Strategic Compensation: Four Steps to an Effective Compensation System
Does your compensation system allow you to attract, retain, and motive the employees needed to achieve organizational goals? This session will outline the four steps involved in assessing the effectiveness of a compensation system and identify the key elements needed at each step. Participants will leave with a framework they may use to design a new compensation system or assess the effectiveness of an existing one.
Learning Outcomes
By the end of this session participants will be able to:
- Explain how an effective compensation system can support organizational goals.
- Define the steps required to develop an effective compensation system.
- Describe the key elements of an effective compensation system.
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Compensation Basics: How to Build an Effective Compensation System
Do you need to design or re-design your organization's compensation system? This workshop will cover the basics of designing and implementing an effective compensation plan, with a special emphasis on the strategic aspects of a total rewards system. Participants will leave with a framework they may use to develop a new compensation system or assess the effectiveness of an existing one. (Note: This workshop is for individuals who are new to the compensation profession and for small business owners or managers who need a basic understanding of the important elements of an effective compensation system.)
Learning Outcomes
By the end of this session participants will be able to:
- Explain how an effective compensation system can support organizational goals.
- Identify the key elements of an effective compensation system.
- Discuss the strategic considerations in designing an effective compensation system.
- Identify the sources of market data.
- Evaluate and analyze market survey data.
- Explain how to price non-surveyed jobs.
- Discuss ways to balance market-based pay with internal equity concerns.
- Identify and describe the steps needed to create a pay structure.
- Explain the issues related to compensation system administration.
- Discuss the concept of total rewards.
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How to Use Reward Systems to Achieve Strategic Goals
Does your organization's reward system truly motivate employees to engage in behaviors that support strategic goals? Conventional wisdom (and substantive research) tells us that employees focus on the things organizations choose to reward. Yet, organizations often overlook the key role that their reward systems play in effecting - or in blocking - desired changes in today's dynamic workplaces. Stated simply, there is a mismatch between the behaviors and outcomes that organizations say that they want and those that they reward. This session addresses ways to align reward systems effectively with business strategy.
Learning Outcomes
By the end of this session participants will be able to:
- Explain the reason for focusing on total rewards.
- Describe the importance of aligning reward systems with business goals.
- Identify the characteristics of an aligned reward system.
- Explain the steps necessary to implement a total rewards system.
- Describe the critical success factors in an effective total rewards system.
