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Communicating Compensation to Executives and Managers

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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.

Veröffentlicht in: Business
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Communicating Compensation to Executives and Managers

  1. 1. bamboohr.com payscale.com Communicating Compensation to Executives and Managers ToExecutives and Managers
  2. 2. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Rusty Lindquist V P T H O U G H T L E A D E R S H I P A T B A M B O O H R Mykkah Herner M O D E R N C O M P E N S A T I O N E V A N G E L I S T A T P A Y S C A L E
  3. 3. 4 Compensation perspectives on Communication
  4. 4. 1 Pay Transparency
  5. 5. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Defining Transparency
  6. 6. bamboohr.com payscale.com Communicating Compensation to Executives and Managers The PayScale Pay Transparency Spectrum
  7. 7. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Why Would Anybody be More Transparent about Pay? Pay Transparency Trust Better Business Outcomes! Engagement
  8. 8. bamboohr.com payscale.com Communicating Compensation to Executives and Managers www.payscale.com Talking about pay isn’t always fun
  9. 9. 2 Compensation’s Organizational Impact
  10. 10. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Culture Performance Engagement Retention
  11. 11. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Performance Loyalty Satisfaction Engagement Retention CULTURE Greater Business Output CULTURE
  12. 12. bamboohr.com payscale.com Communicating Compensation to Executives and Managers CULTURE Impact? CULTURE
  13. 13. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Everything you do becomes part of that story… The story of what you value
  14. 14. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Compensation: The story of how much you are valued
  15. 15. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Compensation The Keystone of Culture
  16. 16. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Making the Compensation Conversation a Culture Builder Don’t be offended Be open Take it seriously Be objective Be proactive Be Positive
  17. 17. bamboohr.com payscale.com Communicating Compensation to Executives and Managers of employees are ok with low pay if the rationale is explained 82% of companies are confident in managers’ ability to have tough pay conversations 80% of employees paid above market believe they’re paid at or below 17% —PayScale Employee Survey 2015 —PayScale Employee Survey 2015 —PayScale Comp Best Practices Report 2016
  18. 18. bamboohr.com payscale.com Communicating Compensation to Executives and Managers How does perception of pay impact employees?
  19. 19. 3 Communicating with Executives
  20. 20. bamboohr.com payscale.com Communicating Compensation to Executives and Managers www.payscale.com • Understand the executive audience • Align compensation with business objectives • Incorporate leading edge practices • Keep executives up to date Exec communication tips
  21. 21. bamboohr.com payscale.com Communicating Compensation to Executives and Managers What do your Executives Care About?
  22. 22. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Benefits of Comp Plans 22
  23. 23. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Prepare Talking Points • Compensation philosophy and purpose • Compensation plan changes at the highest level • Market study and results • Next steps—talk with managers
  24. 24. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Report High Level Info • Get them familiar with a dashboard (Compa Ratio, Market Ratio, etc.) • Report these on a regular basis
  25. 25. 4 Communicating with Managers
  26. 26. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Compensation is about an exchange of value, not money.
  27. 27. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Value Exchange Experience in industry Experience in market vertical Experience in adjacent markets Experience in field of discipline Experience in adjacent disciplines Experience with competitors Product knowledge Competitor knowledge Time and experience in company Education Discipline training and certification Supply and demand Employer Value DriversEmployee Value Drivers Base pay Performance Pay Paid time off Benefits Travel Culture and environment Work flexibility Work/Life balance Meaningful work Who you work with Challenging work Opportunity to impact Job security Shared purpose / mission Career advancement opportunities Autonomy Senior leadership
  28. 28. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Agents of the Organization
  29. 29. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Equip Managers • Set expectations • Educate them • Give them the big picture • Give them tools
  30. 30. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Negotiation Skills • Sell the organization & the full package on the table • Sell the benefits of the offer (initial or increase) • Listen to the ask behind the ask • Meet them and then move
  31. 31. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Consider Workplace “Currency”  Know what motivates your employees  Additional/Alternative Perks  FTE preference  Staggered increase or offer  PTO  Work assignments  Development opportunities 31 Identify Creative Solutions
  32. 32. bamboohr.com payscale.com Communicating Compensation to Executives and Managers The Compensation Review Meeting 1. Prepare for the meeting 2. Deliver feedback and listen 3. Follow up
  33. 33. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Prepare Manager Toolkits • Compensation Plan Talking Points • Compensation Plan Information • Details for each employee they supervise • Tips for each type of conversation they may have o Pay is low or perceived to be low o Pay is high o No increase due to performance o “I found this on the internet”
  34. 34. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Thankyou! 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. Download our free eBook: Communicating Compensation: Your guide to tackling tough conversations about pay PayScale
  35. 35. Follow BambooHR and PayScale on social media: bamboohr.com/blog | payscale.com/compensation-today Questions? Rusty Lindquist V P S T R A T E G I C H R I N S I G H T S B A M B O O H R @ r u s t y l i n d q u i s t r u s t y @ b a m b o o h r . c o m w w w . l i n k e d i n . c o m / i n / r u s t y l i n d q u i s t Mykkah Herner M O D E R N C O M P E V A N G E L I S T P A Y S C A L E @ m y k k a h _ h e r n e r M y k k a h H @ p a y s c a l e . c o m w w w . l i n k e d i n . c o m / i n / m y k k a h h e r n e r
  36. 36. bamboohr.com payscale.com Communicating Compensation to Executives and Managers

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