How to Develop Effective Pay for Performance Plans
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Learn how to improve employee performance while keeping cost in mind by developing an effective pay for performance plan.Motivated workers are critical to corporate success; however, neither a cookie cutter approach to motivation and engagement nor a highly individualized structure tends to be effective in the long run. As a result, organizations across the country are seeking to continuously improve employee performance, while simultaneously controlling costs. Establishing or expanding pay for performance programs can be an effective strategy to achieve this objective. When designed well, pay for performance plans align employee behaviors and activities with specific goals. When designed poorly, such plans can cause confusion and frustration among employees and dissatisfaction among owners and management. This topic will cover key features to be considered as well as practices to be avoided in order to design a plan that succeeds in motivating and recognizing desired performance.
AuthorsPriya J. Kapila, CBIZ, Inc.
Why Pay for Performance?
• Evolution of Compensation Plan Design (Tenure and Experience to Market Competitiveness to Merit and Competencies)
• Relevance of Pay for Performance (Data Findings)
• Common Forms of Performance-Based Pay (Salary Increases, Incentive Pay Types, etc.)
Salary Increase Practices
• Salary Increase Approaches (Conservative to Aggressive Performance-Based Increases)
• Performance Evaluation Tools
• Prevalent Program Features (Timing, Eligibility, Amounts, etc.)
• Merit Matrix Explanation and Example
Variable Pay Plans
• Overview of Performance-Based Variable Pay Types
• Prevalent Plan Features
• Ongoing Assessment/ROI Tools
Tips for Effective Performance-Based Pay
• Involvement Throughout the Organization
• Establishing/Assessing Performance Metrics
• Organization-Wide Communication
• Additional Best Practice Considerations