A well-organized pay program is more important than ever in the years following the height of the Great Recession. Budgets are smaller, compensation programs are challenged, employers are being forced to do more with less, and new laws and regulations are adding fuel to the fire.
The United States may have avoided the Fiscal Cliff, but payroll taxes have increased. While the two percent jump may not seem like that much in the grand scheme of things, employees may notice their wages go down, even if it’s by just a relatively small amount. In addition to the payroll tax hike, the proposed Paycheck Fairness Act, which addresses gender-based compensation disparities, may be reintroduced into Congress this year.
These are just some of the issues organizations are facing as they determine pay scales and compensation programs. In order to keep up with other employers, as well as to keep and retain your best employees, it′s a must for you to be up to date on the latest laws and trends so you can remain competitive.
Participate in this interactive extended webinar, and you′ll learn:
- The importance of taking a combined approach on job descriptions and job analysis
- How to successfully evaluate a job’s worth
- Tips for developing comprehensive, competitive, and compliant compensation programs
- How to tell if pay-for-performance is right for your organization
- How to create an effective executive rewards program that works for you organization’s needs
- And much, much more
Boot Camp Schedule (All times below are Eastern – please adjust for your time zone.)
Session 1: 11:00 a.m. to 12:00 p.m.- The 3 Cs of Compensation Plan Design Success (Brooke Green and Mary Topliff )
This introductory session will provide an overview on how to develop a compensation structure that’s comprehensive, competitive, and compliant. You’ll learn what it takes to have an integrated approach to compensation plan design changes and get real-life examples on how to offer a comprehensive, competitive pay structure that’s FLSA-compliant. You also learn:
- The benefits of taking a combined approach to your compensation review and FLSA analysis
- Pitfalls to avoid when relying on job descriptions for accurate information
- Strategies for communicating changes in your compensation structure so that employees are onboard with your final decision
- How to handle the everyday challenges that come with implementation, such as when you discover that an exemption misclassification has occurred
- What you can do right now to jump-start the review of your organization’s compensation structure
Session 2: 12:00 p.m. to 1:00 p.m. How to Tell If Pay-for-Performance Is Right for Your Organization (Brooke Green )
Whether you’re new to compensation planning and design or you’re looking for a refresher on how to build a successful compensation strategy for your organization, it’s important to know what pay-for-performance is and what it is not. Also, it’s important for you to gauge whether your organization is ready for pay-for-performance. During this session, you’ll learn:
- Three key questions you should be prepared to answer
- The pros and cons of adopting a pay-for-performance plan
- The types of organizations that tend to prosper with pay-for-performance plans and the ones that don’t
- Causes and remedies for employee skepticism about merit-based pay
- Five principles to establish a system of differentiated rewards
- Alternatives for determining pay increases, and how to position employee pay within an established salary range
- Four things that foster the success of pay-for-performance programs - and four things that don’t
- The key attributes successful pay-for-performance plans share in encouraging talent to excel
- Examples of ineffective plans that may actually de-motivate workers while wasting valuable time and money
Break: 1:00 p.m.-1:30 p.m.
Session 3: 1:30 p.m.-2:30 p.m. Taking a Combined Approach to Job Analysis and Job Descriptions for Success (Lori Glasgall )
Find out why compensation plan design should incorporate job descriptions and job analysis to maximize your program’s success. During this session, which points out how a combined approach can bolster your success, you’ll learn:
- The “study of work” - an overview of job analysis
- The three prevalent information collection techniques
- The primary and secondary sources of job information you should turn to
- why job description writing is more important than ever before!
- Whether there’s a standard format for a job description you should follow
Session 4: 2:30 p.m.-3:30 p.m. Job Pricing: How to Evaluate Job Worth (Lori Glasgall)
You’ve completed the job description and job analysis, now it’s time to figure out how much the job is worth. During this session, you’ll gain valuable insight into why a job evaluation plan is so important and get tips on the various ways you can complete your job evaluations. In addition, you’ll learn:
- What “job evaluation” is
- How a “job evaluation plan” (JEP) can help you determine a role’s “worth” to the organization
- The key components of a “defensible pay system”
- The various approaches to job evaluation - and which ones are appropriate for your organization
- The difference between “market pricing” and “job evaluation” and why this difference is important difference
Break: 3:30 p.m. to 3:45 p.m.
Session 5: 3:45 p.m.-4:45 p.m. Executive Rewards: Identifying the Benefits and Perquisites That Are Right for the C-Suite (Kurt Fichthorn )
Attracting and retaining top talent amidst increased shareholder and public scrutiny over executive pay and an improving economy that gives executives freedom to move elsewhere if they choose is a top challenge for HR. During this final session of this interactive, daylong bootcamp, you’ll learn how to stay on top of crafting attractive executive compensation packages that include the rewards your executives want while still aligning with your business strategy and your stakeholders’ interests. Gain valuable insight on:
- Why having an effective rewards management strategy may be particularly important when it comes to attracting and retaining C-suite employees in today’s economy
- How to tell if your current executive rewards practices align with your business strategy
- Steps to evaluate your remuneration strategy for top executives, including who to involve in the discussion
- Best practices for matching up rewards, and how to tell if the executive reward strategy at your organization is still appropriate
- The importance of the job, the market, internal equity, and individual and business performance factors
- How to achieve a balance between the major parts of the rewards package and the positioning of short- and long-term incentives
- Practical tips for deciding on the specific benefits and perquisites you will provide
About Your Speakers:
Kurt Fichthorn of Hay Group focuses on the areas of rewards, employee benefits, and compensation, with an emphasis on valuing and communicating executive total remuneration. In his 35-plus year career, he has worked with the private, public, and not-for-profit sectors, across every major industry to help them insightfully solve a diverse set of business challenges.
Combining actuarial and benefits experience with his knowledge of executive compensation, Mr. Fichthorn brings a unique perspective to understanding how a client′s current reward practice aligns with their business strategy. He helps clients achieve a balance between fixed and variable rewards and short- and long-term rewards to ensure that their reward practices allow them to attract and retain C-suite employees in today’s environment of increased shareholder and public scrutiny over executive pay. Mr. Fichthorn is a Fellow of the Society of Actuaries, an Enrolled Actuary under ERISA, and a Member of the American Academy of Actuaries, and he has spoken before numerous professional bodies on a variety of topics ranging from communicating total remuneration to trends in executive benefits.
Lori Glasgall, owner and founder of Integrated Compensation Solutions, Inc., has over 26 years of experience in the field of compensation including over 18 years of consulting experience and eight years of corporate experience. Ms. Glasgall’s background includes a wide range of compensation design initiatives including the evaluation, design and implementation of a variety of base pay, variable pay, international compensation, and performance management programs.
Brooke Green is a Principal with Hay Group, where she provides consulting advice and implementation assistance to clients with compensation support needs. Her particular focus is on the design, communication, and execution of broad-based compensation programs within public, private, and nonprofit organizations. She is an instructor for the Northern California Human Resource Association’s continuing education program, currently teaching “Designing and Managing Salary Structures” and “The Ins and Outs of Base Salary Management.”
Cannot Attend The Live Presentation?
This presentation is also available in a recorded format, in CD version, as shown in the pricing options below.