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.
Send a friend or colleague a link to this article
RETIRED CONTENTPlease note that the content on this page is retired. This content is not maintained and may contain information or links that are out of date.
- 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.
Get the Complete Storyboard
See how all the steps you need to take come together, with tools and advice to help with each task on your list.Download Now
Get to Action
Craft a Compensation Philosophy
Create a Job Worth Hierarchy Based on Internal Worth
Design a Base Pay Structure
Evolve Pay for Performance
Conduct an Annual Salary Assessment
Create a Culture of Recognition to Drive Engagement, Improve Retention, and Increase Profitability
Use Flexible Work Arrangements and Time Off to Attract and Retain Top Talent
Develop a Strong EVP to Attract Top Talent
Reconceptualize Job Descriptions
Create a Variable Compensation Plan
Train Managers on Compensation Philosophy & Effective Pay Communication