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: 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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Onsite Workshops offer an easy way to accelerate your project. If you are unable to do the project yourself, and a Guided Implementation isn’t enough, we offer low-cost onsite delivery of our Project Workshops. We take you through every phase of your project and ensure that you have a road map in place to complete your project successfully.
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