This document provides guidance on creating an effective compensation calendar. It begins by explaining why a compensation calendar is important for allowing proactivity, strategic planning, and reducing stress. It then discusses fundamentals of building a compensation calendar, including identifying milestones, tasks, and stakeholders. The document provides examples of quarterly and annual compensation calendars. It offers tips for transitioning to a new calendar, such as gaining buy-in and communicating the plan. Finally, it discusses maintaining the calendar over time and leaves room for questions.

1. Making Your Comp Calendar
Work for You

2. Camie Bailey
Senior Customer Training Specialist
Laura Richardson
Customer Success Manager II

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Rita Patterson, CCP
Manager, Customer Education
https://www.linkedin.com/in/rita-patterson-ccp-5b039812
Mykkah Herner, MA, CCP
Modern Comp Evangelist
https://www.linkedin.com/in/mykkahherner
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3
Agenda
• Why it matters
• Fundamentals of a comp calendar
• Comp calendar example
• Transitioning to a schedule
• What you can do next
• Q&A

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Profiles in the World

5. Why It Matters

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• Allows for proactivity
• Actual opportunities to be strategic
• Work with your timelines, not against them
• Creates a more inclusive process
• Support internal communication and bandwidth
• Better Budgeting
• Time, Energy, and Capacity
• Reduce cycle time and stress
Managing Time & Resources Effectively

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• Poor time management
• Clustered deadlines
• Not accounting for peak busy seasons
• Bottleneck effect
• Not enough resources or time
• Failure to over or under communicate
• Not matching transparency to culture
• Not providing training for leadership
Comp Stoppers

8. Fundamentals of a Comp Calendar

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Questions to ask yourself before you begin – understand your starting place:
• Do we have a comp plan in place?
• Who needs to be a part of these processes?
• Leadership/BOD?
• Managers?
• Other Stakeholders?
• How transparent do we want to be?
Quick Pulse Check

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Building Blocks of a Smart Comp Calendar
• Milestones
• Market Analysis/Strategy Review
• Performance Review Period
• Increase Cycle
• Tasks
• Benchmarking
• Manager Training
• Admin Duties

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• Market Analysis & Strategy Evaluation
• Identify Current Data
• Develop or Update Comp Plan
• Structure Review
• Budgeting
• Fiscal Year
• Board Meetings
• Updates on Communication
• Manager Training
• Performance Reviews
• Compensation Review & Increases
Major Milestones and Tasks

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• Strategic Planning
• Variable Pay
• Bonus’
• Commissions
• Profit Sharing
• Implementing and roll-out comp projects
• Goals and Targets for next year
• Ad Hoc compensation questions
• Create office hours
Consider Timing for the Essentials

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• Seasonal needs
• Accounting Firms – ‘busy season’
• Be considerate of other departments
• Sales EOY
• Benefits Administration
• Open Enrollment
• Holiday’s or peak vacation seasons
• Peak summer vacation season
Other Timelines to Work With

14. Transitioning to a schedule

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www.payscale.com
Rita Patterson, CCP
Manager, Customer Education
https://www.linkedin.com/in/rita-patterson-ccp-5b039812
Mykkah Herner, MA, CCP
Modern Comp Evangelist
https://www.linkedin.com/in/mykkahherner
Start high level by identifying comp milestones1
2 Break the year up by quarters and map
milestones
3 Dive down and assign tasks with estimated timeline
Map Your Milestones and Tasks

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• Plan the execution date
• Next quarter?
• Next Fiscal year?
• Gain/Confirm Stakeholder buy-in
• Communicate and educate
• ‘Why’ and ‘when’
• Give managers tools they need
• Roll out
Rolling Out Your Calendar

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• Perform Year End Review
• What worked well?
• What should be changed/adjusted
• Great time to survey teams
• Communication Management
• Change Management
• Strategy and Structure
• Unforeseen changes to business org or market
Maintaining your Comp Calendar

18. Comp Calendar Examples

19. 2018 2018Q1 Q2 Q3 Q4
Enter/Audit Adjustments
1/1/2018
Market Study
5/1/2018
Develop Training
7/1/2018
Budgeting
7/31/2018
Performance Evaluations
9/2/2018
Increases Allocated
11/1/2018
Annual Incentive Payout
12/2/2018
Goal Setting for Next
Year
12/9/2018
4/2/2018 - 4/30/2018Perform Benchmarking/Review Benchmarking
5/1/2018 - 5/15/2018Perform Market Analysis
5/16/2018 - 5/30/2018Develop or update comp plan
6/5/2018 - 6/19/2018Develop or update Performance Management
6/20/2018 - 6/29/2018Develop Training
7/15/2018Board Meeting - Budgeting
8/1/2018 - 8/15/2018Train Managers
8/15/2018 - 9/14/2018Performance Evaluations
9/16/2018 - 9/30/2018Update Insight - Run Raise Recommendations
10/1/2018 - 10/31/2018Manager Pay Decisions - Crew
11/1/2018 - 11/30/2018Executive/HR approval
12/4/2018Payroll deadline
Compensation Calendar Example

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Increase Cycle Timeline

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• Know your starting place
• Identify what your working with
• Stakeholders
• Resources
• Milestones
• Build your calendar
• Train & Communicate
• Roll out and test
Action Items

22. Q&A

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The PayScale Pay Transparency Spectrum

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Engagement
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