Learn trends in compensation design and nuances that make a plan more strategically and financially aligned.
Top talent is becoming harder and harder to identify, hire, motivate, and retain in the current economy. Many C-suite executives state that this is one of the primary obstacles or risks to the achievement of a company’s business plan for the year. Compensation has long been used as a tool to create a differentiated employee value proposition that attracts, motivates, and retains the necessary talent. However, many organizations’ compensation programs have wandered away from competitive practices or been outshined by innovative approaches in hot markets. This presentation will help the persons responsible for the assessment and design of their company’s compensation programs to better understand how to ensure competitiveness, create more powerful programs, and implement compensation plans that are truly engaging. We will discuss trends in compensation design and nuances that make a plan more strategically and financially aligned, but also powerful tools in talent management. In addition, the finer points of plan administration that help support employee engagement will be covered.
Learning Objectives
- You will be able to define the key elements of a total rewards philosophy and how compensation fits within that framework.
- You will be able to describe the key components of compensation design and how they impact competitiveness and engagement.
- You will be able to discuss the pros and cons of your company’s current compensation structures.
- You will be able to identify opportunities to improve your organization’s compensation programs.
Agenda
Total Rewards Overview and Philosophy
- Employment and Market Brand
- Work Content
- Career Development
- Benefits (Indirect Financial Rewards)
- Cash and Equity (Direct Financial Rewards)
Competitiveness Benchmarking
- Survey Selection
- Role Matching
- Total Direct Compensation
- Target Total Cash
- Pay Mix
Eligibility
- Level and Structure
- Control Over Business Results
- Culture and Inclusive Alignment
Metrics and Formula Design
- Alignment to Growth and Profitability
- Alignment to Corporate and Individual Performance
- Common Formula Pros and Cons
Communications and Assessment
- Before Hire and After Hire
- Beginning of Year, Mid-Year, and End of Year
- Actual Payout Relative to Corporate, Individual Performance
Speakers
Scott Sands,
Simon, Kucher & Partners- Senior Partner and Sales Effectiveness Practice leader for Simon-Kucher, a global sales and marketing consulting firm with 2,000 employees
- 30 years of consulting experience across multiple industries
- Consulted with hundreds of companies in technology, life sciences, financial services, manufacturing, distribution, and business services industries
- Has published and spoken at events on six continents
- M.B.A. degree, focus in marketing and organizational effectiveness, The University of Texas; B.E. degree in electrical engineering and mathematics, Vanderbilt University
Who Should Attend
This live webinar is designed for human resource managers, benefits professionals, controllers, accountants, finance managers, presidents, vice presidents, payroll managers, business managers and office managers.
