. Each HR Function should conduct the analysis before shaping project goals and aims.
The SWOT Analysis helps to identify strengths and opportunities within minutes. It helps to receive best ideas from all team members, who can assign priorities to each idea. They all select ideas, group them and they can introduce highly innovative solution. The innovative HR Management is a key success factor today.
4 Steps to Building a Smart Compensation StructurePayScale, Inc.
Developing a solid compensation structure will help you set the appropriate pay ranges for your jobs. If pay ranges are too narrow, you won’t be able to reward high performers. Too broad, and the pay ranges provide very little support for your compensation philosophy.
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.
Budgeting Part 1: Managing Internal Pay InequitiesPayScale, Inc.
It’s budget season again, and that makes it time to update your data for next years comp plan. The first critical step is to get a sense of where the issues are.
12 20 22-Recorded Webinar-Maximizing MarketPay-Structures-Job-Based-Ranges.pdfPayScale, Inc.
Join Payscale’s MarketPay Product Manager and Education team for a group discussion and training that covers roadmap, best practices, and how to implement range-based structures amidst the current pay legislation landscape.
Youth Mentoring Program Business Plan ExampleECorp
The Youth Mentoring Program Business Plan is a strategic guide outlining goals, mentor recruitment, program structure, and budgeting. Its purpose is to establish a supportive community for young individuals, creating a positive and nurturing environment conducive to their growth and development.
This presentation covers the realities of performance-0based equity in the Silicon Valley. Presenters includes professionals from Intel, eBay, Applied Materials and Performensation. Learn about the foundation and details of adding performance to equity compensation plans.
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.
A network marketing business plan is a strategy outlining the structure and compensation model for a company that relies on a network of independent distributors to sell products or services. It typically involves recruiting and building a team, earning commissions on sales, and promoting team growth. Success is often based on both individual sales and team performance within a hierarchical structure.
Getting started in Comp can feel overwhelming, but it doesn’t have to be.
We all want to compare our workforce to market. But how do you outline your workforce and define which market you’re competing in? This webinar will walk you through the basic concepts of compensation and explain how they relate to your real-world challenges. You’ll learn more about the choices that you can make to evaluate your workforce.
Comp 101 covers:
-How jobs are benchmarked
-When to use different Labor Markets for different roles
-Best practices for outlining your Labor Market
-Understanding Market Data
-How paying at the 10th/50th/90th percentiles impacts your strategy
-Live Question & Answer segment
Aligning your compensation philosophy with business prioritiesPayScale, Inc.
As an HR leader, you play a key role in your organization's success. It's crucial that you work with your company's executive leaders to develop a compensation strategy that supports company business objectives.
In this free, one hour webinar session, Stacey Carroll, SPHR, MBA will present the basics of leading an organization through the steps to align its compensation philosophy with its mission, and values. This webinar will give you a core understanding of the connection between business and compensation strategy.
Budgeting Part: Putting it All Together With PayScale Insight SlidesPayScale, Inc.
In the final installment of the Compensation Budgeting webinar series you will learn about the software and data you need to formalize your compensation strategy.
California Compensation Trends and Pay PracticesPayScale, Inc.
As you consider employee raises and prepare your compensation strategy, it's imperative to have reliable, California-specific data to inform your decisions when building a solid compensation foundation.
2. BUILDING a Compensation Plan that Works Business Plan Compensation Budget Benefits Job Descriptions Salary Ranges Performance Management Market Data
3. INTRODUCTIONS Your name & title/responsibilities Company name, location, # of EEs Why are you here, your comp. issues, takeaways? Smaller Business Association of New England 3
4. Basic Fundamentals FIRST! Business Plan & budgets – compensation is a key component Define organizational culture, consider employee relations issues Develop a total Compensation strategy and budget Smaller Business Association of New England 4
5. Basic Fundamentals - continued Develop individual and organizational goals and objectives Goals should be mutually agreed upon Work toward meeting objectives of the business plan and budget. Smaller Business Association of New England 5
27. Performance Management Ongoing process of communication Investment in future profitability & success of individuals and organization Facilitates development of loyal, motivated, goal-oriented teams. Frequency of reviews, who does it? Set goals & objectives – SMART goals Developmental tool – skills, behavior Smaller Business Association of New England 9
28. CREATING a Compensation Plan that Works Business Plan Compensation Budget Benefits Job Descriptions Salary Ranges Performance Management Market Data Smaller Business Association of New England
29. Building the Compensation Plan Consider key questions Create a market analysis Build salary ranges Develop pay administration guidelines Smaller Business Association of New England 11
30. Key Questions Is My Company (“MyCo”) able to recruit, retain, and motivate talent? What is “MyCo’s” pay position in the market? What should “MyCo’s” pay position be? What is affordable and realistic? What is the typical mix of base and variable pay? What should “MyCo’s” mix be? Smaller Business Association of New England 12
31. Create a Market Analysis Get reliable data representing relevant labor market Create excel spreadsheet internal and external data Refer to handout for details Compute % difference (“MyCo” data/Market data) Compute overall averages and “slice and dice” Grade (salary range), Function, Location Weighted by “MyCo’s” population Smaller Business Association of New England 13
32. Build Salary Ranges Purpose: Communicate the range of pay for each job. Typical practice: Traditional ranges with a Minimum, Midpoint, Maximum Range widths (Maximum/Minimum-1) of 50-70% (Prof/Managers) Range widths of 40-50% (Clerical/Technicians/Production) OR Smaller Business Association of New England 14
33. Build Salary Ranges Typical practice Divide ranges into two to four parts to administer pay Smaller Business Association of New England 15
34. Build Salary Ranges Step 1: Create salary range Midpoints Take market data for lowest paying job rounded to $100 Multiply it by 1.1 at lower levels, 1.15 at higher levels and round Example: Smaller Business Association of New England 16
35. Build Salary Ranges Step 2: Next create salary range Minimums Define appropriate range width (Maximum/Minimum), i.e., 50% Divide Midpoint by 1+1/2 the width,1.25 to calculate Minimum $24,800/1.25 = $19,840 or $19.8K (rounded) Step 3: Create salary range Maximums Add (Midpoint - Minimum) amount to Midpoint to get Maximum $24.8-$19.8 = $5K; $24.8+5+$29.8K Maximum Smaller Business Association of New England 17
36. Build Salary Ranges Step 4: Slot jobs in salary ranges Start by using closest Midpoint to market data, e.g., 50th percentile “Tweak” slotting considering internal job relationships and fairness Review employee impact (< Minimums, > Maximum) Consider timing and communication of adjustments Alternative Ways to Build Salary Ranges Group jobs at same level and compute average market data to build ranges Create a unique range or “Market Reference Pay” rate for each job Smaller Business Association of New England 18
37. Develop Pay Administration Guidelines Purpose: ensure fair and appropriate pay decisions Typical practice: Facilitate “pay for performance” – “A” players paid more over time Also consider skills, competencies, relevant experience Use merit grids (matrixes) based on employee’s performance rating and pay position within salary ranges Smaller Business Association of New England 19
38. Develop Pay Administration Guidelines Step 1: Determine the budget Typical practice: separate merit and promotion/adjustment budgets Example: 2.5% merit + 1% promotion/adjustment = 3.5% total Step 2: Determine population distribution percentages % of employees with each performance rating % of employees paid in each quartile of their salary range Smaller Business Association of New England 20
39. Develop Pay Administration Guidelines Step 3: Define guiding principles, i.e., Pay for Performance No increases below “Meets”, with minimum increases of 1% At least 2X increase if rated “Far Exceeds”, paid in lower ½ of range versus rated “Meets”, paid in same or higher part of range Also consider position in range (quartile) in deciding increases Provide a range in matrix rather than one fixed number, i.e., 4.5-6.5%, rather than 5.5% Hug the keepers! Smaller Business Association of New England 21
40. Develop Pay Administration Guidelines Step 4: Calculate payouts in each matrix cell Refer to handout for details Step 5: Sum cell payouts to see if total is within budget Step 6: Communicate final matrix to management Smaller Business Association of New England 22
41. IMPLEMENTING a Compensation Plan that Works Business Plan Compensation Budget Benefits Job Descriptions Salary Ranges Performance Management Market Data Smaller Business Association of New England
42. Using it to build your business ATTRACT TALENT MOTIVATE TALENT MAINTAIN TALENT Smaller Business Association of New England 24
43. How can you use a solid compensation plan to ATTRACT employees? Recruiting Define Job Requirements and Skill Sets (Job Descriptions) Salary Pay Ranges and Other Compensation Culture!! Sell Added Value Smaller Business Association of New England 25
44. ATTRACT TALENT! Smaller Business Association of New England Toolbox Solid Interviewing Practices Interview Guides Based on Job Descriptions Candidate Evaluation Form Compensation Plan Data Use Several Sources Have pre-defined ranges Salary is only ONE piece of the pie! Market Place Position KNOW who target audience or IDEAL candidate KNOW where you are and where you want to be 26
50. How can you use a solid compensation plan to MOTIVATE employees? Performance Management Define Performance Expectations Individual Goals – Department & Company Goals Team Goals vs. Individual Goals WIIFM!!! (What’s In It For Me?) Smaller Business Association of New England 28
51. MOTIVATE TALENT! Smaller Business Association of New England Toolbox Performance Management Process Clear Expectations Discuss Performance and Salary separately Keep it real! Include good, bad and ugly! Set SMART Goals Merit Matrix Increase See Handout for example 29
54. How can you use a solid compensation plan to MAINTAIN employees? Employee Engagement Define Career Progression Training Gaps WIIFM!!! (What’s In It For Me?) Smaller Business Association of New England 32
55. MAINTAIN TALENT! Smaller Business Association of New England Toolbox Career Progression Show how their compensation plan builds toward future Review all facets; salary, benefits, retirement Define skills needed for “next step” Pay Grade Increase? Title Change? Training Increased “Value” as qualifications build Part of compensation 33
56. Samuel Bane Career Progression Smaller Business Association of New England 34
Job Descriptions have already done this work for you!!!60% of job seekers respond to emotional appeal of postingsUse job postings to sell your company!Sell the culture, locationWHY DO YOU WORK THERE???
Solid Interviewing Practices will filter out your best candidates quickly!Always use a VARIETY of compensation plan data.Remember “pay” is only ONE piece…BEFORE you start recruiting… build your IDEAL candidate profile… otherwise you won’t be able to “spot” them.
GROUP DISCUSSION????What job offer would you make?CONSIDER. Does he meet all your requirements?Do you have existing staff?At what pay level?Note; his salary requirements
Performance ExpectationsNeed to be clearly spelled out… understood and mutually agreed uponWhenever possible allow the employee input on setting the goalIndividual goals should roll up to reach the department goals; roll up to company goalsDiscuss pros and cons of indivdual vs. team goals Best to have a combination whenever possible Team goals can build morale, positive culture, “healthy competition”Always have at least one STRETCH GOAL
Performance Reviews:Keep it Real *** HR NIGHTMARE - AVG AVGAVG – FIRE THEM ***Formally at least once per yearKeep notes, samples, etc through out the year – NOT JUST THE FEW PRECEEDING WEEKS.Your effort in the review tells the employee how much you value them and the processSMART Goals – HAND OUTSpecific•Well defined•Clear to anyone that has a basic knowledge of the projectMeasurable•Know if the goal is obtainable and how far away completion is•Know when it has been achievedAttainable•Set checkpoints to monitor progress and make adjustments on processesRealistic•Within the availability of resources, knowledge and timeTime Line•Enough time to achieve the goal•Not too much time, which can affect project performance
Performance review was scored on a 1-5 rating…3.5 – Meets Plus3 = Meets3.75 Meets Plus Better4 Exceeds3.5 Meets Plus4 on Accuracy – ExceedsExcellent AttendanceOverall Rating = 3.8
What to do if the current salary is at the top of your range?Reward performance with a one time paymentDevelop an Incentive PlanSet KPI’s – Key Performance IndicatorsDevelopment Plan for PromotionAdd other areas/skills IF/WHEN applicable
You’ve got that long term employee who’s yearly review sounds like a broken record…Need a development plan…Add skillsCross TrainDevelop New areas of interest Machinist to Repairs QC to ISO Materials to Inventory Control HR to Safety
TrainingIncreased ValueTraining adds to the value of the job… some ee’s value the training as a perk of their job.They see their value being increased as their skills build.Additional qualifications increase their earning potential… now and in the future.TIP: BUILD QUALIFICATION TESTS!Ee’s love it! Auditor’s especially love it!Give them a certification of completion.
Benefits shown here are defined as Health related2010 Hired at $41,6003-5 years experience2010 41600 3.80% 2011 43180.8 5% 2012 45339.84 10% 2013 49873.82 20% Promo 2014 59848.59 20% MBA2015 75000 Promo