Communicating Compensation: Equipping Your Managers
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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
- 2. www.payscale.com 14,000 Positions 3000 Customers 11 Countries 250 Compensable Factors 40 Million Salary Profiles
- 3. Communicating Compensation Part I: Gaining Executive Support Part II: Equipping Your Managers Part III: Talking with Employees
- 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
- 7. AGENTS OF THE ORGANIZATION
- 8. of company leaders do not feel confident in their managers’ ability to effectively communicate with employees about salary issues. 2014 PayScale CBPR 73%
- 9. Equip managers for their role
- 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
- 11. Listening Skills Self Reflect Listen Actively Communicate Assertively Agree & Act
- 12. The compensation review meeting 1. Prepare for the meeting 2. Deliver the feedback/results 3. Follow up
- 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.
- 17. Talk with Employees Set expectations Educate them Open the door
- 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 del 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?