Pay for Performance: Techniques for Difficult Economic Times
Overview:
This session will discuss uncommon strategies that can have a greater impact on performance and morale than traditional pay for performance systems. Key strategies for non-profit organizations will also be discussed as there are compensation techniques that can be employed in any environment. A good compensation system is designed with clear goals, communicated clearly, and executed flawlessly. Ensure that you are sending the right signals to employees and that you are driving performance in the right direction with a solid pay for performance system.
Pay for performance can either be an invaluable management tool for increasing productivity or a budget-busting tool that unintentionally undermines performance. The use of pay incentives can direct attention toward the things that are most important but can have negative side effects when things outside of the individual's control affects their compensation. Organizations that recognize both the potential and perils of implementing these plans can develop sustainable pay for performance systems by including certain key design elements while avoiding others. Learn the 5 key variables in such systems that advance or inhibit performance. Learn how to integrate your base, merit, and incentive pay systems to achieve the most cost effective and optimal results. Ensure your COLA plans do not undermine your efforts to motivate higher performance. Balance your short and long term goals with your compensation strategies to ensure that your policies are aligned with your company's business plans.
Why you should attend: What happens to your pay for performance system when the economy does not allow you to pay large incentives? Are employees de-motivated by changes made to your reward systems? Can you really attract top talent when you are not giving annual merit increases? Many companies make big mistakes by not looking at their compensation systems holistically. Piecemeal approaches to compensation can have disastrous effects on performance and morale. Instead organizations should develop a compensation philosophy and approach that is complementary and that drives performance in good and bad economic times. Using compensation in appropriately can have negative effects for years. How you communicate and whether you practice what you preach makes a huge difference in what employees do at work each day. Don't develop systems that make employees resent how your compensation decisions and withhold their best performance to better economic times. Learn to tell the truth about pay for performance, communicate ideas that reinforce and sustain performance over long periods of time.
Areas Covered in the Session:
- How to recruit and retain top talent on any budget
- Developing a Compensation Philosophy
- How to rebalance your compensation portfolio to increase performance and reduce costs
- How to communicate the right messages about compensation
- The 5 key variables that improve performance
- Techniques for effective compensation in a down economy
- Balancing the advantages and disadvantages of merit, incentive and base pay
Who Will Benefit:
- Managers
- Supervisors
- HR Managers
- Directors
- Coordinators
- Vice Presidents