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Pay-for-Performance Plans: How To Create, Launch, And Manage Compensation Systems That Link Pay To Your Bottom Line Training Class
Course ID: 22029
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Pay-for-Performance Plans: How To Create, Launch, And Manage Compensation Systems That Link Pay To Your Bottom Line Training Seminar
More and more HR directors have begun exploring pay-for-performance compensation techniques as a means of making the most of their talent.
Once limited mostly to sales and healthcare organizations, pay-for-performance strategies can now be found to some degree in more than half of America's workplaces. These systems tie individual employee compensation to goals that support their employers' bottom-line objectives, going beyond traditional annual performance reviews to actually compensate workers on the basis of how much they contribute to the success of the entire organization.
If you don't set up your pay-for-performance system correctly, you could risk turning off your "superstar" employees or, conversely, unfairly rewarding workers who are just getting by.
Topics Covered:- The basic components of pay-for-performance plans and a plain-English explanation of how they work
- Why pay-for-performance plans can increase your workers' motivation, improve retention, and save you money
- How you can tailor a pay-for-performance program to fit your unique business needs and your existing HR policies
*Why it's essential to get the right fit between your pay-for-performance structure and your employees' attitudes
- Which pay-for-performance approach - goal-driven incentive plans or annual bonuses and merit increases - makes the most sense for your organization
- How to set up formal reviews with your workers to tie their individual goals to your organization's objectives
- The most common mistakes employers make with pay-for-performance plans (and how you can avoid repeating them)
About Your Speaker:
Tom Malone is a senior consultant with Graves & Associates, a Miami-based compensation advisory service. A former compensation analyst for a Fortune 500 consumer products company, Malone counsels clients on designing, introducing, and managing pay-for-performance systems for their employees. He earned his MBA degree from Florida State University.
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Pay-for-Performance Plans: How To Create, Launch, And Manage Compensation Systems That Link Pay To Your Bottom Line Training Course Dates and Locations
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Course ID: 22029
| Course Duration: 1 Day
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