Improving Your Existing or Designing a New Wage & Salary Administration Plan

OVERVIEW

Whether you are interested in creating a wage and salary administration plan or considering redesigning your current plan, this webinar will show you how to implement the steps to create a well-structured plan.

Well-structured wage and salary administration plans in addition to facilitating the retention and recruitment of top-performing employees:

• Contribute to an Organization’s being able to execute its Business Strategy and maximize its profitability.
• Provide Leaders control over and maximize the payback from compensation expense – a significant budget item for any Business
• Enable an Organization to appropriately compensate Employees relative to the market rate for their positions and their job performance.
• Drive and reward the Employee Behaviours and Performance outcomes the Organization Needs
• Give Employees confidence and trust in their Leadership Team
• Cause Employees to focus their attention on and be
• motivated to perform their jobs to the best of their ability,
• Thus giving the Organization a significant return on its compensation dollars.

WHY SHOULD YOU ATTEND

Wise employers know that keeping quality employees requires providing the right compensation package in the form of wages, salaries, bonuses, commission plans, stock options, profit-sharing, etc.

Attracting Talent:

Employees always want to put themselves in the best possible position financially. Through on-line sources employees can determine their worth and the monetary value of positions that might interest them. Therefore, it is critical that companies conduct external equity research to determine what their competitors are paying and how compensation affects employee performance. A competitive package will be required to attract the best candidates to your company. And, of course, hiring the right candidate the first time reduces turnover costs.

Employee Motivation and Engagement:

While recognition and praise motivate employees, competitive compensation must also be in place. Employees desire to work where there is a compensation plan where their performance can be rewarded with merit increases and promotions.

Properly compensating employees shows you value them as employees and as human beings. When people feel valued, company morale increases and people are motivated to come to work and do a good job. Additionally, when employees know there are merits, bonuses and/or commissions, they are increasingly motivated to deliver enhanced results.

Employee Retention:

Proper compensation helps to ensure that employees will stay. Losing a good employee costs the employer in terms of lost productivity, the competency they brought to the job and the expenses associated with turnover.

Employee compensation management is an important factor in employee retention. Employee retention and low-turnover rates are great for employers who require teams that know how to perform. Those employees are also motivated to be part of the team.

Increased Productivity:

Engaged employees are productive employees. Productivity in relation to compensation starts with employees feeling valued which increases their motivation and loyalty. The longer employees are with a company, the more they know and the more efficient they become,all leading to increased productivity.

Job Satisfaction:

Creating the proper compensation plan leads to stronger job satisfaction. The right compensation program invests employees in to their work which gives them a sense of satisfaction when the company succeeds. They know they will be rewarded for their efforts - and everyone likes to be appreciated.

Well constructed compensation plans can easily more than pay for themselves.

AREAS COVERED

I. Identifying your objectives for your compensation program: desired employee behaviours& performance outcomes your organization needs

• Project’s rationale, goals & objectives
• Performance outcomes your organization needs in order to execute its business strategy
• Type of employee behaviors your organization needs in order to execute its business strategy
• Ways in which the new compensation plan needs to be different from your current plan
• Sample compensation project goals and objectives
• Identifying your critical success factors and desired employee competencies

II. Establishing external equity - in alignment with your organization's compensation philosophy

• Determining your compensation philosophy
• Identifying the employers you compete with when recruiting and retaining employees
• Documenting the duties of your unique jobs via job analysis questionnaires and job descriptions
• Determining how your employee grade and salary structure compare to those organizations with which you compete for employees
• Aligning your wage and salary ranges in relation to market rates, your competitors and your compensation philosophy

III. Developing a wage & salary administration structure - that facilitates performance-based wage and salary increases

• Developing competitive employee grade and salary structure with the appropriate minimum, mid point and maximums – including adequate room for salary growth
• Slotting each of your positions within those scales and ranges
• Common types of compensation programs
• Steps that facilitate performance-based wage and salary increases

IV. Basing your wage and salary increases on desired employee performance & accomplishments

Working with each manager to assist them in:

• Defining & being able to distinguish for each unique job – above average, average and below average performance
• Being able to match those performance levels to the proper performance appraisal rating
• Communicating the above information to their employees
• Improving supervisors’ and managers’ skills at coaching, preparing for and conducting performance appraisals

V. Developing the policies and procedures needed to properly administer your compensation program

Determining how your organization will:

• Update your salary ranges and hourly pay grades
• Administer promotions and demotions
• Tie performance appraisal ratings to merit increases
• Make cost of living adjustments

VI. Utilizing multiple forms of communication - so employees understand & buy-in to the compensation plan

• Initiating a phased-in communication plan
• Having a means of addressing employees’ questions on an ongoing basis
• Documenting what employees would have earned under the old and new plan
• Introducing the plan first to supervisors and then to non supervisory employees - seeking input from both groups
• Conducting a new compensation plan kickoff event
• Supervisors meeting with their direct reports to introduce:
  • their performance expectations and metrics
  • the associated performance evaluation ratings
  • the associated merit increases

VII. Training your supervisors and managers in their compensation roles

• The rationale for the compensation changes
• How the plan was developed
• How to administer the various policies
• Steps and a timeline for merging the new with the existing compensation plan
• Techniques for effectively coaching, counseling and conducting performance appraisals

VIII. Implementing the new compensation plan

• Developing and adhering to a project plan – with a step-by-step, ‘best practice’ phased-in process, with accountabilities and due dates

LEARNING OBJECTIVES

The cost of compensation for most organizations is usually 20-80% of the cost of running the business. Since compensation is such a significant budget item, it's only logical for organizations to want to have a wage & salary administration plans that:

• Contributes to the Organizations' ability to execute its Business Strategy
• Attracts and Retains Top Performing Employees
• Enables the Organization to Compensate Employees according to their Performance
• Causes Employees to trust the Compensation Plan and focus their attention on and be motivated to perform their jobs to the best of their ability.

WHO WILL BENEFIT

HR Professionals New to the Field - seeking a comprehensive view of the topic of Wage and Salary Administration.

Experienced HR Professionals - seeking a refresher on the Topic.

Line Manager - who want to participate in enhancing their current Wage and Salary Administration Plan.

For more detail please click on this below link:

https://bit.ly/2LNXjlM

Email: [email protected]

Toll Free: +1-888-300-8494

Tel: +1-720-996-1616

Fax: +1-888-909-1882

Others Details

Understand how compensation affects employee performance and how to determine employee grade and salary structure. The webinar also focuses on the need of employee compensation management.