The Seven Deadly Sins of Employee Compensation Plans (and How to Fix Them)
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No topic generates more emotion in companies than compensation. And any boss who’s ever put together a pay package or offered a raise to an employee knows that no management task is more complex than creating a fair compensation plan. It often seems you’re damned if you do, damned if you don’t. Offer too little, they’re unhappy. Offer too much, you create unrealistic expectations that will sting you down the road. Add a bonus to someone’s package -- that sounds great until, as often happens, employees learn they earned only part of it. Then you’re stuck with malcontents who spread the message that, “This company sets unrealistic goals and cheats people out of their bonuses!”
There is no magic bullet for compensating people right. But – and this is a big “but” – there are lots of things you can do to make sure you don’t shoot yourself in the foot.
We asked compensation expert Rick Olivieri to assemble a list of the top seven mistakes companies (and individual managers) make when compensating employees.
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Learning Objectives:
- Explain the importance of creating accurate job titles and designing effective job classification systems that reduce discord of pay decisions.
- Accurately identify the competitive labor market, enabling your company to offer truly competitive salaries and improve both your hiring acceptance rate and your retention.
- Describe the link between compensation and performance appraisal, including why performance appraisals can become your worst enemy when trying to pay people what they deserve.
- Outline the reasons why effective communication is the cornerstone of any successful compensation program (and why poor communication often torpedoes otherwise excellent plans).
- Discuss the key ingredients of an effective incentive program.
- Implement low-cost/high return non-monetary rewards that can have a significant impact on performance, morale and retention.
- Explain the key role managers play in compensation systems and devise training programs that give managers the tools they need.
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Who Should Attend?
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Presented by:
Rick Olivieri
Rick Olivieri has 25 years experience in the compensation field, developing and implementing salary, incentive, stock, sales, international, and executive compensation programs. He has held managerial positions at Adaptec, Union Bank, US Sprint, and Bank of America. In addition, he has years of experience as a consultant for Towers-Perrin, Sibson & Company, and Ernst & Young. Rick has been quoted in the New York Times, CFO Magazine and HR Executive Magazine on various compensation issues. He has been President of the Bay Area Compensation Association for over 15 years. He teaches compensation at the University of California at Berkeley.
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*CDRom + Transcript (PDF) + Audio CD: - $349
*CDRom Only: - $247
*Audio CD Only: - $229
Written Transcript Only: - $228
Questions About this AudioConference CD? Call 1-800-431-7571
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