Making Merit Pay Matter: Using ‘Carve Outs’ to Retain Top Performers without Busting the Budget

recording Making Merit Pay Matter: Using ‘Carve Outs’ to Retain Top Performers without Busting the Budget

You Will Learn:

During this practical event you will learn how to navigate the trickiest components of a carve-out compensation approach, and how to:

  • Use carve outs in your pay determination process
  • Budget carve outs
  • Communicate and set pay expectations
  • Evaluate performance, and
  • Deliver differentiated rewards
Access the pre-recorded audio conference
$269.00
 

Every organization faces the challenge of balancing and managing compensation.

Unfortunately most still struggle with consistency (and budget issues) when it comes to rewarding top performers.  In fact, nearly two-thirds fall short, and the result is a demotivated workforce and skyrocketing attrition rates.

How do you differentiate base pay increases with a 3% merit budge? How do you deal with stagnant pay ranges and still attract and retain key players to ensure company success?

You could “carve-out” a portion of your annual merit budget—small as it may be—to deliver targeted, meaningful rewards to critical talent and top performers.

Learning Objectives

This comprehensive webinar explores how to use carve-outs to improve the effectiveness of merit-based pay increases. During this practical, how-to event, you will learn how to navigate the trickiest components of a carve-out compensation approach, and how to:

  • Use carve outs in your pay determination process
  • Budget carve outs
  • Communicate and set pay expectations
  • Evaluate performance, and
  • Deliver differentiated rewards

By the end of this information-packed session, you’ll also know more about:

  • The relationship of pay for performance and employee engagement
  • What pay for performance really means to employees
  • Who to reward, and how much to ‘carve-out’ of the budget
  • How to design a pay increase ‘carve-out’ from your variable pay/bonus budget
  • How much to reserve from your merit pay budget for top performing employees
  • Communication parameters to set appropriate employee expectations under the carve-out plan
  • How to apply carve-outs to variable pay
  • The flexibility of carve-out percentages and when a change is appropriate

Product ID: 3082

Bonus Material

Your webinar includes the top-selling guide, Salary Structures: How to Choose, Develop, and Administer a Salary Structure.

This comprehensive 32 page report, delves into: Salary Structures

  • 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

Plus, you’ll also get examples of times when salary re-structuring is warranted. It’s a $149 value, but we’ll send you the PDF download for FREE. You SAVE $149!

Learn how to navigate the trickiest components of a carve-out compensation approach with this information-packed webinar!

Order my recording now

Faculty

Jim Kochanski
Jim Kochanski
Senior Vice President, Performance and Rewards Practice Leader, Sibson Consulting

Mr. Kochanski works with business leaders to improve their company's ability to execute strategy with stronger people programs. He is the Leader of Sibson's Performance and Rewards Practice and has also led Sibson's Organization and Talent Management Practice. In addition to his practice leadership role, Mr. Kochanski is a member of the firm-wide Leadership Team.

John Dempsey
John Dempsey
Managing Director and Global Practice Leader, Aon Global Risk Consulting

As the Managing Director and Global Practice Leader of AGRC’s Claims Preparation, Advocacy and Valuation practice, John Dempsey is responsible for the largest and most diverse team of property claims professionals in the world.  With over 140 professionals comprising forensic accountants, engineers, investigators, project managers, and other specialists, the team focuses on property and business interruption claims preparation, emergency response, asset and business interruption exposure valuation, crime investigation, cyber vulnerability assessments, and claims advocacy.

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 navigate the trickiest components of a carve-out compensation approach with this information-packed webinar!

Order my recording now

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