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bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
4 ways to
communicate compensatio...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Rusty Lindquist
V P S T R A T E G...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Value Perception Crisis
It’s time...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Evolution of HR
Business
Value
H
...
Basic Operations
Strategic
Operations
HR HIERARCHY
OF NEEDS
(Culture, Performance, Engagement,
Satisfaction, Employment Br...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Payroll is, by far, a company’s
b...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
1
Creating Pay
Transparency in
th...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Defining Transparency
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Transparency Spectrum
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Pay Transparency
gets everyone in...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Why Would Anybody
be More Transpa...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Employees who perceive a ‘fair an...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
www.payscale.com
Communication Ro...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
How Compensation Discussions
Impa...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Performance
Loyalty
Satisfaction ...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
CULTURE
Impact?
CULTURE
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Everything you do
becomes part of...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Compensation:
The story of
how mu...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Compensation:
The Keystone
of Cul...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Making the Compensation
Conversat...
Communicating
with Executives
2
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
www.payscale.com
• Understand the...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
What do your Executives
Care Abou...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Benefits of Comp Plans
25
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Prepare Talking Points
• Compensa...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Report High Level Info
• Get them...
Communicating
with Managers
3
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Compensation is
about an exchange...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Value Exchange
Experience in indu...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
of company leaders do not feel
co...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Agents of the
Organization
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Equip Managers
• Set expectations...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Identify Creative Solutions
Consi...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
The Compensation
Review Meeting
1...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Provide Talking Points
• Compensa...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Prepare Manager Toolkits
• Compen...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Report Relevant Info
Give them to...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Communication Tips
• Know your au...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Align With Strategy
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Focus on Outcomes
Who are our key partners?
Who are our key suppliers?
Which key resources are we
acquiring from partners?
Which key activit...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Follow BambooHR and PayScale on s...
bamboohr.com payscale.com
4 Ways to Communicate Compensation to Drive Strategic Outcomes
Questions?
BambooHR
Receive a fre...
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4 Ways to Communicate Compensation That Drive Strategic Outcomes

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Compensation is one topic that we can be unsure how to communicate. This webinar shares important research on the why communicating compensation correctly is so important and how to do it so that it drives strategic outcomes.

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4 Ways to Communicate Compensation That Drive Strategic Outcomes

  1. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes 4 ways to communicate compensation that drive strategic outcomes.
  2. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Rusty Lindquist V P S T R A T E G I C H R I N S I G H T S B A M B O O H R Mykkah Herner D I R E C T O R O F I S X S E R V I C E S P A Y S C A L E
  3. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Value Perception Crisis It’s time to blow up HR and build something new Rethinking HR Why we love to hate HR What will it take to fix HR It’s time to split HR HR faces a crisis of credibility in the boardroom HR is our “favorite corporate punching bag”
  4. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Evolution of HR Business Value H L Strategic Micro Small Mid Large Operational HR viewed as a cost center Transactional HR High-Impact HR HR as a strategic investment
  5. Basic Operations Strategic Operations HR HIERARCHY OF NEEDS (Culture, Performance, Engagement, Satisfaction, Employment Brand, Advising Talent Management, Succession Planning, Learning & Development…) General Operations Business Value (Operational Efficiency: HRIS, Records, Talent Acquisition, Compliance Tracking, Etc.) (Payroll, Benefits, Time & Attendance, etc.)
  6. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes
  7. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Payroll is, by far, a company’s biggest expense; the cost of getting it wrong is tremendous.
  8. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes 1 Creating Pay Transparency in the Workplace 1
  9. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Defining Transparency
  10. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Transparency Spectrum
  11. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Pay Transparency gets everyone in the same boat, paddling in the same direction.
  12. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Why Would Anybody be More Transparent about Pay? Pay Transparency Trust Better Business Outcomes! Engagement
  13. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Employees who perceive a ‘fair and transparent pay practice’have lower intent to leave and higher satisfaction PERCENT OF RESPONSES LOW AVERAGE HIGH 50% 31% 19% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 1 2 3 4&5 % Responses with Intent to Leave % Responses with High Satsifaction
  14. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes www.payscale.com Communication Roles Executives Communicate program to organization at a high level Managers Communicate compensation details to employees Employees Bring questions to manager or HR HR Prepare communication, consult and inform Executives, train Managers
  15. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes How Compensation Discussions Impact Your Organization Culture Performance Engagement Retention
  16. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Performance Loyalty Satisfaction Engagement Retention CULTURE Greater Business Output CULTURE
  17. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes CULTURE Impact? CULTURE
  18. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Everything you do becomes part of that story… The story of what you value
  19. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Compensation: The story of how much you are valued
  20. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Compensation: The Keystone of Culture
  21. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Making the Compensation Conversation a Culture Builder Don’t be offended Be open Take it seriously Be objective Be proactive Be Positive
  22. Communicating with Executives 2
  23. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes www.payscale.com • Understand the executive audience • Align compensation with business objectives • Incorporate leading edge practices • Keep executives up to date Exec communication tips
  24. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes What do your Executives Care About?
  25. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Benefits of Comp Plans 25
  26. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Prepare Talking Points • Compensation philosophy and purpose • Compensation plan changes at the highest level • Market study and results • Next steps—talk with managers
  27. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Report High Level Info • Get them familiar with a dashboard (Compa Ratio, Market Ratio, etc.) • Report these on a regular basis
  28. Communicating with Managers 3
  29. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Compensation is about an exchange of value, not money.
  30. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Value Exchange Experience in industry Experience in market vertical Experience in adjacent markets Experience in field of discipline Experience in adjacent disciplines Experience with competitors Product knowledge Competitor knowledge Time and experience in company Education Discipline training and certification Supply and demand Employer Value DriversEmployee Value Drivers Base pay Performance Pay Paid time off Benefits Travel Culture and environment Work flexibility Work/Life balance Meaningful work Who you work with Challenging work Opportunity to impact Job security Shared purpose / mission Career advancement opportunities Autonomy Senior leadership
  31. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes of company leaders do not feel confident in their managers’ ability to effectively communicate with employees about salary issues. 2014 PayScale CBPR 73%
  32. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Agents of the Organization
  33. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Equip Managers • Set expectations • Educate them • Give them the big picture • Give them tools
  34. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Identify Creative Solutions Consider Workplace “Currency”  Know what motivates your employees  Additional/Alternative Perks  FTE preference  Staggered increase or offer  PTO  Work assignments  Development opportunities 34
  35. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes The Compensation Review Meeting 1. Prepare for the meeting 2. Deliver feedback and listen 3. Follow up
  36. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Provide Talking Points • Compensation Philosophy • Market Study / results • Structure Overview • Position in range • Adjustment • Rationale • Open the door
  37. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Prepare Manager Toolkits • Compensation Plan Talking Points • Compensation Plan Information • Details for each employee they supervise • Tips for each type of conversation they may have o Pay is low or perceived to be low o Pay is high o No increase due to performance o “I found this on the internet”
  38. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Report Relevant Info Give them tools for success: • Flight Risk report & the inverse report • Disparate Pay report Give them insight into what employees care about • Am I making enough money to cover my basic needs (entry level) • Am I being paid fairly (professional level) • Am I being paid enough to deal with managing people (Mgrs/Dirs) Give them talking points for comp conversations with employees
  39. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Communication Tips • Know your audience • Watch the jargon • Don’t present issues without a way forward • Prepare, prepare, prepare • Be direct and also empathetic • Communicate early and often
  40. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Align With Strategy
  41. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Focus on Outcomes
  42. Who are our key partners? Who are our key suppliers? Which key resources are we acquiring from partners? Which key activities do partners perform? What key activities do our value propositions require? Our distribution channels? Customer relationships? Revenue Streams? What value do we deliver to the customer? Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying? What type of relationship does each of our Customer Segments expect us to establish /maintain with them? Which ones have we established? How are they integrated with the rest of our business model? For whom are we creating value? Who are our most important customers? Through which Channels do our Customer Segments want to be reached? How are we reaching them now? How are our Channels integrated, and which ones work best, or are most cost- efficient? How are we integrating them with customer routines? What Key Resources do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue Streams? What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive? For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? (How would they prefer to pay?) How do we report on this “revenue” to the rest of the organization?
  43. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Follow BambooHR and PayScale on social media: bamboohr.com/blog | payscale.com/compensation-today Thank you!
  44. bamboohr.com payscale.com 4 Ways to Communicate Compensation to Drive Strategic Outcomes Questions? BambooHR Receive a free job posting on our ATS and full HRIS for one week. We will contact everyone within the next few days to set this up. Download our free eBook: Communicating Compensation: Your guide to tackling tough conversations about pay PayScale

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