Incentive Compensation: How to Design a Variable Pay Plan that Saves Money and Improves Performance

recording Incentive Compensation: How to Design a Variable Pay Plan that Saves Money and Improves Performance

You Will Learn:

  • What variable pay is and how to define it as part of your total rewards package
  • Key components of performance based and incentive pay systems
  • The first steps to take (and systems you should have in place) before moving from a length of employment to value-based reward system
  • Best methods to communicate changes to your pay plan
Access the pre-recorded audio conference
$269.00
 

90 percent of companies have shifted more of their spending to variable pay.

Why? Simply put, linking what employees are paid to how they perform improves profitability and productivity.  Especially for top performers.

While the majority of companies have hopped on the variable pay bandwagon, many still struggle to get it right.

How do you construct incentives and other compensation plans in a way that improves execution, enhances shareholder value and creates the right sense of partnership with employees? What kind of metrics and measures should be considered and how are they balanced between company, department and individual employee performance results?

This interactive webinar explores how to accurately measure the success your variable pay plans and steps to take if you find that you’re paying more for incentives than the gain you are receiving.

Learning Objectives

During this information-packed session you will learn:

  • What variable pay is and how to define it as part of your total rewards package
  • Key components of performance based and incentive pay systems
  • The first steps to take (and systems you should have in place) before moving from a length of employment to value-based reward system
  • Best methods to communicate changes to your pay plan
  • What to include in your performance measurement system.
  • Roles and responsibilities of supervisors in a value-based, variable pay system
  • Most expensive mistakes companies make when changing pay systems
  • How to apply performance pay principles to every job on your payroll
  • Tips for handling push-back from employees

Product ID: 5364

Bonus Material

With your registration you get the top-selling guide, Salary Structures: How to Choose, Develop, and Administer a Salary Structure – a $149 value – absolutely FREE!

Salary StructuresThis comprehensive 32 page report, delves into:

  • Different Salary Structure Designs
  • Traditional Salary Structures
  • Broadband Structures
  • Market-Based Salary Structures
  • Step Salary Structures

This essential guide also gives you all the details you and your managers need to:

  1. Develop A Salary Structure
  2. Research Market Data For Benchmarked Jobs
  3. Decide Whether A Job Fits With A Benchmarked Job
  4. Find The Value Of A New Position Or One That Cannot Be Benchmarked
  5. Administrate A Salary Structure

Learn How to Design a Variable Pay Plan that Saves Money and Improves Performance!

Order my recording now

Faculty

Thomas N. Hill
Thomas N. Hill
Principal, Korn Ferry Hay Group

Tom Hill is a Senior Principal in the Chicago Office of Hay Group. Tom also is the Practice Development Leader of Hay Group’s Enterprise Sales Effectiveness Practice.Tom works with clients to enhance the effectiveness of the sales organization and align it to the organization’s overall strategy.

Continuing Education Units

  • hrci

    HRCI – Receive 1.25 recertification credit hours toward PHR and SPHR recertification through the Human Resource Certification Institute (HRCI). For more information about certification or recertification, please visit the HRCI homepage at www.hrci.org.

    “The use of this seal is not an endorsement by the HR Certification Institute of the quality of the program. It means that this program has met the HR Certification Institute’s criteria to be pre-approved for recertification credit.”

Learn How to Design a Variable Pay Plan that Saves Money and Improves Performance!

Order my recording now

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