Webinar creating a_compensation_calendar_everyone_loves
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Compensation is one of the many critical areas of responsibility for most HR teams, and having a well-planned compensation calendar is a key component to your talent strategy. This webinar will guide you through a typical compensation calendar so you can determine: The best time to create a comp calendar How to improve upon your talent planning processes for the coming year How to integrate your compensation calendar with other responsibilities such as recruitment and benefits This webinar is approved for 1.0 HRCI re-certification credit.
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Webinar creating a_compensation_calendar_everyone_loves
- 1. Creating a Compensation Calendar Everyone Loves We will be sending out slides and accreditation information following the presentation. Mykkah Herner, MA, CCP Head of Expert Services Ian Englund, CCP Senior Compensation Professional www.payscale.com
- 2. www.payscale.com 14,000 Positions 3000 Customers 11 Countries 250 Compensable Factors 40 Million Salary Profiles
- 3. www.payscale.com Agenda Why do you need a compensation calendar? Developing your compensation calendar o Market Analysis o Handling Ad-hoc questions o Budgeting o Determining Increases & Calculating Increases o Developing Incentive or Variable Program & Calculating Payouts o Putting it all together Communicating your compensation calendar Immediate Actions
- 4. www.payscale.com Why do you need a Compensation Calendar?
- 5. www.payscale.com Claim all available opportunities for success! • Be pro-active • Be strategic • Have an inclusive process • Avoid clustered deadlines
- 6. www.payscale.com Some questions before we get started • Do you have a comp plan in place? • How inclusive is your org? Will managers… – Have input? – Make recommendations? – Have partial discretion? – Full discretion? • How transparent?
- 8. www.payscale.com Market Analysis • Identify current data • Develop or update comp plan
- 9. www.payscale.com Market Analysis Timing depends on: • Data sources • How current comp plan is • Organization Complexity • Budget deadline • Increase deadline 30-90+ days
- 10. www.payscale.com Handling Ad-hoc questions • Addressing comp questions year-round • Training managers
- 11. www.payscale.com Handling Ad-Hoc Questions Timing depends on: • Manager priorities • Organizational priorities and peak periods of work • HR/comp capacity to develop training and/or handle questions 15+ days
- 12. www.payscale.com Budgeting • Research typical increase budget • Identify pay inequities • Budget for inequities • Inclusive process: manager training and/or instructions
- 13. www.payscale.com o Org Level Inequities– Range Adjustments • Cost of changing ranges (adjusting green outliers) o Position Level Inequities– Market Adjustments • Cost of adjusting positions or adding temporary position premiums o Employee Level Inequities– Equity Adjustments • Cost of correcting individual pay inequities Identifying and budgeting inequities
- 14. www.payscale.com Summary Comp Budget Request 2015 Compensation Budget Request Total Salary Budget: $15,000,000 Percent Dollar Amount 2015 Range Adjustments 0.06% $9,200 2015 Market Adjustments 0.14% $21,500 2015 Equity Adjustments 0.02% $3,700 2015 Pay Increase Adjustments 3% $450,000 Total Increase $484,400 2015 Salary Budget $15,484,400 Detail for comp budget request is in the following attachments Costing for Range Adjustments Costing for Market Adjustments Costing for Equity Adjustments 2015 Pay Increases
- 15. www.payscale.com Budgeting Timing depends on: • Fiscal Year • Approvals (Board?) • Inclusive process • Transparency • Market study & current plan 30-60+ days
- 16. www.payscale.com Calculating Pay Increases • Base Pay Adjustments
- 17. www.payscale.com Using a Matrix (Merit or Proficiency) Tier increases by position in range & performance o Start with a budget increase % o Allocate increases to EEs based on range penetration and performance o Create spreadsheet o Note: Proficiency, or another factor, can work like performance in this example
- 18. www.payscale.com Increase Spreadsheet Name Job Title Current Annual Base Performance Rating Range Min Range Mid Range Max Range Penetration Increase % Annualized Increase New Annual Base New Range Penetration Adams, Christina Account Manager $63,800Meets $46,300 $57,100 $67,900 81% 1.70% $1,085 $64,885 86% Alexander, Maria Account Manager $45,900Meets $46,300 $57,100 $67,900 -2% 3.90% $1,790 $47,690 6% Allen, Ryan Program Manager $86,700Meets $73,600 $93,300 $113,000 33% 3.90% $3,381 $90,081 42% Anderson, James Customer Service Rep $45,500Meets $34,900 $42,500 $50,100 70% 1.70% $774 $46,274 75% Andrews, Vincent Senior Account Executive $76,700Meets $54,700 $68,400 $82,100 80% 1.70% $1,304 $78,004 85% Arnold, Alexandra Driver I $29,600Meets $29,300 $35,700 $42,100 2% 3.90% $1,154 $30,754 11% Bailey, Sara Senior Account Executive $64,000Does not meet $54,700 $68,400 $82,100 34% 0% $0 $64,000 34% Baker, Nicholas Account Executive $46,500Does not meet $40,400 $49,800 $59,200 32% 0.90% $419 $46,919 35% Barnes, Paul Customer Service Rep $38,600Exceeds $34,900 $42,500 $50,100 24% 7% $2,702 $41,302 42% Totals/Averages $497,300 39% 2.74% $12,608 $509,908 46% • Range Penetration = (Current Annual Base – Range Min) / (Range Max – Range Min) • Annualized Increase = Increase % * Current Annual Base • New Annual Base = Annualized Increase + Current Annual Base • New Range Penetration = (New Annual Base – Range Min) / (Range Max – Range Min)
- 19. www.payscale.com Calculating Pay Increases Timing depends on: • Market study & current plan • Basis for increases • Performance (process) • Position in range / pay to market • COLA / Step • Inclusive process – Manager Training • Systems • Payroll Date • Transparency – Manager Training 7-30+ days
- 20. www.payscale.com Calculating Incentive or Variable Program Payouts Determining appropriate • Bonus • Incentive • Commissions • Profit Sharing Organization Team Individual Sales Other
- 21. www.payscale.com Calculating Incentive or Variable Program Payouts Timing depends on: • Complexity of Program • Timing of payouts @month @qtr @year • Inclusive process, manager input • Transparency • Available budget and budget process • Market study & current plan 1-14+ days
- 22. www.payscale.com Putting it all together • What comp elements do you need to include in your planning? • When does your fiscal year start? • How inclusive is your process? • What training do you need in place?
- 23. www.payscale.com Q1: • Enter/audit adjustments • Ad-hoc comp questions Q2: • Market Study • Develop Trainings • Ad-hoc comp questions Q3: • Budgeting • Performance Evaluation • Ad-hoc comp questions Q4: • Calculating Increases • Annual Incentive Payout • Goal-setting for next FY • Ad-hoc comp questions
- 25. www.payscale.com Communication and Training • Board • Executives • Functional Heads • Managers • Employees
- 26. www.payscale.com Immediate Actions • Assess any existing comp calendar • Draft the rest of your comp calendar • Identify market resources • Familiarize yourself with the budget cycle • Review performance management process for effectiveness • Assess organizational readiness for transparency & inclusiveness • Include appropriate parties in setting an org-wide comp calendar
- 27. PayScale Delivers Where Other Compensation Providers Fall Short PayScale leads the world in compensation knowledge with the freshest and most detailed data from over 40 million salary profiles. More than 3000 organizations use PayScale’s software and intelligence to get the greatest return on their talent. Smart businesses use PayScale Insight to recruit, retain and motivate their people. Visit our blog: www.payscale.com/compensation-today Join our Group on LinkedIn: Compensation Today: HR Best Practices Mykkah Herner, MA, CCP Head of Expert Services Ian Englund, CCP Senior Compensation Professional www.payscale.com
Hinweis der Redaktion
- Fun note about anniversary vs focal reviews…
- Developing the program