Evolve Pay for Performance
Shift from a one-size-fits-all to a tailored approach to base pay increases and bonuses.
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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.
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Workshops are a great way to accelerate your project. Our highly skilled facilitators take you through key phases of your project and ensure your team has the guidance needed to complete your project successfully.
Book NowModule 1: Identify Compensation Challenges and Complete a Current-State Assessment
The Purpose
- Discuss compensation challenges and complete a current state assessment.
- 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. |
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| 1.2 | Examine performance management practices. |
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| 1.3 | Evaluate current pay for performance approach. |
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| 1.4 | Analyze workforce data and trends. |
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| 1.5 | Evaluate the cultural landscape. |
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| 1.6 | Assess your organizational readiness level. |
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Module 2: Design a New Approach to Base Pay Increases and Bonuses
The Purpose
- Define objective(s) for annual base pay increases and bonuses, either by employee segment or organization-wide.
- Set metrics and design the program approach.
Key Benefits Achieved
- Objectives are aligned to organizational strategy, structure, and culture.
- Metrics for success are determined and the program approach foundation is outlined.
| Activities: | Outputs: | |
|---|---|---|
| 2.1 | Determine new objectives for base pay increases and bonus programs. |
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| 2.2 | Select goals and metrics. |
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| 2.3 | Design base pay increase and bonus approach. |
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Module 3: Complete a Costing Simulation, Identify Risks, and Develop Your Communication Strategy
The Purpose
- Conduct a simulated cost exercise.
- Identify potential risks with the new approach.
- Develop an employee communication strategy.
Key Benefits Achieved
- Budgetary implications are understood at a high level.
- Risk assessment is conducted.
- Communication plan is established.
| Activities: | Outputs: | |
|---|---|---|
| 3.1 | Conduct a simulated costing exercise to identify any budgetary impacts. |
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| 3.2 | Identify potential risks and difficulties in rolling out new approach. |
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| 3.3 | Develop an action and communication plan. |
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| 3.4 | Determine how to prepare managers. |
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