Communicating Compensation: Equipping Your Managers
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Transcript of Communicating Compensation: Equipping Your Managers
Communicating Compensation: Equipping your Managers
Jennifer Ferris, CCPCompensation Professional
Mykkah Herner, MA, CCPManager of Professional Services
www.payscale.com
www.payscale.com
14,000 Positions 3000 Customers 11 Countries
250 Compensable Factors40 Million Salary Profiles
Communicating Compensation
Part I: Gaining Executive Support
Part II: Equipping Your Managers
Part III: Talking with Employees
www.payscale.com
AgendaRecap of Part I: Gaining Executive Support Set expectations with managers
Equip managers for their role• Negotiation skills• Listening skills • Compensation review meeting• Talking points
Present compensation basics to managers
Next in series: Talking with employees
Recap of Part I: Gaining Executive Support
• Overview of Communication Basics
• Overview of Compensation Basics
Communicating Compensation to Executives
• Understanding the Executive Audience
• Align compensation to business goals
• Incorporate leading edge practices
• Keep executives up-to-date with quick snapshots
http://resources.payscale.com/hr-webinar-recorded-communicating-compensation-gaining-executive-support.html
Set expectations with managers
AGENTS OF THE ORGANIZATION
of company leaders do not feel confident in their managers’
ability to effectively communicate with employees
about salary issues.
2014 PayScale CBPR
73%
Equip managersfor their role
Negotiation Skills
• Sell the organization and the full package on the table
• Sell the benefits of the offer (initial or increase)
• Listen to the ask behind the ask
• Meet them and then move
Listening Skills
Self Reflect
Listen Actively
Communicate Assertively
Agree & Act
The compensation review meeting
1. Prepare for the meeting
2. Deliver the feedback/results
3. Follow up
Talking Points
• Market Study / results
• Compensation Philosophy
• Structure Overview
• Position in range
• Adjustment
• Rationale
• Open the door
Present compensation basics to managers
Manager TrainingCompensation Plan Overview
• Compensation 101
• Philosophy & Strategy
• Structure
• Policies
Putting it into practice
• Linking Performance to Pay
• Calculating Increases
• Talking with Employees
Advantages of Pay Structures
Provide alignment to business strategy
Clarify relative worth of the position internally & externally
Ensure fair pay (legally defensible)
Define a pay range for a position
Create clear career paths
Room to reward your employees based on performance, tenure, etc.
Talk with Employees
Set expectationsEducate themOpen the door
Immediate Action • Asses manager capacity for
communicating compensation
• Develop a toolkit for your managers
• Train your managers
• Improve execs confidence of managers
PayScale Delivers Where Other Compensation Providers Fall ShortPayScale leads the world in compensation knowledge with the freshest and most detailed data from over 40 million salary profiles. More than 3000 organizations use PayScale’s software and intelligence to get the greatest return on their talent. Smart businesses use PayScale Insight to recruit, retain and motivate their people.
Visit our blog: www.payscale.com/compensation-todayJoin our Group on LinkedIn: Compensation Today: HR Best Practices
Jennifer Ferris, CCPCompensation Professional
Mykkah Herner, MA, CCPManager of Professional Services, PayScale, Inc.
www.payscale.com