People work for money. Even people who love their jobs likely
would not perform them free. The salary budget while often the biggest expense
in a company is to employees, a reward system for their work performed in your
company and for the skills they bring to the workplace.
Adopting a competitive, performance-based pay philosophy requires some extra work. 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 benefit of your extra effort regarding compensation is that you can drive your funds towards rewarding high-performing employees who may even be paid less than the market. Because, realistically salary budgets and increase budgets are determined not only by compensation philosophy and range movements but the actual budget (or not) the employer has.
WHY SHOULD YOU ATTEND
When your supervisors determine wages, 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.
- What is internal and external equity.
- Building modern salary budgets and matrixes.
- How to understand and use ranges effectively.
- Connecting performance with pay ranges and merit increases.
- Using limited budgets most efficiently.
- Explaining salary range determination and increases in a way that helps an employer operationally - year round.
- What is variable pay.
- How to use variable pay.
- Current salary structur