Evolve Pay for Performance

Shift from a one-size-fits-all to a tailored approach to base pay increases and bonuses.

Onsite Workshop

Without evolving traditional and pay for performance compensation practices, processes are often:

  • Misaligned with performance management advancements.
  • Inflexible and not suitable for the VUCA environment of business today.
  • Disconnected from the workforce and nature of work.

A modernized approach to base pay increases and bonuses will result in:

  • A compensation program aligned to organizational strategy, structure, and culture.
  • An approach that supports agile business and achieves desired outcomes.
  • An approach that mitigates issues found in current pay for performance methodology.

Module 1: Evaluate Current Pay for Performance Approach

The Purpose

  • Address compensation challenges and evaluate the current approach.
  • Gauge organizational readiness.

Key Benefits Achieved

  • Implications and organizational readiness for changes to annual base pay increases and bonuses have been assessed.

Activities: Outputs:
1.1 Identify and discuss your compensation challenges.
  • Compensation challenges HR faces identified
1.2 Assess your organization’s current state.
  • Current state analysis developed
1.3 Evaluate the cultural landscape.
  • Organization’s cultural landscape determined
1.4 Assess your organizational readiness level.
  • Base pay increase and bonus approach aligned with organization’s readiness level

Module 2: Determine New Objectives for Base Pay Increases and Bonuses

The Purpose

  • Define objective(s) for annual base pay increases and bonuses, either by employee segment or organization-wide.

Key Benefits Achieved

  • Objectives are aligned to organizational strategy, structure, and culture.
  • Metrics for success are determined.

Activities: Outputs:
2.1 Determine new objectives for base pay increases and bonus programs.
  • Objectives outlined
2.2 Select metrics to quantify the success and impact of your approach.
  • Observable metrics determined

Module 3: Design Base Pay Increase and Bonus Approach

The Purpose

  • Identify risks with the base pay increase and bonus approach.
  • Conduct a simulated cost exercise.

Key Benefits Achieved

  • Base pay increase and bonus approach is outlined to align with objectives.
  • Budgetary implications are understood at a high level.

Activities: Outputs:
3.1 Design base pay increase and bonus approach.
  • Base pay increase and bonus approach determined
3.2 Conduct a simulated cost exercise to identify any budgetary impacts.
  • Budgetary impact and allocations assessed

Module 4: Develop Implementation Plan

The Purpose

  • Identify potential risks with the new approach.
  • Develop an employee communication strategy.

Key Benefits Achieved

  • Risk assessment is conducted.
  • Communication plan is established.

Activities: Outputs:
4.1 Identify potential risks and difficulties in rolling out new approach.
  • Project risks and challenges analyzed
4.2 Plan your communication strategy.
  • Communication strategy outlined

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