Market Areas > Human Resources > Compensation Design

5 Crucial Goals of Compensation Design and Planning

Course Description:

Regardless of the economic climate, employers always seem to struggle with making employee pay decisions.  But in tough times, smart employers recognize their vital need to determine base pay and bonus levels that:

1. attract and retain employees,
2. assure internal pay equity and fairness,
3. link pay to performance,
4. are cost-effective, and
5. assure legal compliance.

Some may argue that attracting and retaining employees in an economy characterized by high unemployment rates is a non-issue, but that view is short-sighted.  And it’s likely to result in legal problems and loss of employee engagement, followed by an exodus of your best and brightest employees as soon as the economy improves.

Find out how to plan for and design employee compensation approaches that support the achievement of the (5) basic goals noted above. 

In this must-attend audio conference our expert faculty will focus on ways to establish your organization’s basic compensation philosophy, followed by an interactive discussion on the design steps needed to execute your plan. 

During this crucial event, you will learn:

• What factors should determine differences in pay
• How to determine the labor market values associated with the jobs at your organization
• Methods to incorporate relative internal job value measures into the plan design
• How to set up a framework within which effective base pay decisions can be made, both when hiring and on an ongoing basis
• How to work toward competitive and equitable actual salaries within your budget
• Ideas for linking pay to performance

By the end of this 75-minute session, you’ll also know:

• The difference between managing salary increases and managing salaries
• Why cost-of-living inflation is not the same as labor market inflation, and why that’s important
• How to customize your cash compensation plans to reflect your unique industry and/or organizational structure
• In what ways the “means” of performance (competencies and behaviors) are different from the “ends” of performance (results) and how this affects your ability to tie pay to performance

Featured Faculty:

SHARI DUNN, Managing Principal, CompAnalysis

Upon receiving her B.A. degree in psychology from the University of California at Berkeley, Ms. Dunn headed to New York City to take a position in the human resources department of the Marine Midland Bank, and later worked at Nabisco in operations research.  Returning to the S.F. Bay Area, she became a Research Associate for McKinsey & Co.  Next, she moved to Deloitte (then Touche Ross) as a consultant.  It was at these two prominent consulting firms that she became knowledgeable about the challenges associated with paying employees effectively, and also gained high-level strategic consulting experience.  Recognizing the additional value of applied corporate experience, she then spent the next ten years in compensation management positions with Fibreboard Corporation, Boise Cascade, Bank of America, and Castle & Cooke, where she worked both domestically and internationally.

In 1980, she established CompAnalysis, a consultancy dedicated to helping employers make successful compensation decisions.  The firm has grown to become the leading independent S.F. Bay Area compensation management consulting firm, specializing in broad-based pay plans.

MONEY-BACK GUARANTEE:

We're so confident you'll get what you want out of this conference that we'll refund every penny if you're not completely satisfied. No questions asked! It's 100% risk-free!

Pricing:

Your CD recording includes the complete audio conference presentation, audience Q&A and presentation materials.

APPROVED FOR RECERTIFICATION CREDIT:

HRCI - Receive 1.25 recertification credit hours toward PHR and SPHR recertification through the Human Resource Certification Institute (HRCI). For more information about certification or recertification, please visit the HRCI homepage at www.hrci.org. "The use of this seal is not an endorsement by the HR Certification Institute of the quality of the program. It means that this program has met the HR Certification Institute’s criteria to be pre-approved for recertification credit."

Each CCM event presents a variety of information and is presented for each organization to develop its own approach and methodology.