Retain Talent by Mastering the Compensation Discussion
Mother always said: don't talk about religion, politics, or how much you make. Let's prove Mom wrong.
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Last Revised: March 16, 2011
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- Direct reports will ask their manager about their compensation.
- Managers will fail at these discussions if they don’t have all the information they need to satisfy their direct reports.
- Failing at these discussions leads to confusion, rumors, anger and escalating employees to flight-risk status.
- Every discussion about compensation must have the correct level of formality, transparency and consistency.
- Including these elements makes every discussion about compensation successful and builds trust between the employee and the organization through their manager.
- Without formality, transparency and consistency compensation will become a misunderstood point of contention for all within your organization.
Impact and Result
- Refocus and retain your direct reports by balancing their perspective of your organization’s compensation policy.
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Best Practices Toolkit
Create a balanced perspective of compensation
Refocus and retain direct reports.
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- Book an Analyst Call on this topic. You can start as early as tomorrow morning. Our analysts will explain the process in your first call.
- Get advice from a subject matter expert. Each call will focus on explaining the material and helping you to plan your project, interpret and analyze the results of each project step, and setting the direction for your next project step.
Craft a Compensation Philosophy
Conduct an Annual Salary Assessment
Create a Variable Compensation Plan
Eliminate Targets from Variable Compensation Plans
Train Managers on Compensation Philosophy & Effective Pay Communication
Optimize a Sustainable Rewards and Recognition Program to Reinforce your Strategic Goals