Post on 21-Apr-2017
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Comp Strategies for Fast Growing Companies
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Rusty LindquistVP of HCM Thought Leadership
BambooHR
Mykkah HernerModern Compensation Evangelist
Payscale
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
What we’ll talk about1. Challenges and byproducts of rapid growth
2. Comp plans can help
3. Aligning across multiple locations
4. Three options for M&As
5. Things to do today
Understanding Rapid Growth(and how it relates to comp)
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Growth
Time
STAGE 1 STAGE 2 STAGE 3
MarketViability
ClientAcquisition
BusinessScalability
Organizational Waste
(grow)(validate) (operationalize)BYPRODUCTSOF GROWTH
Cultural DilutionReduced (Intrinsic) Engagement
Reduction In TransparencyStrained Management
Inconsistencies Create Friction
Ram CharanBest-selling Author, Business Advisor
OUR PEOPLE SYSTEMSARE THE MOST IMPORTANT SYSTEMS
IN OUR ORGANIZATIONS
Comp Plans Can Help
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Reinforce Clear Strategy
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Align Resources to Goals
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Develop Guidelines for Pay
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Enable Quicker Pace
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Ensure fairness across locations
Comp & Culture
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Everything you dobecomes part of that story…
The story of what you value
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Compensation:
The story of how much you are valued
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Making the CompensationConversation a Culture Builder
Don’t be offended
Be open
Take it seriously Be objective
Be proactive
Be Positive
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Make Sure Your Approach To CompTells The Right Story
Aligning Across Multiple Locations
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Same job in multiple locations has different titles and pay
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Different jobs in multiple locations have the same titles
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
How do you fix it?
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Target Specific Issue Areas
Comp & Engagement
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Feeling appreciated, valued, and adequate rewarded for your effort.Value
Total rewards
Va Value
Rewards Recognition Compensation
What you get from work
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Comp is about anExchange of Value
Not just Money
Experience in industry
Experience in market vertical
Experience in adjacent markets
Experience in field of discipline
Experience in adjacent disciplines
Experience with competitors
Product knowledge
Competitor knowledge
Time and experience in company
Education
Discipline training and certification
Supply and demand
Employer Value DriversEmployee Value Drivers
Base payPerformance Pay
Paid time offBenefits
TravelCulture and environment
Work flexibilityWork/Life balance
Meaningful workWho you work with
Challenging workOpportunity to impactJob security
Shared purpose / missionCareer advancement opportunities
Autonomy
Senior leadership
Three Options for M&As
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Maintain separate plans
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Use one plan
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Merge plans too
bamboohr.com 1-866-387-9595
Comp Strategies for Fast Growing Companies
Things to do today1. Things to do today
2. Clarify alignment of business goals to talent strategy
3. Discover your talent markets
4. Prioritize pay decisions based on the above
5. Decide between pay ranges and pay grades
6. If merging, get to know both plans
7. Make a plan to develop a comprehensive comp plan
Thank you!Follow BambooHR on social media:
bamboohr.com/blog
Follow BambooHR and PayScale on social media:bamboohr.com/blog | payscale.com/compensation-today
Questions?
Rusty LindquistV P S T R A T E G I C H R I N S I G H T S
B A M B O O H R
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Mykkah HernerM O D E R N C O M P E V A N G E L I S T
P A Y S C A L E
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M y k k a h H @ p a y s c a l e . c o m
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