Managers play a critical role in communicating about compensation to your employees. Teach them the best practices on how to effectively communicate the details of your compensation plan.
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Communicating Compensation: Equipping Your Managers
1. Communicating Compensation:
Equipping your Managers
Jennifer Ferris, CCP
Compensation Professional
Mykkah Herner, MA, CCP
Manager of Professional Services
www.payscale.com
4. www.payscale.com
Agenda
Recap of Part I: Gaining Executive Support
Set expectations with managers
Equip managers for their role
• Negotiation skills
• Listening skills
• Compensation review meeting
• Talking points
Present compensation basics to managers
Next in series: Talking with employees
5. Recap of Part I:
Gaining Executive Support
• Overview of Communication Basics
• Overview of Compensation Basics
Communicating Compensation to
Executives
• Understanding the Executive
Audience
• Align compensation to business
goals
• Incorporate leading edge practices
• Keep executives up-to-date with
quick snapshots
http://resources.payscale.com/hr-webinar-recorded-
communicating-compensation-gaining-executive-support.html
8. of company leaders do not feel
confident in their managers’
ability to effectively
communicate with employees
about salary issues.
2014 PayScale CBPR
73%
10. Negotiation Skills
• Sell the organization and the full package on the table
• Sell the benefits of the offer (initial or increase)
• Listen to the ask behind the ask
• Meet them and then move
13. Talking Points
• Market Study / results
• Compensation Philosophy
• Structure Overview
• Position in range
• Adjustment
• Rationale
• Open the door
15. Manager Training
Compensation Plan Overview
• Compensation 101
• Philosophy & Strategy
• Structure
• Policies
Putting it into practice
• Linking Performance to Pay
• Calculating Increases
• Talking with Employees
16. Advantages of
Pay Structures
Provide alignment to business strategy
Clarify relative worth of the position internally & externally
Ensure fair pay (legally defensible)
Define a pay range for a position
Create clear career paths
Room to reward your employees based on performance,
tenure, etc.
18. Immediate Action
• Asses manager capacity for
communicating compensation
• Develop a toolkit for your managers
• Train your managers
• Improve execs confidence of managers
19. 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
Jennifer Ferris, CCP
Compensation Professional
Mykkah Herner, MA, CCP
Manager of Professional Services,
PayScale, Inc.
www.payscale.com
Notas do Editor
Mykkah
Jen
To start the webinar off today we’ll do a quick recap of our previous webinar in this series: Gaining Executive Support.
Then, we’ll dive into our three main topics:
Setting expectations with our managers
Equipping them for their role
Presenting comp basics to them in a way that isn’t too overwhelming or too much information
We dove pretty deep into it during our last webinar, so how do we pair it down to the basics that are applicable to them?
And, a little plug here – the last webinar in our series will be going into more detail about that employee conversation…
As a quick recap to our last webinar, here are the topics we covered:
During the communication basics portion we covered:
Managing Conflict
Levels of Transparency
Communication Roles
In compensation basics we discussed:
Compensation as a keystone
The compensation mix
Starting with the right questions
Comp Design Elements
Glossary of Comp Terms
Schedules & Geographic differentials
Advantages of Pay Structures
To understand the Executive Audience, you want to:
Know you audience and know how to speak to them to get your message through clearly
Aligning Compensation to business goals:
The cost of getting comp wrong
Reasons to create a comp plan
Incorporating leading edge practices:
Return on comp investment
Pay ranges vs. broadbands
Targeted strategies vs. singular strategy
Stay nimble!
Keep executives up to date with quick snapshots:
Report high level info
Report relevant info
Mykkah
Mykkah
Managers are there to help you solve the puzzle…
- also, eyes and ears of the org -- first alert system to something may be awry.
- take ownership for decisions
- speak with Ees with confidence of knowing comp decisions are sound, etc…
Mykkah
It isn’t about spending more
It is about spending smarter
We want to take the budget and make it work for your business
In order to make your comp plan “work” for you, we need to make sure it touches everyone in your workforce rather than sitting in an excel sheet
With Insight expert we make it
Jen
So, how do we best equip our managers for their roles?