Yesterday, we got some insights from Chuck Csizmar of CMC Compensation Group about the importance of having a formal compensation strategy document at your organization. Today, we’ll look at the rest of his “Top 8” list of design considerations, plus some final strategies for success.
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[For #s 1-5, click here]
#6: Internal Equity & Consistency
- Will your strategy be consistent?
- Will you balance or choose between internal vs. external?
#7: Communication & Involvement
- How much program information will be disclosed?
- HR vs. management responsibility for program design and ongoing administration
- Policy toward employee representation
#8: Governance
- Need for revision and competitive refresh
- Frequency of review, and by whom?
How to Communicate Effectively with Employees
Csizmar recommends defining a theme to generate interest, and talking to employees rather than at them. Also, using multiple forms of media, talking points, and a Q&A format can help get points across. When in doubt, seek to avoid confusion and focus on understanding above all else.
Additionally, it can be helpful to break information down into small, bite-sized pieces to aid in comprehension and retention.
Trying to decide which employee perks are best for your company? Start on Tuesday, June 9, 2015, with a new interactive webinar, Employee Perks: How to Enhance Your Compensation Strategy to Boost Job Satisfaction and Engagement. Learn More
Sample ‘Mini‐Statements’ to Convey Important Points
- “Base salary will be targeted at the 50th percentile of the relevant competitive marketplace in which we compete.”
- “Future salary increases will be based on an employee’s evaluated performance.”
- “Benefit scheme provisions should be cost and tax effective to the company.”
- “If individual performance does not meet objectives, monetary rewards will be reduced.”
This Is Not Easy Stuff!
Csizmar emphasizes that this process is far from easy. It can be hard to establish a consensus on what to do, and passive resistance is unfortunately the norm.
In order for your strategic compensation plan to succeed, you need to secure support from the top of the organization on down. Also, keep a close eye on the goals of your strategic compensation plan vs. the actual reality that is unfolding at your organization.
Offering perks can also be an extremely valuable part of your compensation strategy, as they can reduce turnover and improve engagement. While not every company has an extensive budget for employee perks, there are always ways to effectively implement them. How to get there? Fortunately there’s timely help in the form of BLR’s new webinar—Employee Perks: How to Enhance Your Compensation Strategy to Boost Job Satisfaction and Engagement. In just 90 minutes, on Tuesday, June 9, you’ll learn everything you need to know about jumpstarting your employee perks program while getting the biggest bang possible for your organizational buck.
Register today for this interactive webinar.
Engage and retain employees with the right perks. Join us Tuesday, June 9, 2015, for a new interactive webinar, Employee Perks: How to Enhance Your Compensation Strategy to Boost Job Satisfaction and Engagement. Earn 1.5 hours in HRCI Recertification Credit. Register Now
By participating in this interactive webinar, you’ll learn how to:
- Make the business case for benefits and perks
- Attract and retain valuable talent by offering more than salary
- Determine the must-have perks and benefits
- Decide on what your organization can afford to add for employee perks
- Evaluate which perks suit your organization and its employees
- Come up with creative and low-cost perks that employees like
- Offer perks to supplement your compensation strategy
- And much more!
Register now for this event risk-free.
Tuesday, June 9, 2015
1:30 p.m. to 3:00 p.m. (Eastern)
12:30 p.m. to 2:00 p.m. (Central)
11:30 a.m. to 1:00 p.m. (Mountain)
10:30 a.m. to 12:00 p.m. (Pacific)
Approved for Recertification Credit
This program has been approved for 1.5 credit hours toward recertification through the Human Resource Certification Institute (HRCI).
Join us on Tuesday, June 9, 2015—you’ll get the in-depth Employee Perks: How to Enhance Your Compensation Strategy to Boost Job Satisfaction and Engagement webinar AND you’ll get all of your particular questions answered by our experts.
Train Your Entire Staff
As with all BLR®/HR Hero® webinars:
- Train all the staff you can fit around a conference phone.
- Get your (and their) specific phoned-in or e-mailed questions answered in Q&A sessions that follow the presentation.
Thanks for the communication tips–communication about compensation often gets short shrift, which usually ends up causing problems down the road.