Metrics for Compensation and Benefits
Sullivan suggests that rather than trying to use a statistical method to evaluate pay fairness, use an employee survey on perceptions of pay fairness compared with work expectations. Here are the measures he suggests:
- Amount in total compensation and benefits costs needed to generate a dollar of revenue. (Usually expressed in cents, e.g. 15¢ generates $1 in revenue.)
- Percentage of top-performing employees who resigned for compensation-related reasons (from exit surveys).
The bottom line on Sullivan’s advice is this: Whether you love or hate metrics, these days you have to have them to prove your contribution to the bottom line, in language that management understands.
Comp program basics under attack? Attend BLR’s March 6 webinar, Compensation: How to Effectively Manage Base Compensation with Pay Grades. Click here to find out more.
Approved for Comp and HR Recertification
This program has been approved for 1.5 recertification credit hours toward PHR and SPHR recertification through the Human Resource Certification Institute (HRCI), and for the Certified Compensation Professional (CCP®), Certified Benefits Professional® (CBP), Global Remuneration Professional (GRP®) and Work-Life Certified Professional (WLCP®) designations granted by WorldatWork Society of Certified Professionals.
Participate in this interactive webinar, and you’ll learn:
- Tips to align your pay grades with a performance management strategy
- How to create hierarchies, scales, and continuums that reflect real conditions in the marketplace
- When to update the salary structure to keep it current and competitive
- How to effectively reward your best employees
- Strategies for effectively using benchmark, total cash compensation, and other data to establish a frame of reference for your positions
- How to fill in the gaps using value criteria for job groupings not readily identified in the marketplace
- Best practices for selling your reward message so it aligns with your organization’s values and operating style
- The role of your compensation philosophy in driving pay for performance
- How to be market competitive without paying too much
How to Effectively Manage Base Compensation with Pay Grades
Tuesday, March 6, 2012
10:30 a.m. to 12:00 p.m. (PST)
11:30 a.m. to 1:00 p.m. (MST)
12:30 to 2:00 p.m. (CST)
1:30 to 3:00 p.m. (EST)
Join us on March 6—you’ll get the in-depth Compensation: How to Effectively Manage Base Compensation with Pay Grades webinar AND you’ll get all of your particular questions answered by our experts.
Train Your Entire Staff
As with all BLR/HRhero webinars:
- One fee trains all the staff you can fit around a conference phone
- You can get your (and their) specific phoned-in or emailed questions answered in Q&A sessions that follow each segment of the presentation
- Your satisfaction is assured or you get a full refund
What if you can’t attend on that date? Pre-order the conference CD. For more information on the conference and the experts presenting it, to register, or to pre-order the CD, click here. We’ll be happy to make the arrangements.
Why You Can Sign Up to Attend This Event with Confidence
As with all BLR/HRhero products, you’re completely protected. If, for any reason, you are unsatisfied with this webinar, simply let us know, and we will return your entire registration fee.