When employee engagement drops, so does your organization’s performance. According to the State of the Global Workplace report, 85 percent of employees are either not engaged or are actively disengaged at work. This makes for about $7 trillion in lost productivity. It’s time to breathe new life into your engagement (and performance) strategy with our new webinar series.
In this first webinar of the series, we will discuss:
• The foundation of employee engagement
• Smart compensation strategy
• How to communicate pay decisions with employees effectively
• Strategies for building a pay-for-performance culture
Recruiting is a constant need for your organization. In December 2017, the ratio of unemployed job seekers per available job was just 1.1 person per posting. It’s no wonder that 72 percent of CEOs are concerned about the availability of key skills. But proving that your recruiting program meets your organization’s needs means trying to get objective measurements on one of the most subjective aspects of the workplace: the definition of a quality hire.
Join Mallory Brown of Glassdoor, JD Conway of BambooHR, Jamie Hooker of SeatGeek, and Kayla Vatalaro of Asana for insights on how you can measure your real recruiting situation, learn from your mistakes, and communicate your triumphs.
Recruiting can be stressful. Instead of panicking and trying to increase your recruiting quantity, focus instead on putting things in place to improve your recruiting quality.
Join JD Conway of BambooHR and Jan Choi of Jobvite as they share insights on how to proceed with a lean recruiting program and progress toward recruiting success.
In the modern business world, HR departments have evolved to be architects and wardens of organizational culture, making them essential to the success of the organization. This is true particularly today as the gap between you and your competitors is defined less by what you do and more by who you are.
Having a strong, well-communicated employer brand can have tremendous benefits, including increasing the quality of your candidate pool, improving retention, creating organizational alignment within all levels of the organization, and boosting your reputation with customers and prospects.
In this webinar, PayScale and BambooHR will discuss the why and how of crafting a strong employer brand.
Paving the Way: How to Retain and Motivate Your Best EmployeesBambooHR
More than 70 percent of employees who are at risk of leaving their jobs say they must leave their current organization in order to advance their careers. And skilled workers are leaving jobs faster than ever before in this highly competitive labor market.
Your best employees are always looking for the next big challenge. It’s up to you to show high-performing employees a path forward at your organization with L&D opportunities before they look elsewhere.
How to Make Sure Your Employees Feel Valued at WorkBambooHR
We have a foundational human need to feel valued, to feel appreciated, to feel like what we do matters, and is recognized. In HR we talk about “total rewards” or “rewards and recognition”. We may use all sorts of tactics to try to improve “employee engagement” but often miss some of the most important elements of this conversation. In this webinar we’ll dive deep into this human need to feel valued.
In this webinar, Tim Low, SVP of Marketing at PayScale, and Rusty Lindquist, VP of Thought Leadership at BambooHR will discuss why feeling valued is the key to sustaining great work and high performance. They will highlight what signals you need to watch out for to know when employees don’t feel appreciated. And most importantly, they will share concrete steps you can take to make sure your employees feel valued.
Starting Small: Making Your People Strategy Work For YouBambooHR
In today’s competitive labor market, where employees have multiple options of where they can take their talent, it can be particularly challenging for small businesses to compete for top talent, given their limited resources. For small businesses to succeed in the long term, they need to focus on people first - that means investing in building a great culture and in technology that helps them maximize the potential of their human capital. Small business executives and HR professionals each have critical roles to play in these arenas.
Join BambooHR, PayScale, Officevibe, and BizLibrary to explore ways that smaller companies can make each dollar count toward long-term success as they build a solid foundation for their organizations.
People Are the Pulse of Your Organization: How to Keep a Healthy Heart RateBambooHR
From sustaining the rest of the body to delivering the messages that help us grow and react, the circulatory system is one of the strongest centers of life. A healthy heartbeat is constant, enduring, and stabilizing. When faced with stress, it adapts and takes steps to return to its baseline. Unless you push it beyond its limits, the heartbeat will provide a lifetime of possibility.
Your people are the heartbeat of your organization. Their efforts and collaboration sustain your organization as you work toward your mission and goals. Setting up the right framework can help you keep these employees engaged and productive, in spite of cycles of stress and lag time. This is an important practice: the 2017 Global Benefits Attitudes Survey from Willis Towers Watson found that 57 percent of the employees who claimed to be experiencing high stress levels reported being disengaged.
Just as several factors influence heart health, there are several components to optimize in your engagement efforts. This panel discussion from the Small and Medium Business Alliance will explore how to recognize the cycle of engagement, both individually and on an organizational level, while providing insights and best practices to help you keep your organization healthy.
You will learn:
• Which trends are shaping employee engagement and experience in today’s workplace
• Best practices for re-engaging employees and amplifying the employee experience
• Insights from examples where company culture has influenced employee engagement
• Metrics that help evaluate employee satisfaction
• Frameworks to help you establish a better experience for your employees
Accelerating New Hire Productivity Through OnboardingBambooHR
New hires need certain things to be productive while other processes may slow them down. In this slideshare we look at what areas boost productivity in onboarding and how you can help you employees feel ready to go.
Recruiting is a constant need for your organization. In December 2017, the ratio of unemployed job seekers per available job was just 1.1 person per posting. It’s no wonder that 72 percent of CEOs are concerned about the availability of key skills. But proving that your recruiting program meets your organization’s needs means trying to get objective measurements on one of the most subjective aspects of the workplace: the definition of a quality hire.
Join Mallory Brown of Glassdoor, JD Conway of BambooHR, Jamie Hooker of SeatGeek, and Kayla Vatalaro of Asana for insights on how you can measure your real recruiting situation, learn from your mistakes, and communicate your triumphs.
Recruiting can be stressful. Instead of panicking and trying to increase your recruiting quantity, focus instead on putting things in place to improve your recruiting quality.
Join JD Conway of BambooHR and Jan Choi of Jobvite as they share insights on how to proceed with a lean recruiting program and progress toward recruiting success.
In the modern business world, HR departments have evolved to be architects and wardens of organizational culture, making them essential to the success of the organization. This is true particularly today as the gap between you and your competitors is defined less by what you do and more by who you are.
Having a strong, well-communicated employer brand can have tremendous benefits, including increasing the quality of your candidate pool, improving retention, creating organizational alignment within all levels of the organization, and boosting your reputation with customers and prospects.
In this webinar, PayScale and BambooHR will discuss the why and how of crafting a strong employer brand.
Paving the Way: How to Retain and Motivate Your Best EmployeesBambooHR
More than 70 percent of employees who are at risk of leaving their jobs say they must leave their current organization in order to advance their careers. And skilled workers are leaving jobs faster than ever before in this highly competitive labor market.
Your best employees are always looking for the next big challenge. It’s up to you to show high-performing employees a path forward at your organization with L&D opportunities before they look elsewhere.
How to Make Sure Your Employees Feel Valued at WorkBambooHR
We have a foundational human need to feel valued, to feel appreciated, to feel like what we do matters, and is recognized. In HR we talk about “total rewards” or “rewards and recognition”. We may use all sorts of tactics to try to improve “employee engagement” but often miss some of the most important elements of this conversation. In this webinar we’ll dive deep into this human need to feel valued.
In this webinar, Tim Low, SVP of Marketing at PayScale, and Rusty Lindquist, VP of Thought Leadership at BambooHR will discuss why feeling valued is the key to sustaining great work and high performance. They will highlight what signals you need to watch out for to know when employees don’t feel appreciated. And most importantly, they will share concrete steps you can take to make sure your employees feel valued.
Starting Small: Making Your People Strategy Work For YouBambooHR
In today’s competitive labor market, where employees have multiple options of where they can take their talent, it can be particularly challenging for small businesses to compete for top talent, given their limited resources. For small businesses to succeed in the long term, they need to focus on people first - that means investing in building a great culture and in technology that helps them maximize the potential of their human capital. Small business executives and HR professionals each have critical roles to play in these arenas.
Join BambooHR, PayScale, Officevibe, and BizLibrary to explore ways that smaller companies can make each dollar count toward long-term success as they build a solid foundation for their organizations.
People Are the Pulse of Your Organization: How to Keep a Healthy Heart RateBambooHR
From sustaining the rest of the body to delivering the messages that help us grow and react, the circulatory system is one of the strongest centers of life. A healthy heartbeat is constant, enduring, and stabilizing. When faced with stress, it adapts and takes steps to return to its baseline. Unless you push it beyond its limits, the heartbeat will provide a lifetime of possibility.
Your people are the heartbeat of your organization. Their efforts and collaboration sustain your organization as you work toward your mission and goals. Setting up the right framework can help you keep these employees engaged and productive, in spite of cycles of stress and lag time. This is an important practice: the 2017 Global Benefits Attitudes Survey from Willis Towers Watson found that 57 percent of the employees who claimed to be experiencing high stress levels reported being disengaged.
Just as several factors influence heart health, there are several components to optimize in your engagement efforts. This panel discussion from the Small and Medium Business Alliance will explore how to recognize the cycle of engagement, both individually and on an organizational level, while providing insights and best practices to help you keep your organization healthy.
You will learn:
• Which trends are shaping employee engagement and experience in today’s workplace
• Best practices for re-engaging employees and amplifying the employee experience
• Insights from examples where company culture has influenced employee engagement
• Metrics that help evaluate employee satisfaction
• Frameworks to help you establish a better experience for your employees
Accelerating New Hire Productivity Through OnboardingBambooHR
New hires need certain things to be productive while other processes may slow them down. In this slideshare we look at what areas boost productivity in onboarding and how you can help you employees feel ready to go.
Accelerating New Hire Productivity Through Onboarding Part 2BambooHR
This slideshare walks you through hiring new employees and how to help them be productive from day one. It shares stats and other useful information to help you get started today.
Do your benefits align with your organization’s values and connect your employees to your mission? In a 2017 survey, polling organization Gallup found that only 41 percent of U.S. employees said that they knew what their company stands for. The same research showed that a 10 percent improvement in this understanding led to an 8.1 percent decrease in turnover and a 4.4 percent increase in profitability.
Used correctly, your benefits package can demonstrate your values and create a better experience for your employees, whether they’re at work or at home. Join BambooHR and League to explore how to use your benefits program to promote an improved employee experience.
Automate Your Way to a Stellar Employee Recognition and Rewards ProgramBambooHR
The right recognition and rewards program can dramatically reduce employee turnover and foster a culture that celebrates success everyday. But keeping track of new hire, termination, birthday, and work anniversary information, and syncing that data by hand with a rewards and recognition program will leave you feeling like you’re barely treading water. There must be a better way—and one that doesn’t make your hand cramp so much.
Join us for this webinar case-study to see how a customer of both BambooHR and Bonusly was able to leverage the features and integrations of each to automate their employee recognition and rewards program. Turn a chore into a winning strategy through the power of automation.
Constructing Culture Through Rewards and RecognitionBambooHR
While a reward and recognition program can encourage better performance and productivity, it can also communicate a lot about your organization’s culture. What types of behaviors and habits are you encouraging (or discouraging) in your employees? Organizations with strategic recognition programs can reduce employee frustration in the workplace by 28 percent while constructing a productive and positive culture. Is your program building your culture?
Communicating Compensation to Executives and ManagersBambooHR
Being able to communicate compensation can be tricky. There are a lot of variables when presenting this to executives and managers. But it's vital you get it right so that you keep your best talent.
Trust, Performance & Leadership: Success Through Employee GrowthBambooHR
It’s no secret that effective leadership is an important part of your organization. It’s why we believe that HR needs to be involved with executives when it comes to developing strategy. Your leadership style helps determine employee engagement levels through its impact on every team in your company. Your leadership style determines whether your departments communicate effectively, and whether employees communicate well with each other. Perhaps most of all, your leadership style has a huge impact on retention and all its associated costs.
Effective leadership is essential, for these reasons and a host of others. But what does it take to develop effective leaders? BambooHR explores steps and strategies to develop essential leadership skills in each of your employees, starting with building the key component: trust.
This presentation covers:
-Three factors that help develop trust in any working relationship
-Tips for improving communication and recognition programs
-The difference between performance management and performance development
-Why the best leaders are often grown, not recruited
As your organization builds trust and teaches effective leadership principles, it helps your employees grow, whether they’re asked to take charge of a team or advance your organization’s mission in their respective roles. Making this investment engages your employees in their work, leads to more effective communication within and between departments, and eases transitions as your employees continue in their careers. And as your employees learn to lead from where they are, it becomes easier for you to translate your top-level strategies into real results; not just in the executive meeting, but throughout your organization.
How HR Can Balance Compliance, Vision, and the Employee ExperienceBambooHR
oin Libby Mullen from BizLibrary and Cassie Whitlock from BambooHR as they discuss how HR professionals can balance the demands of legal, leadership, and employee concerns. We’ll cover four key facets where HR’s efforts will be the key factor in producing desirable results, like increased employee engagement, higher productivity, and strong company culture. With this new mindset, HR will finally have the time, know-how, and buy-in to focus on the human side of human resources.
Connected Leadership: How to Invest in Your Management TeamsBambooHR
It takes more than one great leader to make a successful organization. In a recent study, 57% of workers ranked opportunities to learn and grow as one of the most important aspects of workplace culture. Join Cassie Whitlock of BambooHR and Erin Boettge from BizLibrary to explore what it takes to connect your employees to your organization and their teammates through the right leadership opportunities.
We’ll define leadership and identify the skills your managers need to go from managing subordinates to inspiring and uniting the members of their team.
Tough Comp Conversations: A Guide For Doing Them RightShelly Myers
Comp can be tricky… after all, few things carry as much emotional weight as comp. And with the increased transparency in the market, combined with our collective propensity to rate ourselves against others, the frequency of these very difficult conversations are increasing. To top it all off, they’re mostly being had by managers who are not ready for them, which is frightening, because getting these conversations wrong can be incredibly costly.
In this webinar will deconstruct some of the psychology around comp. We’ll take an analytic look at comp’s role in the employee experience, and then we’ll get really tactical with guidance on very specific compensation conversations. We’ll also talk about the interplay between comp and culture, and provide insight into how you can pave the path for these conversations to go smoother, even before they ever happen.
We hope you’ll join Payscale and BambooHR in this important discussion.
How to Improve Retention Now and in the FutureBambooHR
In a recent survey from PayScale, business leaders identified retention as one of their top concerns, with 24 percent of respondents saying it will be their biggest HR challenge in 2019. With the job market as competitive as it is, and cost of turnover as high as it is, it’s no wonder improving retention is at the top of the priority list for many organizations. Yet not all of these organizations know what retention techniques to use when it comes down to actually moving the needle.
Join BambooHR and PayScale as they share both long-term strategies and immediate tactics for boosting retention in your organization
Navigating the Seven C's of OnboardingShelly Myers
The impressions your new employees make as they join your organization can set the course for their long-term experience. Social psychologist Amy Cuddy of Harvard Business School found that 80 to 90 percent of an overall first impression focuses on two aspects: trustworthiness and competence. An effective onboarding process will leave the right impression, from the small steps that convey warmth to a continuing experience that proves your organization’s effectiveness.
Join BizLibrary and BambooHR as they explore how optimizing seven cyclical steps can lead to an improved employee experience—from the time candidates click the job description to their next big contribution to your organization.
Webinar-Comp is Culture: Findings from PayScale's 2017 Compensation Best Prac...PayScale, Inc.
Compensation reflects your culture. However, there's a disconnect between how employers think their employees feel about pay and how employees feel. The 2017 Compensation Best Practices Report supports this disconnect: 44% of employers say their employees are fairly paid, but only 20% of employees agree.
Join PayScale and BambooHR as we discuss more interesting findings from the 2017 Compensation Best Practices Report. We’ll also discuss how organizations use modern compensation practices to get positive business results.
Register for this webinar and you’ll learn:
-What trends exist in pay transparency
-Why the standard 3 percent raise might be on its way out
-Why you should consider paying more for competitive jobs
-How to align variable pay to business goals
Closing The Gap Between Recruiting and HR Through Better OnboardingBambooHR
22 percent of new hires leave within their first 45 days. The gap between the candidate experience and actual employee experience creates a hardship on companies. This slideshare shows the gap, why it's happening and what to do about it.
How Compensation Discussions Make Or Kill CultureBambooHR
Payroll is by far your biggest expense and the cost of getting it wrong is tremendous. It is also something that your employees are very interested in but is rarely communicated well. These slides look at how we tend to look at compensation, how we can make it more approachable, and a look at how the way you communicate compensation affects your culture.
Key learnings include:
• How to use compensation as a recruiting and retention strategy
• How to find the value in compensation beyond money
• How to communicate compensation so it boosts productivity
The line between managers and HR can be blurry when it comes to employee performance. This slideshare looks at what performance is, what it should be and how to get the most out of your employees.
5 Tips To Make Incentives Meaningful and Retain EmployeesBambooHR
It is easy to give people incentives, but are those incentives creating the impact you want? This presentation shares how you can make incentives meaningful and in turn retain employees.
Reward Vs Recognition: Do You Know When To Use Each Motivator?BambooHR
Rewarding and recognizing employees can be difficult. Finding the right balance between rewards and expectations can be tricky. Here are some ideas on how to use rewards and recognition to motivate your team.
Are you bringing on top candidates only to have them become average employees? There slides share six keys that can help your employees succeed starting today.
Main Takeaways:
• 6 keys to increase the success of your employees
• How to identify whether your employees need more engagement
• How to turn average performers into stars
5 Reasons You Should Pay Employees For PerformanceBambooHR
Pay can be a sensitive topic—but that doesn’t mean you shouldn’t talk about it. Understanding the link between pay and performance can be vague. This webinar looks at what pay for performance is, the top reasons why it works, what mistakes are being made and what you can do today to build productivity through pay.
Best Practices in Managing Employee TurnoverBambooHR
You spend too much time and energy to get the right people on your team to just stop worrying about them once they're on. This slideshare looks at employee turnover and how you can minimize it.
The 2016 Compensation Best Practices Report found that 73% of employers consider their employees fairly paid, yet only 36% of employees feel they are paid fairly.
As more states look into creating fair pay laws the notion of equal pay is beginning to expand beyond gender into other protected areas. So what is the link between equal pay and fair pay, and how can organizations best achieve fair pay?
Join PayScale as we discuss:
- What current protections exist for equal pay
- What is fair pay and why does it matter
- How do organizations really reward people fairly
Watch the webinar on demand here: https://www.humanresourcestoday.com/frs/10299799/5-steps-to-a-smart-compensation-plan
Many forces are coming together to accelerate the pace of change in the workplace. We're now in an employee's market where organizations fight tooth and nail to get top talent.
Watch this webinar on demand and get key tips on how to develop a fair compensation plan with accurate salary benchmarking. Payscale will show you how to create a modern comp plan from intention to implementation.
Throughout this recorded webinar, you'll learn about:
- The importance of laying the groundwork for success
- How to build market-based pay ranges
- The path to successfully implementing your plan
Accelerating New Hire Productivity Through Onboarding Part 2BambooHR
This slideshare walks you through hiring new employees and how to help them be productive from day one. It shares stats and other useful information to help you get started today.
Do your benefits align with your organization’s values and connect your employees to your mission? In a 2017 survey, polling organization Gallup found that only 41 percent of U.S. employees said that they knew what their company stands for. The same research showed that a 10 percent improvement in this understanding led to an 8.1 percent decrease in turnover and a 4.4 percent increase in profitability.
Used correctly, your benefits package can demonstrate your values and create a better experience for your employees, whether they’re at work or at home. Join BambooHR and League to explore how to use your benefits program to promote an improved employee experience.
Automate Your Way to a Stellar Employee Recognition and Rewards ProgramBambooHR
The right recognition and rewards program can dramatically reduce employee turnover and foster a culture that celebrates success everyday. But keeping track of new hire, termination, birthday, and work anniversary information, and syncing that data by hand with a rewards and recognition program will leave you feeling like you’re barely treading water. There must be a better way—and one that doesn’t make your hand cramp so much.
Join us for this webinar case-study to see how a customer of both BambooHR and Bonusly was able to leverage the features and integrations of each to automate their employee recognition and rewards program. Turn a chore into a winning strategy through the power of automation.
Constructing Culture Through Rewards and RecognitionBambooHR
While a reward and recognition program can encourage better performance and productivity, it can also communicate a lot about your organization’s culture. What types of behaviors and habits are you encouraging (or discouraging) in your employees? Organizations with strategic recognition programs can reduce employee frustration in the workplace by 28 percent while constructing a productive and positive culture. Is your program building your culture?
Communicating Compensation to Executives and ManagersBambooHR
Being able to communicate compensation can be tricky. There are a lot of variables when presenting this to executives and managers. But it's vital you get it right so that you keep your best talent.
Trust, Performance & Leadership: Success Through Employee GrowthBambooHR
It’s no secret that effective leadership is an important part of your organization. It’s why we believe that HR needs to be involved with executives when it comes to developing strategy. Your leadership style helps determine employee engagement levels through its impact on every team in your company. Your leadership style determines whether your departments communicate effectively, and whether employees communicate well with each other. Perhaps most of all, your leadership style has a huge impact on retention and all its associated costs.
Effective leadership is essential, for these reasons and a host of others. But what does it take to develop effective leaders? BambooHR explores steps and strategies to develop essential leadership skills in each of your employees, starting with building the key component: trust.
This presentation covers:
-Three factors that help develop trust in any working relationship
-Tips for improving communication and recognition programs
-The difference between performance management and performance development
-Why the best leaders are often grown, not recruited
As your organization builds trust and teaches effective leadership principles, it helps your employees grow, whether they’re asked to take charge of a team or advance your organization’s mission in their respective roles. Making this investment engages your employees in their work, leads to more effective communication within and between departments, and eases transitions as your employees continue in their careers. And as your employees learn to lead from where they are, it becomes easier for you to translate your top-level strategies into real results; not just in the executive meeting, but throughout your organization.
How HR Can Balance Compliance, Vision, and the Employee ExperienceBambooHR
oin Libby Mullen from BizLibrary and Cassie Whitlock from BambooHR as they discuss how HR professionals can balance the demands of legal, leadership, and employee concerns. We’ll cover four key facets where HR’s efforts will be the key factor in producing desirable results, like increased employee engagement, higher productivity, and strong company culture. With this new mindset, HR will finally have the time, know-how, and buy-in to focus on the human side of human resources.
Connected Leadership: How to Invest in Your Management TeamsBambooHR
It takes more than one great leader to make a successful organization. In a recent study, 57% of workers ranked opportunities to learn and grow as one of the most important aspects of workplace culture. Join Cassie Whitlock of BambooHR and Erin Boettge from BizLibrary to explore what it takes to connect your employees to your organization and their teammates through the right leadership opportunities.
We’ll define leadership and identify the skills your managers need to go from managing subordinates to inspiring and uniting the members of their team.
Tough Comp Conversations: A Guide For Doing Them RightShelly Myers
Comp can be tricky… after all, few things carry as much emotional weight as comp. And with the increased transparency in the market, combined with our collective propensity to rate ourselves against others, the frequency of these very difficult conversations are increasing. To top it all off, they’re mostly being had by managers who are not ready for them, which is frightening, because getting these conversations wrong can be incredibly costly.
In this webinar will deconstruct some of the psychology around comp. We’ll take an analytic look at comp’s role in the employee experience, and then we’ll get really tactical with guidance on very specific compensation conversations. We’ll also talk about the interplay between comp and culture, and provide insight into how you can pave the path for these conversations to go smoother, even before they ever happen.
We hope you’ll join Payscale and BambooHR in this important discussion.
How to Improve Retention Now and in the FutureBambooHR
In a recent survey from PayScale, business leaders identified retention as one of their top concerns, with 24 percent of respondents saying it will be their biggest HR challenge in 2019. With the job market as competitive as it is, and cost of turnover as high as it is, it’s no wonder improving retention is at the top of the priority list for many organizations. Yet not all of these organizations know what retention techniques to use when it comes down to actually moving the needle.
Join BambooHR and PayScale as they share both long-term strategies and immediate tactics for boosting retention in your organization
Navigating the Seven C's of OnboardingShelly Myers
The impressions your new employees make as they join your organization can set the course for their long-term experience. Social psychologist Amy Cuddy of Harvard Business School found that 80 to 90 percent of an overall first impression focuses on two aspects: trustworthiness and competence. An effective onboarding process will leave the right impression, from the small steps that convey warmth to a continuing experience that proves your organization’s effectiveness.
Join BizLibrary and BambooHR as they explore how optimizing seven cyclical steps can lead to an improved employee experience—from the time candidates click the job description to their next big contribution to your organization.
Webinar-Comp is Culture: Findings from PayScale's 2017 Compensation Best Prac...PayScale, Inc.
Compensation reflects your culture. However, there's a disconnect between how employers think their employees feel about pay and how employees feel. The 2017 Compensation Best Practices Report supports this disconnect: 44% of employers say their employees are fairly paid, but only 20% of employees agree.
Join PayScale and BambooHR as we discuss more interesting findings from the 2017 Compensation Best Practices Report. We’ll also discuss how organizations use modern compensation practices to get positive business results.
Register for this webinar and you’ll learn:
-What trends exist in pay transparency
-Why the standard 3 percent raise might be on its way out
-Why you should consider paying more for competitive jobs
-How to align variable pay to business goals
Closing The Gap Between Recruiting and HR Through Better OnboardingBambooHR
22 percent of new hires leave within their first 45 days. The gap between the candidate experience and actual employee experience creates a hardship on companies. This slideshare shows the gap, why it's happening and what to do about it.
How Compensation Discussions Make Or Kill CultureBambooHR
Payroll is by far your biggest expense and the cost of getting it wrong is tremendous. It is also something that your employees are very interested in but is rarely communicated well. These slides look at how we tend to look at compensation, how we can make it more approachable, and a look at how the way you communicate compensation affects your culture.
Key learnings include:
• How to use compensation as a recruiting and retention strategy
• How to find the value in compensation beyond money
• How to communicate compensation so it boosts productivity
The line between managers and HR can be blurry when it comes to employee performance. This slideshare looks at what performance is, what it should be and how to get the most out of your employees.
5 Tips To Make Incentives Meaningful and Retain EmployeesBambooHR
It is easy to give people incentives, but are those incentives creating the impact you want? This presentation shares how you can make incentives meaningful and in turn retain employees.
Reward Vs Recognition: Do You Know When To Use Each Motivator?BambooHR
Rewarding and recognizing employees can be difficult. Finding the right balance between rewards and expectations can be tricky. Here are some ideas on how to use rewards and recognition to motivate your team.
Are you bringing on top candidates only to have them become average employees? There slides share six keys that can help your employees succeed starting today.
Main Takeaways:
• 6 keys to increase the success of your employees
• How to identify whether your employees need more engagement
• How to turn average performers into stars
5 Reasons You Should Pay Employees For PerformanceBambooHR
Pay can be a sensitive topic—but that doesn’t mean you shouldn’t talk about it. Understanding the link between pay and performance can be vague. This webinar looks at what pay for performance is, the top reasons why it works, what mistakes are being made and what you can do today to build productivity through pay.
Best Practices in Managing Employee TurnoverBambooHR
You spend too much time and energy to get the right people on your team to just stop worrying about them once they're on. This slideshare looks at employee turnover and how you can minimize it.
The 2016 Compensation Best Practices Report found that 73% of employers consider their employees fairly paid, yet only 36% of employees feel they are paid fairly.
As more states look into creating fair pay laws the notion of equal pay is beginning to expand beyond gender into other protected areas. So what is the link between equal pay and fair pay, and how can organizations best achieve fair pay?
Join PayScale as we discuss:
- What current protections exist for equal pay
- What is fair pay and why does it matter
- How do organizations really reward people fairly
Watch the webinar on demand here: https://www.humanresourcestoday.com/frs/10299799/5-steps-to-a-smart-compensation-plan
Many forces are coming together to accelerate the pace of change in the workplace. We're now in an employee's market where organizations fight tooth and nail to get top talent.
Watch this webinar on demand and get key tips on how to develop a fair compensation plan with accurate salary benchmarking. Payscale will show you how to create a modern comp plan from intention to implementation.
Throughout this recorded webinar, you'll learn about:
- The importance of laying the groundwork for success
- How to build market-based pay ranges
- The path to successfully implementing your plan
Webinar-How to Do Comp Like Top-Performing CompaniesPayScale, Inc.
If you’re looking to make a positive impact to your company's success, you should implement modern pay practices. Findings from the 2017 PayScale Compensation Best Practices Report indicated a strong correlation between modern pay practices and business success.
Top-performing companies view pay as an ongoing practice and not an annual event. Compensation is also a key part of their culture and these companies communicate their pay practices clearly. Do you want to know more about how top-performing companies manage compensation?
Join PayScale’s Mykkah Herner and Camie Bailey to learn what top-performing companies are doing around pay:
-Developing a market strategy and keeping it current
-Extending and reinforcing your culture with compensation
-Having effective pay conversations
Last year is so last year – it’s time for real time pay for performance. In our recent 2016 Compensation Best Practice Report, 44% of all companies cited eliminating traditional performance reviews in favor of real-time feedback as the biggest trend that would shake up the HR world.
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.
Get Pay Right with PayScale Insight ExpertPayScale, Inc.
Watch this 30 minute webinar, as we demonstrate how to get pay right - the PayScale way.
-Be confident in your pay decisions with access to pay data that's updated daily.
-Price your job positions according to skills, experience, and local market trends.
-Save the aging for your wine – PayScale’s data is real-time and always at market.
If you're creating, maintaining, or revamping a comp strategy, you won't want to miss this presentation.
payscale.com/hr
Strenghtening the link between pay and performancePayScale, Inc.
More companies than ever are moving to a performance based compensation model. However implementing a pay-for-performance program is not an easy thing to get off the ground.
Paying for Performance: a Critical Tool to Fuel Both Individual and Organizat...BambooHR
Compensation isn’t an event. Compensation is an evolution, and your employees track it in the only way they can: by comparison. They will compare their current situation to their coworkers’, to others in their industry and locale, and even to their prior experiences. Research from CEB, a Washington-based best-practice insight and technology company, shows that job-hunting activity jumps 6% on the anniversary of the hire date, 9% on the anniversary of a promotion, 12% after a birthday, and 16% after a high school reunion. When you factor measured performance into your pay strategies, you’re providing favorable comparison points and supporting the evolution of both your employees and your organization.
Join Victoria Hodgkins of BambooHR and Cami DeFoor of PayScale as they explore the important relationship between pay and performance, with five important factors to consider when linking pay to performance.
We invite current PayScale customers to join us for a special 30-minute webinar tour of PayScale Insight Expert that will show you how much you can grow with Insight Expert professional services.
Creating a meaningful culture is important to any organization. In this webinar we look at the role compensation has on culture based on a comprehensive study done by PayScale.
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.
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.
Webinar - Best Practices in Pay-for-PerformancePayScale, Inc.
Incentivizing employees based on performance makes a ton of sense. High performing employees should get a bigger piece of the pie, while low performers may not get a raise. In fact, according to PayScale's 2017 Compensation Best Practices Report, performance was the number one reason for giving increases last year. Organizations are moving away from using COLA as a reason for across the board raises.
Join PayScale's Mykkah Herner and Chris Estes to learn how to do pay-for-performance well and why paying for performance remains a strong compensation best practice.
Register for this webinar and you'll learn about:
-The right frequency of performance reviews
-How you can recognize performance with pay
-Monetary or non-monetary and which works best?
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 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.
Building a Compensation Plan for Better RetentionBambooHR
With the global economy teetering on recession in the wake of climbing inflation, it’s critical for business leaders to evaluate employee compensation as a way to maximize employee retention. In this webinar, Nick Gavronsky, Sr. Director of Product Management at BambooHR and Cassie Whitlock, Director of HR at BambooHR, will offer their expert guidance on how to develop the right compensation strategy to help you attract and retain top talent.
Subscribe to our BambooHR webinar series: http://bamboohr.com/HR-Unplugged
Make Time Management Simpler with Time Tracking from BambooHRBambooHR
Tracking time is an essential part of managing time and staying accountable—to your employees, your clients, and the government. But tracking time can take a lot of time, especially when your employees work in different locations or your organization serves multiple clients.
Employee Development in 2023: Trends and Tactics to Retain Good Employees.pdfBambooHR
View this presentation with BambooHR and TalentLMS to learn how to create and implement an effective employee development program, with both sound principles and specific tactics.
How your employee experience will make or break your revenueBambooHR
Join us for this meaningful conversation with Julia Anas, Chief People Officer at Qualtrics, and Aarthi Murali, Chief Customer Experience Officer at M&T Bank as they talk challenges and share real stories as well as strategies to amplify your employee experience to better support your customers and drive serious business impact.
Pay Equity Conversations Don't Have to be UncomfortableBambooHR
Join CEO & Global Executive Coach at Divinely Powered Hakemia Jackson, Bonfire Chief People & Culture Officer Becky Larkin, and Diversity Window CEO Jiquanda Nelson to learn how to identify gaps with your existing pay structures, build fair strategies that support your company goals and culture, and honestly — and compassionately — navigate tough conversations with your leadership team and employees.
Give People the Tools to Perform with BambooHR Performance ManagementBambooHR
See how BambooHR® Performance Management gives you the tools you need to lead and the tools your people need to perform. Our assessments help gather feedback from managers, peers, and the employees themselves with a few targeted questions, enabling conversations that get to the heart of what each person needs to thrive within their role.
Retention in the Face of Recession: Compensation Strategies for a Roller Coas...BambooHR
Join Lexi Clarke, VP of People at Payscale, and James Redfern, CFO at Payscale for the first ever session of our new HR Disruptors conversation series. They'll discuss how you can build a compensation plan that incentivizes candidates, helps retain employees and makes your executive team breathe a sigh of relief.
Your employees need accountability for their hours worked. You need a way to provide that accountability without bogging everyone down in checking the accuracy of working hours. BambooHR Time Tracking® bridges that gap, saving hours of work while keeping your numbers accurate.
Gain Better Insights with Reporting + Payroll in BHRBambooHR
Reporting is a must-have functionality when it comes to payroll. Payroll admins need to be able to quickly and easily create actionable reports—not only for informing business strategy, but to carry out essential tax functions, ensure future payroll runs, and more. And when it comes to presentations, who doesn’t love generating a beautifully organized goldmine of targeted insights with a mouse-click?
How BambooHR® Makes Payroll Fast, Easy and Accurate.pptxBambooHR
Payroll can be a headache-inducing task. But with payroll from BambooHR®, you can get back the time you spent triple-checking numbers (and put the aspirin away).
Tracking time is an essential part of staying accountable—to your employees, to your clients, and to the government. But tracking time can take a lot of time, especially when your employees work in different locations or your organization bills clients based on projects or hours.
Performance management is a process, not a single task. And in order to succeed, each step in that process has to respect your employees’ time, stay accurate, and lead to meaningful insights or changes where needed. That’s where BambooHR® Performance Management comes in.
Better Together: How Three BambooHR Add-ons Work Best When CombinedBambooHR
What’s the advantage of bringing together all your HR processes under one roof? With our add-ons for time tracking, performance management, and payroll combined, you can save time, connect all your data, work from a single system, and more.
Mastering Mobile Time Tracking with BambooHRBambooHR
Tracking time with full accountability can be a tall order, especially for employees who do their work in the field or off site. How do you make time tracking easy for remote and in-office employees while ensuring accuracy for your records? It’s going to take more than a dusty time clock.
Payroll Panel Streamlining Your Compensation with BambooHR Payroll.pptxBambooHR
Payroll is the keystone of any organization. When it’s consistent, solid, and supported, you can build an amazing workplace where employees have full confidence in their employer—the first requirement for employee retention.
Mastering Hourly Payroll with BambooHR.pptxBambooHR
Having Payroll and Time Tracking in BambooHR makes gathering hourly payroll information and submitting it correctly much simpler. There’s less room for errors and more breathing room in your payroll schedule with all your personnel data, hourly data, and payroll processing in a single system.
BambooHR Kalie Whitaker Total Compensation Webinar Slide Deck—5_18_2022.pptxBambooHR
The Great Resignation has a lot of businesses rethinking their retention strategies, but you don’t have to reinvent the wheel to convince your people you value them. You just have to show them you’re already investing in their success—not through unread paystubs, but with a personal explanation of everything your organization provides.
a Holistic Approach to Performance Management and Employee Satisfaction with ...BambooHR
Providing a great employee experience takes more than presentations, perks, and motivational posters. To keep employees engaged and improve long-term retention, leadership needs to know how employees view their decisions and employees need to feel that leadership cares about their future.
Your employees need accountability for their hours worked. You need a way to provide that accountability without bogging everyone down in checking the accuracy of working hours. BambooHR® Time Tracking bridges that gap, saving hours of work while keeping your numbers accurate.
The Benefits of Temporary Part-Time Jobs for StudentsSnapJob
SnapJob is revolutionizing the way people connect with work opportunities and find talented professionals for their projects. Find temporary part-time jobs that fit your schedule and skills. Browse our listings and apply online today to secure flexible work opportunities that offer the perfect balance between career and personal life.
Becoming Relentlessly Human-Centred in an AI World - Erin Patchell - SocialHR...SocialHRCamp
Speaker: Erin Patchell
Imagine a world where the needs, experiences, and well-being of people— employees and customers — are the focus of integrating technology into our businesses. As HR professionals, what tools exist to leverage AI and technology as a force for both people and profit? How do we influence a culture that takes a human-centred lens?
Accelerating AI Integration with Collaborative Learning - Kinga Petrovai - So...SocialHRCamp
Speaker: Kinga Petrovai
You have the new AI tools, but how can you help your team use them to their full potential? As technology is changing daily, it’s hard to learn and keep up with the latest developments. Help your team amplify their learning with a new collaborative learning approach called the Learning Hive.
This session outlines the Learning Hive approach that sets up collaborations that foster great learning without the need for L&D to produce content. The Learning Hive enables effective knowledge sharing where employees learn from each other and apply this learning to their work, all while building stronger community bonds. This approach amplifies the impact of other learning resources and fosters a culture of continuous learning within the organization.
Watch this expert-led webinar to learn effective tactics that high-volume hiring teams can use right now to attract top talent into their pipeline faster.
14. bamboohr.com payscale.com
Using Compensation to Motivate Performance
What We Believe About Pay
A survey of 71,000 people shows that most can’t identify how they’re paid compared to the market.
Most People Think They are Under-paid
18. bamboohr.com payscale.com
Using Compensation to Motivate Performance
Manager Toolkit
• Compensation plan talking points
• Compensation plan information
• Details for each employee they
supervise
• Tips for each type of conversation
they may have
20. bamboohr.com payscale.com
Using Compensation to Motivate Performance
1. Work with senior leaders to define your compensation strategy
2. Build a compensation plan with reliable data
3. Define SMART goals for employees
Immediate Steps to Improve
Pay Communication
22. bamboohr.com payscale.com
Using Compensation to Motivate Performance
1. Pay is fair and consistent with the value of one’s contribution
2. Pay increases are at an appropriate pace and reflect the employee’s on-going
performance as well as changes in the labor market
3. Motivates higher levels of performance from all employees
What should a
pay for performance plan achieve?
23. bamboohr.com payscale.com
Using Compensation to Motivate Performance
Linking Performance with Pay
Company culture, compensation
philosophy, and compensation strategy
Base pay plan
Variable or incentive pay plan
Individualized rewards & recognition
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Using Compensation to Motivate Performance
Trends on Base Pay Increase
(PayScale 2018 Compensation Best Practices Report)
19% of orgs budgeted
base pay increase of
4% or greater
20% of orgs gave certain
employees an increase
greater than 15%
84% of all orgs plan to
give increases in 2018
27. bamboohr.com payscale.com
Using Compensation to Motivate Performance
• 71 % of organizations offered variable pay (bonuses, commissions)
• Number of spot bonuses decreased YoY from 46 % to 39 %
• Individual incentive increased (67 % vs 64 %)
• Hiring bonuses increased (34 % vs. 27%)
Employers are counting on variable pay
to hire and retain
28. bamboohr.com payscale.com
Using Compensation to Motivate Performance
• Passes to sporting events
• Catered lunches for winning teams
• Days off after big deadlines
• Choice of work assignment
• Development opportunities
• Lunch with the CEO
• Remote work
29. bamboohr.com payscale.com
Using Compensation to Motivate Performance
Typical Challenges
• Insufficient funding / budget
• Poor goal setting / unclear definition of performance
• Unrealistic employee rewards expectations
The best rewards program will not be successful if not clearly
understood by employees.
32. bamboohr.com payscale.com
Using Compensation to Motivate Performance
When your budget is tight…
Consider:
• Pricing jobs to market; use budget to bring green outliers into range
• Give market-based increases for positions where market shows
steady upward pattern
• Use budget to address pay equity (gender, compression, etc.)
• Invest in an incentive pay pool; payout based on goal attainment
34. bamboohr.com payscale.com
Using Compensation to Motivate Performance
Practices for building a
pay for performance culture
• Get buy-in from all levels
• Don’t incentivize individuals who are consistently under-performing
• Decide what good performance looks like
• Create feedback mechanisms
• Set rewards expectations with employees
• Create a merit matrix
35. bamboohr.com payscale.com
Using Compensation to Motivate Performance
Choosing Smart Goals
Develop Clear and Aligned Goals
• Company or Organization Level
• Department or Team Level
• Individual Level
Goal-Setting Best Practice
• SMART – Specific, Measurable, Attainable, Relevant, and Timebound
• KIS(S) – Keep It Simple!
38. bamboohr.com payscale.com
Using Compensation to Motivate Performance
1. Define performance management processes
2. Identify employee motivators
3. 16 Elements of Engagement health check
4. Develop a toolkit for managers
• Align goals with performance and engagement
• Trained for compensation conversations
Takeaways
39. bamboohr.com payscale.com
Using Compensation to Motivate Performance
BambooHR
Receive a free job posting on our ATS and full HRIS for one week.
We will contact everyone within the next few days to set this up.
Check out the 2018 Compensation Best Practices Report
PayScale
https://www.payscale.com/cbpr
Questions?
BAMBOO
16 elements of engagement, satisfaction, and performance
The building blocks of high performing people, cultures, and organizations
BAMBOO
Input elements are what you need to get work done:
Objective (know where you’re going)
Alignment (doing work that fits)
Plan (knowing what to do/how to move forward)
only 6 in 10 employees know what is expected of them at work (Gallup, State of American Workplace Report 2017)
Space (having autonomy to work)
Contribution (making an impact)
56% employees expressed that the opportunity to use their skills and abilities was a very important contributor to job satisfaction (2017 Employee Job Satisfaction & Engagement Executive Summary)
Score (measuring progress)
Momentum (being in motion)
Investment (you have skin in the game)
While only 30% of employees strongly agree that their manager involves them in setting their goals at work, those who do are 3.6 times more likely than other employees to be engaged (Gallup, State of American Workplace Report 2017)
BAMBOO
BAMBOO
Leadership (someone who believes in us, challenges us, and shows us the way)
Relationship (having connections with people you care about)
Our research revealed that just 30% of employees have a best friend at work. Those who do are seven times as likely to be engaged in their jobs, are better at engaging customers, produce higher quality work, have higher well-being, and are less likely to get injured on the job. In sharp contrast, those without a best friend in the workplace have just a 1 in 12 chance of being engaged. (Gallup)
Environment (surroundings that support and enable our efforts)
culture, cues, ecosystem
If you create a great place to work, great work takes place.
Renewal (restoration and balance)
BAMBOO
Identify (knowing your capabilities and believing in yourself; how you see yourself)
Growth (mastery & progress both personally and professionally)
59% of millennials say opportunities to learn and grow are extremely important to them when applying for a job. 44% of Gen Xers and 41% of baby boomers say the same about these types of opportunities. (Gallup, How Millennials Want to Work and Live, 2016)
Meaning (finding fulfillment/doing work that serves a purpose)
Value (feeling appreciated, valued, and adequately compensated)
Total rewards (rewards, recognition, compensation)
PAYSCALE
Comp is necessary to attract, retain, and motivate talent. Employees are motivated when they are engaged within the organization.
Employers need to build a solid foundation with compensation to encourage a high level of engagement and motivation.
We do however recognize it is not comp alone that leads to engagement; but it is a primary influencer
BAMBOO
About 88% of employees are not engaged or actively disengaged at work. The economic consequences of this global "norm" are approximately $7 trillion in lost productivity (Gallup)
Alfred Lin, former COO and chairman of Zappos explained, “Zappos was built on the simple premise that to have happy customers, we need happy employees. To have happy employees, we need a great company culture. The success of Zappos demonstrates the linkage between company culture and employee engagement to company success. Our motto of ‘Deliver Happiness’ for customers and employees was also good for our business and investors.” (Harvard Business Review, The Impact of Employee Engagement on Performance)
Indeed, 77% of organizations that prioritized employee engagement reported a considerable impact on customer satisfaction as a result
PAYSCALE
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Here at PayScale, we conduct a survey every year called the Compensation Best Practices Survey or CBPR. Where We ask over 7,000 HR managers,
HR leaders,
business leaders
and employees about how they are doing compensation and questions related to employee engagement.
What you see here is data from our 2017 CBPR. When we conducting this survey we found a gulf between how employers think employees feel about workplace issues,
and how employees actually feel. We call this the corporate chasm. There is a disparity on both pay practices and feeling valued in the workplace.
Let’s talk about what we are seeing here:
-When it comes to pay, only 20 percent of employees said they were paid fairly, whereas 44 percent of employers said their employees were paid fairly.
-Employers were more inclined to say that their employees were appreciated at work (64 percent), whereas only 45% of employees said they were appreciated at work.
-Pay transparency – only 25 % of employees said their company had a transparent pay policy, versus 31% of employers said this.
-The key point here is that employers consistently have healthier views of employee engagement levels at their companies.
Whereas Employees have more dissatisfied views than their employers assume.
Employees who are feeling undervalued in terms of compensation are often feeling undervalued, period.
This is suggests that Pay is the cornerstone. When pay isn’t right, all other gestures of appreciation can ring hollow.
BAMBOO
But let’s be honest, real life is never as straightforward as value in, value out. Employees might invest time, great ideas, and leadership skills, and so they expect compensation to match. The employer may think that a salary sets the scales in balance, but value is all about perception. An employee might not feel valued with a paycheck alone. But perhaps health insurance, a 401k with company match, and a culture with balanced time and popsicles in the breakroom freezer can add to the value.
But it’s important to be transparent with that value.
PAYSCALE
Going back to the CBPR report we have additional support that shows us Most people don’t know how well they are paid, and when people don’t know, they most often think they are underpaid.
In a PayScale Study of 71,000 employees we found that nearly two-thirds of employees who believed they were underpaid
were actually paid at market.
In fact, 35 percent of employees who believed they were underpaid were actually paid above market. This says to us that it is not necessarily about paying more, but about being more transparent.
Talking with employees about how employees are paid in the first place. We will talk in a few monments about what level of transparency might work for your organizations, but Lack of transparency can lend to speculation, which could turn to resentment, and this can have far reaching consequences:
in fact, 60 percent of employees who said they were underpaid also said they intended to look for a new job.
It can be surmised that The lack of any transparency around how pay decisions are made is really making things worse for employees. The only thing worse than feeling underpaid is having no idea why.
What is even more interesting is that the study also found that 82 percent of employees felt satisfied at their company even if they were underpaid, as long as they knew the reason why.
What we can see is employee engagement is the cornerstone for employee engagement and it must be coupled with good communication, and the employee feeling valued
PAYSCALE
We are going to be discussing pay communication, but before you communicate, you need to determine what level of transparency is right for your organization.
There are some CONSIDERATIONS for determining transparency
Workforce demographics and expectations – going from what to Whoa might not be expected
Cultural norms – does the organization philosophy and culture support giving the where, but not the why?
Staff and manager sophistication – do you have a managerial team that can support that message and do so consistently?
Time for communication training
Exactly what do you intend to share, when, how, and why?
Org status and successes
Third party study
Comp plan exists
Comp plan details
Comp strategy and/or philosophy
Moving to greater transparency means that you will need to get buy in from executives and help develop communication around the change You cannot go at this without support and buyin from your executives.
BAMBOO
BAMBOO
Compensation = an exchange of value, not just money
On an employee-by-employee basis, does each individual feel valued?
Some employee value drivers (what employees bring to the exchange)
Experience in industry
Experience in market vertical
Experience in adjacent markets
Experience in discipline
Experience in adjacent disciplines
Product and competitor knowledge
Level of education and more
Some employer value drivers (what the employer brings to the exchange)
Pay
PTO
Benefits
Travel
Culture
Work
Flexibility
BAMBOO
Managers are on the frontlines when it comes to compensation conversations
Only 19% of organizations feel very confident in their managers’ abilities to have tough conversations about pay, let alone the ability to recognize when an employee is feeling underappreciated
Training is vital for managers to understand holistic compensation (value exchange)
“Go talk to HR” undermines their authority and damages employee trust/engagement
Manager Communication Toolkit
Compensation plan talking points
Compensation plan information
Details for each employee they supervise
Tips for each type of conversation theymay have
BAMBOO
HR’s role: get the program ready, continue communicating updates to the executive team and train the management team
Executives’ role: approving the compensation plan and communicating it at a high level to the company, carry out the manager communication duties to their teams
Managers’ role: understand the program, communicate the information to their employees and seek support from HR if needed
Employees’ role: encouraged to bring questions back to their managers or HR
This will empower employees and boost engagement
PAYSCALE
CPBR 2017 - 49 % of organization are aiming to move up the pay transparency spectrum in 2017.
If your organization falls somewhere lower on the spectrum than you’d like to be, here are some things you can do to immediately increase pay transparency in your organization.
Work with your senior leaders and executives to Develop a compensation philosophy and strategy and share this company-wide. Address what you plan to reward with compensation (performance, tenure, acquisition of skills)
Build a compensation plan with reliable data - Perform a market study to find out how your organization compares to the market.
If you’ve conducted a market study, let your employees know that you analyzed the markets where you compete for talent, developed a competitive market strategy, and benchmarked your jobs. You might also share more details about the results, including areas of the organization that are currently lagging the market or next steps.
Help your employees and managers by defining SMART goals for you employees. To tie performance to compensation, you need to have good goals/metrics.
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What should a pay performance plan achieve?
It should ensure that Employees are paid fairly, consistent with the value of their contribution to their employers. Employees feel they are being treated equitably when strong contributors receive the largest rewards and poorer performers receive little or no reward.
Provide adjustments that bring pay from its starting point at the date of hire to wherever it ought to be, at the appropriate pace, and then maintain it at the level that reflects both ongoing performance & changes in the labor market.
And finally it should motivate higher levels of performance. Hopefully oyu have the ability to use those budget increases as investments that drive employees.
PAYSCALE
Now as we all know outside of base pay there are many different types of incentives/pay, cash-non-cash ways to reward performance.
There are some more typical ways to connect performance and pay, such as with a merit increases, and some less typical ones, such as equity. The options range from monetary to non-monetary.
Team Incentives, project incentives, individual incentives
Mix may vary by industry, size, org phase (startup…), location (urban/rural), functional area, level… etc. Have a good reason for the mix, tailor for workforce, be consistent.
PAYSCALE
As I have mentioned We just wrapped up our compensation best practices survey which was sent out to HR leaders, business leaders, Finance/Operations professionals and employees a couple of months ago.
In relation to base pay We found that
19 % of organizations budgeted base pay increase of 4% or greater.
20% of organizations said that the highest pay increase given to employees was greater than 15%.
24% of all organizations plan to give increases in 2018.
Thus we see that
PAYSCALE
2018 CPBR data:
What were the main reasons for raises in 2017? The top five reasons remain unchanged from last year’s Compensation Best Practices Report: performance, retention, market adjustment, cost of-living adjustment and internal pay inequities (not compliance-related).
Employers seeking to be employers of choice will do well to link their pay raises to performance and market rates for their jobs. Today’s savvy high performers don’t only want to see that they are paid well for their efforts. Their satisfaction is driven most by feeling the approach to pay is fair and transparent at the organization, not how much someone is actually paid.
They are also much more informed about the value of their jobs in the market and they are often approached by recruiters about new job opportunities. The rising number of online sources to which employees can now turn for pay information has made employees confident in approaching their employer to ask for a raise. Basing pay increases on quantifiable reasons isn’t just good for your pay brand; in some states, it’s required by law.
PAYSCALE
In 2017, three of the top five ways of recognizing performance were monetary. The number one way was with base pay increases (54 percent). Recognition was also featured prominently in organizational strategies to reward performance.
[2017 CBPR findings below]
CBPR - Top-performing companies are more likely to reward high-performing employees with monetary rewards. They exceeded typical companies in all monetary rewards, especially goal-based bonuses (35 percent vs. 28 percent) and bigger base pay increases (58 percent vs. 54 percent).
Our study also found that top performing companies are more likely to allocate some type of budget to variable pay instead of leaving it unbudgeted. Only 19 percent of top performing companies have no budget for variable pay.
If you chose to reward with item outside of base pay, will depend on a number of factors.
How literal are you with your budget?
Who gets to see the budget?
If things aren’t in the budget, do you tend to spend money on them anyway?
Do you have an established variable pay plan already?
Resources to reference:
Do stock options motivate performance -https://www.shrm.org/hr-today/news/hr-magazine/pages/0315-employee-stock-options.aspx
PAYSCALE
2018 CBPR data
Seventy-one percent of organizations offer some form of variable pay (bonuses, commissions, etc.) Interestingly, the number of organizations offering spot bonuses decreased year-over-year from 46 percent to 39 percent while individual incentive and hiring bonuses increased, 67 percent vs. 64 percent and 34 percent vs. 27 percent, respectively. We also asked about some additional types this year and found that 39 percent offer employee referral bonuses, 30 percent offer companywide bonuses and 22 percent offer profit sharing.
BAMBOO
Rewards don’t have to be monetary
Rewards don’t have to be scheduled
Be creative and personalize incentives
PAYSCALE
Now there are always challenges around any type of change. Typically with pay for performance the largest challenge is budget
Additional challenges can be seen with poor goal setting and unclear definitions of what is considered “high performance”
PAYSCALE
If you intend to link performance-with-pay, then you must talk about it and consider it up front. If you aren’t able to give substantive raises to your highest performers, consider including performance-based incentives and/or rewards as their own line item.
Let’s talk about what might work depending on your budget situation.
PAYSCALE
The nice thing about a merit matrix is that it provides an easy, visible framework for rewarding performance. That can aid in your communication about performance to employees, especially during compensation reviews.
One of the questions HR has is whether the merit matrix is still the way to go when it comes to acknowledging performance with pay. The answer is that it depends.
-One consideration is do you have enough budget to meaningfully differentiate pay increases for top performers? According to PayScale,s 2017 CBPR, 31 percent of organizations budgeted a 3 percent increase. But a 3 percent increase may not be an effective tool to encourage high performance.
Sometimes, depending on how many ratings you have, a merit matrix can significantly differentiate pay for your highest performers. In this example, you see that the highest performers who are low in range receive that mystical 7 percent increase, while those who merely meet expectations receive increases that are a full 3.1 percent lower. At the top end of the range, high performers receive almost double what average performers receive. In this case, I’d say that the 3 percent budget is allocated well-enough to appropriately differentiate the top performers. If your top performers only differ from your average performers by a percentage point or two, they may not feel appropriately recognized for their contributions.
Think through…
But if you have a modest budget … see next slide
Differences in pay need to be large between top vs. other performers
For the merit matrix to be effective, you have to make sure it’s used to ensure equity and it is meaningfully differentiating performance.
Merit increase is the starting point - it does protect employees purchasing power given inflation. But if you don’t have enough budget left to reward “performance” - who will employees be motivated?
When you use a merit matrix - you are seting a % increase for each level of performance - but you also need to consider whether your target salary for an employee is based on the median of the labor market. You have to consider what’s an employee’s current pay when determining increases.
With the merit increase, the employee’s pay could still be under his true value in the market.
Make sure differentiation is large enough between top vs. other performers
Consider an employee’s current pay relative to the market
Bring red-circled employees within range first
High performers who are green-circled may or may not receive a base pay increase – consider lump sum bonus
Consider employees’ position in range and performance
We’re looking here at a sample merit matrix. Know that these numbers are not being pulled from your organization, they are just examples.
So how does a merit matrix work? A merit matrix at a high level takes into account an organization’s total budget for increases, let’s say 3%, and then looks at the distribution of all employees in terms of their performance and their position in their range. From there it makes a recommendation for each employee’s raise based on those two things – performance and position in range. (And, it stays within the organization’s entire budget).
Let’s take a look at the top left hand corner of this matrix. This is an employee who is below the minimum of the range and exceeds performance expectations. Because of this, they received the largest increase possible. If an EE “does not meet expectations” - 0% increase.
One of the great things about a merit matrix is its ability to identify employees who may be a flight risk. In the top left, the employee who is paid below range and a top performer is considered flight risk – meaning they are at risk of being poached away by your competitors because their pay is low, but they’re performing well. The key is, you want to keep these people and ensure they continue to be a top performer for you, not your competitors, so special attention (and additional budget) may be allocated to those folks.
The inverse of that, in the bottom right corner, is the overpaid underperformer. These employees are above range, but their performance is below expectations. This situation can be caused by a variety of factors – for example, if a company gives across-the-board increases, regardless of performance and job market value, then at some point the more tenured employees begin to fall well above range. Whatever the reason for the overpayment for a low performer, this is a group you’ll want to keep an eye on.
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If you have a modest compensation budget, or need to put more into the variable costs instead of fixed costs, you can consider some other options:
-Price your jobs competitively to the market and use some budget to ensure folks are in range. On some cadence that fits the speed of your business, re-evaluate your jobs relative to the market. Give market-based increases for those positions where the market shows a steady upward pattern.
-Complete your internal evaluation (pay equity, compression) to make sure you are paying fairly across the organization. Use budget as needed to fix potential issues.
-Invest more of what was typically your budget increase to an incentive pay pool. Set goals and priorities that align to your business goals, and pay out against those goals on a cadence that makes sense for your business.
The advantage to having more to draw from in the incentive budget is that you pay out when people perform. Technically, the costs are variable and if you set your goals well you’ll have excellent return on your compensation investment. In terms of performance management, because the payout is based on goal-attainment, a performance rating is technically superfluous (for compensation).
https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/incentive-pay-mix.aspx
https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/bonus-incentives-gone-bad.aspx
Pay Mix"If you put a lot of pay at risk, you have a lot more risk of dysfunctional and unethical behaviors," said Mark Blessington, president of sales management consulting firm Mark Blessington Inc. in Asheville, N.C.
An incentive plan with a mix of, say, 95 percent base pay and 5 percent incentive pay is unlikely to lead to bad behavior "because the additional money to be made by engaging in those behaviors is not worth the risk of getting fired or worse," Blessington noted. "If a problem with incentives is going to occur, it will likely involve positions with much more pay at risk—say, a 50/50 split between base pay and incentives—because there is more to be gained by gaming the system."
Paying attention to the pay mix is particularly important when designing incentives for customer-facing positions. "Companies need to be very alert to any positions that touch the customer and have a high amount of pay at risk," Blessington said. Can the company really justify that amount of pay at risk in those situations? Is the incentive creating a strategic advantage, or is it creating an ethical and financial risk for the company?
Ways to reward employees during merit freezes by using Variable pay:
Recognition programs. Ranging from simple items like certificates to rather large monetary awards, recognition programs are a great way to offer praise to employees. When kept simple, they allow for the flexibility of immediate action. For example, an on-the-spot program could be created to reward employees who went the extra mile when it came to safety compliance during an unanticipated project. Awards could be a gift certificate to the company store and a personalized thank you note signed by their direct supervisors.
Bonuses.These payments can have a large impact on employee performance and should be tied to important company initiatives. Recruitment bonuses, for example, are an excellent way to expand a candidate pool while encouraging company loyalty and retention. When implementing a new bonus program, don’t forget to consider the impact of taxation on the final take home pay.
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Communication and setting expectations is super important.
Organizations have found that if they make a formal communication about the salary increase or bonus budget, it is best to announce what employees can expect to get on average. This will set appropriate expectation among the majority of employees and increase the chance that high performers will feel recognized properly if they receive more than average.
Another important aspect of being honest with employees is to communicate clearly that budgeting a certain amount for the year for compensation increases, bonuses, promotions does not mean that it all will be spent. The idea is that compensation costs should be managed just like other budget items, they spend only what can be justified and supported by business results.
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Given that there are all sorts of ways to reward performance, you’ll want to consider what will make the most sense for your business.
When you design an incentive compensation program or want to change your existing one, you’ll want to do a few things:
Survey employees regarding the incentives they would value.
Explain to employees how the incentives work, including what level of performance is necessary for them to benefit.
Check in with employees regularly to gauge their satisfaction with the plan.
Interview employees who are leaving the organization voluntarily to find out if the incentive pay program had anything to do with their decision to leave.
Keep upper-level management apprised of how the plan is working.
Number one reason incentive programs fail is that HR did not seek employee input, so no one understood what motivates workers
Make sure your performance goals are clear and realistic. If the goals are unrealistic, employees may engage in unethical behavior to reach these targets, while endangering customer satisfaction.
Picking the right metrics is extremely important. For example, a retail store manager might earn an incentive based in part on improving store operating margins. One way to achieve that is by cutting staff or not delivering appropriate pay to those workers. That behavior on the part of store managers could lead to strong bonus payouts in the short term, but it could also damage customer satisfaction over the longer term if service levels suffer.
To motivate performance, also make sure that the goals are based on your work cycle.
Make sure the incentive plan isn’t too aggressive that you encourage the wrong behavior from employees in order to meet targets.
The performance standards should be objective; not changed midstream.
Make sure to train managers – if your plan is one that does not reward employees who are already paid above market even though they meet expectations, managers will have to explain this to employees and be brought on board with your plan.
Incentives require diligent monitoring, even when they appear to be operating as intended. Especially for customer facing roles, you need to know how employees are achieving their results, and make sure their behavior isn’t going to damage long-term business performance.
https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/bonus-incentives-gone-bad.aspx
https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/wells-fargo-claws-back-millions-from-former-execs.aspx
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There are a few best practices that exist around goal setting. To tie performance to compensation, you need to have good goals/metrics. Organization level goals feed into department/team goals, which feed into the individual level. We want each individual EE to have line of sight into how their efforts contribute to the success of the org.
For example, if the organizational goal is to increase revenue, then the goal for the sales department would be to increase the number of contracts by 10 per month, which would mean the individual employees in sales would need to have a goal tied to that – say, double the number of cold-call dials they make daily in order to obtain more accounts.
SMART goals; those that are specific, measurable, attainable, relevant and time-bound
KIS(S) – Keep it simple! Don't make the goals so overly complex that employees are unclear on what they should be doing. If the goals are too broad, then employees won’t show a depth of effort in key areas. Really any goals you set should be foundational– i.e. if they achieve these goals, they’ve achieved their job.
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The best way to begin establishing performance goals comes down to these four elements, according to Gallup’s research over the decades.
First, managers need to collaborate with employees to establish goals. Employees can take ownership of their job expectations and perform at a higher level.
Second, clearly articulated, or defined. There should be no guesswork on the part of the manger or the employee.
Third, we should aim toward excellence. No one is fully motivated when they’re asked only to do the bare minimum like showing up on time or meeting a deadline.
Finally, set according to their innate strengths. Employees don’t usually spend most of their time on tasks that they don’t enjoy or aren’t good at. Don’t set goals surrounding such tasks, or at least don’t make those the only goals and objectives. Play to employees’ strengths as well to encourage them to do their best work on projects they are personally invested in.
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Takeaways and next steps
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Takeaways and next steps:
Inquire about performance management processes
Connect with your employees about what motivates them
Examine your organization in the context of the 16 elements of engagement; are you laying the foundation for engagement?
Check that your compensation plan aligns with your goals for employee engagement and performance
Identify conversations about compensation you need to have with your employees
Prep toolkits for your managers to use when communicating with employees
Carry these strategies forward into your organization’s culture