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
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.
Understanding of the current pain points of the compensation system
1.2
Determine current annual base pay increase and bonus approach.
Completion of a current-state assessment of your organization’s base pay increase and bonus approach
1.3
Evaluate the cultural landscape.
1.4
Assess your organizational readiness level.
Module 2: Create New Compensation Objectives, Select Metrics, and 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.
New objectives for base pay increases and bonus programs, and determine appropriate metrics
2.2
Select metrics to quantify the success and impact of your approach.
Metrics to measure the success of your base pay increase and bonus approach
2.3
Design base pay increase and bonus approach.
Selection of the compensation building blocks for your new base pay increase and bonus program approach
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.
Complete costing simulation and identification of potential budget implications
3.2
Identify potential risks and difficulties in rolling out new approach.
Risks identified and mitigation solutions brainstormed
3.3
Plan your communication strategy.
Draft communication strategy
Book Your Workshop
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.
Book Your Workshop