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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- 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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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
Write Effective Job Descriptions
Optimize the Employee Wellbeing Program
Create a Variable Compensation Plan
Train Managers on Compensation Philosophy & Effective Pay Communication