3 Simple Ways to Increase Employee Engagement & Productivity with Compensation Planning

TalentTakeawayswebinar & podcast series

3 Simple Ways to Increase Employee

Engagement & Productivity with Compensation Planning

AGENDAThe Series

Talent Takeaways | Compensation Planning

TalentTakeawayswebinar & podcast series

AGENDAThe Sponsor

Talent Takeaways | Compensation Planning

AGENDA

Brian SharpChief Marketing Officer , HRsoft

S. Austin MuzumdarSenior Vice President Client Success, HRsoft

Our Presenters

Talent Takeaways | Compensation Planning

Primary Drivers of Engagement

Talent Takeaways | Compensation Planning

Clear & Fair Expectations

Belief/Affinity

Alignment

Recognition

Development/Career Development

Relationship with Manager & Peers

Equitable & Fair Pay

PayScale Survey Findings

Talent Takeaways | Compensation Planning

Compensation led the list of reasons employees left in 2014

63% of companies referenced retention as top focus of compensation

Over half use some form of broad based P4P

75% adjusted their comp structures

Most have HR/Comp set structures

Gallup didn’t even ask a comp question!

Compensation Planning

Traditionally a very specialized area of HROften more administrative than strategic

Not always linked to HR initiatives

Seasonal with strict deadlines

Talent Takeaways | Compensation Planning

The HR Challenge

Increased pressure to increase engagement scores

Disengaged employees Employee turnover increasing

Looking to comp to help solve the problem

Talent Takeaways | Compensation Planning

Proactive Compensation Planning

3 Simple Ways to Increase Employee Engagement & Retention with Compensation Planning

Talent Takeaways | Compensation Planning

1. Identify

2. Reward

3. Retain

Talent Takeaways | Compensation Planning

IDENTIFY

Identify Top Talent

KEY QUESTIONSWho are your top performers?

Who are your most critical talent?

How are they being paid?

How do you identify them?

Talent Takeaways | Compensation Planning

Identify Top Talent

TOOLSPerformance ManagementSuccession PlanningMarket Data Analysis

TIPIncrease ROI of Comp budget by smarter allocation

TALENT TAKEAWAYSFocus comp planning strategy on your top performing employees

Talent Takeaways | Compensation Planning

Talent Takeaways | Compensation Planning

REWARD

Reward Top Talent

KEY QUESTIONSDo you have a comp strategy?

Is everyone paid appropriately?

How is your comp budget allocated? Why?

Talent Takeaways | Compensation Planning

Reward Top Talent

Talent Takeaways | Compensation Planning

TOOLSComp Planning GuidelinesComp Planning Structures

TIPEmpower managers to make comp decisions

TALENT TAKEAWAYSMaximize comp budgets – get the money where it helps most!

Talent Takeaways | Compensation Planning

RETAIN

Retain Top Talent

Talent Takeaways | Compensation Planning

KEY QUESTIONSDo you know what is driving your turnover?

Do your employees know the full value of their compensation?

Do you have a simple and transparent way to show them?

Retain Top Talent

Talent Takeaways | Compensation Planning

TOOLSClear & transparent processEasy compensation calculation

(W.A.V.E. calculator)

TIPCreate a simple total rewards communication plan

TALENT TAKEAWAYSRetention starts with communication

Talent Takeaways

Talent Takeaways | Compensation Planning

IDENTIFYFocus comp strategy on top performers

REWARDMaximize comp budget & get money where it helps most

RETAINCommunicate their full compensation value

AGENDAGetting Started

From This… To This

Talent Takeaways | Compensation Planning

AGENDAGetting Started

From This…

To This

Talent Takeaways | Compensation Planning

COMPview™High Impact Compensation Planning Software

HRsoft.com

Talent Takeaways | Compensation Planning

answer questions

share resources

offer solutions

Strategy Session

Resources & Support

Talent Takeaways | Compensation Planning

TalentTakeawayswebinar & podcast series

3 Simple Ways to Increase Employee

Engagement & Productivity with Compensation Planning