How To Construct Salary Ranges, Administer Increase Budgets and Build Merit Increase Matrixesfrom Armaya Smith
People work for money. Even people who love their jobs likely would not perform them free. The salary budget while often the biggest expense in a company is to employees, a reward system for their work performed in your company and for the skills they bring to the workplace.
Adopting a competitive, performance-based pay philosophy requires some extra work. In order to differentiate wages based upon the results of your employees, you need to know what you want people to do, be able to sort out how they are performing and, based on that, differentiate their pay.
The benefit of your extra effort regarding compensation is that you can drive your funds towards rewarding high-performing employees who may even be paid less than the market. Because, realistically salary budgets and increase budgets are determined not only by compensation philosophy and range movements but the actual budget (or not) the employer has.
WHY SHOULD YOU ATTEND
When your supervisors determine wages, which employees will get pay increases and how much they deserve; they are making or breaking your business. How? By connecting performance to pay, or not, your managers tell your employees what sort of work ethic, skills, and attitude get rewarded at your company.
• What is internal and external equity.
• Building modern salary budgets and matrixes.
• How to understand and use ranges effectively.
• Connecting performance with pay ranges and merit increases.
• Using limited budgets most efficiently.
• Explaining salary rangedetermination and increases in a way that helps an employer operationally - year round.
• What is variable pay.
• How to use variable pay.
• Current salary structure - Understanding how those numbers got that way and what they mean.
• How salary compression and salary inversion happen and what you can do.
• How small or mid-sized businesses can have more flexibility with pay in a tight economy.
• Compliance mistakes that can blindside an employer.
Today, every company is a performance based company and as such needs to learn to build and use its salary budgets for maximum effect on employee performance while still ensuring equity within internal and external components and avoiding compliance problems.
A merit-based, pay-for-performance matrix system serves as a guide for supervisors and connects performance to market rate pay.Pay increases are fair, logical and support business objectives.
WHO WILL BENEFIT
• HR Managers
• HR Generalists
• Business Owners and CEO's
• Plant Managers
• Management Personnel
• Compensation Associates
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