Find out how to implement a merit matrix program that works for your company.
Most organizations struggle to effectively reward employees with appropriate salary increases. Of course, appropriate can be a subjective term. This topic will help you set the correct salary increase budget for your organization and provide a framework for salary increases. One that rewards performance and evaluates salary range placement. This process will drive employees through the pay range quickly while slowing down increases for well-paid employees approaching the top of the pay range.Learning Objectives
- You will be able to define salary increase methods.
- You will be able to describe best practices in aligning pay with performance.
- You will be able to discuss appropriate employee increase amounts.
- You will be able to explain the rationale for compensation decisions.
Agenda
Introduction- Merit Matrix Overview
- Across-the-Board
- Step-Based
- Pay for Performance
- Benchmarking
- Structure Design
- Job Classification
Compensation Administration
Merit Matrix
- How It Works
- Design Considerations
- Pitfalls
Speaker(s)
Joe RiceCBIZ, Inc.
- Director of compensation consulting in the talent and compensation services practice of CBIZ, Inc.
- 19 years of experience in the area of human resources and compensation experience, 10 years of experience working in-house in a corporate HR setting, and 9 years in consulting
- Expertise includes designing market-based compensation programs, linking pay with performance, pay structures, and compensation surveys, as well as developing policies and procedures
- Assists clients in the design and implementation of strategic base salary and incentive programs
