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Building Salary Budgets and Merit Matrices In Today's Economy
- Compensation is a reward system. Changing the mindset of pay and taking the mystery out of pay
- Basic elements of a salary system
- Internal equity, external equity, and individual performance
- Mistakes that can blindside employer compliance wise
- Current salary structures- Understanding how the numbers got that way and what it means now
- Building modern salary budgets and matrixes
- Connecting performance with pay
- Merit budgeting
- Using a limited merit increase budget most efficiently
- What is variable pay
- How to use variable pay in conjunction with your existing salary system
- How salary compression and salary inversion happen and what you can do
- How an automatic Cost of Living Increase (COLA) nowadays is akin to the idea of Santa Claus. Nice but not real
- How small or mid-sized businesses can have more flexibility with pay
- How explaining how salary ranges are determined and increase awarded can help an employer operationally - not only at increase time but also year-round
- Using what money you have (no matter how little) for increases in a more effective way - offsetting the effects of salary compression while rewarding higher performers
Overview of the webinar
It’s a fact of life that most people have to work for money. Even people who love their jobs likely would not perform them free. To a company, the salary budget is its biggest expense. To employees, it’s a reward system for their work performed in your company and for the skills they bring to the workplace. It’s also communicating to your employees what sort of work ethic, skills, and attitude are rewarded at your company. So, when a company determines how salary rewards administration is structured, including wage rates and for what and how employees will be rewarded, those decisions are critical “make or break” decisions.
Today, every company is a performance-based company and as such needs to learn how to use what salary budgets it has for maximum effect on employee performance while still ensuring equity within internal and external components and avoiding compliance problems.
Before you get started, keep in mind that adopting a competitive, performance-based pay philosophy requires some extra work. Because a merit matrix connects performance to market-rate pay. However, in order to differentiate wages based upon the results of your employees, you need to know what you want people to do, be able to sort out how they are performing, and, based on that, differentiate their pay. The merit-based, pay-for-performance matrix also serves as a guide for supervisors so that they suggest pay increases that are fair and support business objectives.
Who should attend?
- CFO's
- HR Managers
- HR Generalists
- Plant Managers
- Business Owners and CEO's
- Compensation Professionals
- Benefit Professionals
Why should you attend?
When your supervisors determine which employees will get pay increases and how much they deserve, they are making or breaking your business. How? By connecting performance to pay, or not, your managers tell your employees what sort of work ethic, skills, and attitude get rewarded at your company.
If you’re not already using Merit-Based Compensation, you may want to consider creating a merit-based performance matrix (MBM). The merit-based, pay-for-performance matrix serves as a guide for supervisors so that they suggest pay increases that are fair and support business objectives. The merit matrix connects performance to market-rate pay. The benefit of your extra effort regarding compensation is that you can drive your funds towards rewarding high-performing employees and send the right messages regarding what your company really rewards.
Faculty - Ms.Teri Morning
Teri Morning, MBA, MS, President of Hindsight HR specializes in solving company “people problems” and providing big company style HR service to small businesses. Teri has enjoyed consulting with employers throughout the country, solving problems and training managers and employees for over 20 years, meeting and working with employees from all types of businesses. Her years of experience in human resources and training in a variety of fields, including retail, distribution, architectural, engineering, consulting, manufacturing (union), public sector, and both profit and non-profit companies allow Teri to understand employers (and) employees particular point of view. Teri also provides software solutions for incident management, employee relations investigations, and safety purposes (Incident Tracker.)
In addition to an MBA, Teri has a Master’s degree in human resource development with a specialization in conflict management. Teri was certified by the state of Indiana in mediation skills and is currently certified in project management, IT management and qualified as a Myers Briggs practitioner. Teri has held the PHR, SPHR, SPHR-CA, and SHRM-SCP certifications.
Credits
ComplianceIQ is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for [1] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.