Post on 18-Jan-2017
Performensation’s Total Rewards Evolution Matrix
Toll free 877-‐803-‐9255 | Direct 415-‐625-‐3406email: info@performensa?on.comweb: www.performensa?on.com©2016 Performensa?on
Employee interviewsStakeholder mee?ngsCultural priori?es
Link to pay philosophyImpact of non-‐compensatory issues12 Pillars analysis
DIAGNOSE | DESIGN | EXECUTE | ADAPT
This resource is designed to help you get the most from your decision-‐making processes, design projects, management approvals, administraGon pracGces and compensaGon budget.Performensa?on’s ac?onable process for con?nuous improvement of your total rewards programs is effec?ve for companies of any size, industry and loca?on. The process can be applied to comprehensive total reward projects or individual plan improvement or design.
Our diagnos?c approach ensures that the humanand mechanical aspects of your programs are fully considered. Market data is important, but leading companies dis?nguish themselves by crea?ng their own route to success. This process provides both a founda?on and path to reaching your total reward goals.
It is important to clarify objec?ves, issues and opportuni?es before proceeding with any project. Poten?al solu?ons are then communicated with a strong founda?on that allows more confident execu?ve approval.
Effec?ve solu?ons are designed to support and drive company strategy and culture. Careful craZing of details allows plan features to support specific purposes while remaining understandable. Avoid surprises by modeling probable, and not so probable, performance paths. Collaborate with Legal and Finance to ensure no loss of intent.
Execu?on includes ini?al roll-‐out, plus ongoing management and communica?on of each solu?on. Incorpora?ng the right people, tools and leadership strategy is essen?al to success.
Iden?fied metrics and objec?ves must be tracked, measured, evaluated, analyzed and communicated at least as frequently as each program’s regular cycle. Every issue may not require an adjustment, but cri?cal adjustments must be made quickly and confidently.
Review market levelsReview reward prac?cesMeasure program(s) to best case and objec?vesEs?mate cost of rewards and administra?ve burdenComparison to legacy programs
Human factors analysisAnalysis of mechanical factors
Illustra?ve approach to reward service deliverySWOT Communica?on: Strengths, Weaknesses, Opportuni?es and Threats
Determine priori?esGet agreement on Proof of Concept
Get ini?al approval on budgetIden?fy responsibili?es for design and execu?on
Assign responsibility, accountability and milestones for everything
Iden?fy resourcesAccount for other required deliverables in the same ?me frame, whether or not related to this solu?on
Define solu?on impact to:Adrac?on, mo?va?on, engagement and reten?on
Decisions and behaviorsFinancial metricsOpera?onal metricsCompensa?on budget
Fixed or variable pay elementsShort-‐Term, Mid-‐Term or Long-‐Term Incen?vesCash, equity or otherRela?vity of risk to leverageInterna?onal considera?ons
EligibilityVes?ngImpact of individual, group or company performanceImpact of change in controlImpact of termina?onIndustry standard / unique to the company
At least four models: Best case, worst case, formulaic case and expected case
U?lize words, numbers and visualsResults must be in formats familiar to stakeholders
Set expecta?onsObtain approval on expected case
Ensure understanding of best case and worst caseCommunicate requirements to achieve expecta?ons
Clarify rollout goals Train execu?ves and managers
Build awareness and understandingEnable successEngage in growth
Administra?on and record-‐keepingData and analy?cs
Finance and accoun?ngCommunica?onEmployee access and transac?ons
System integra?onData feedsTracking of metrics and goalsAlerts and warningsFeedback and success measurement
Visual, auditory, reading/wri?ng and kinesthe?cIni?al rollout
Ongoing updatesProgress and achievementStakeholders, management, employees
Define processes and proceduresEnsure compliance with rules and regula?onsOngoing and transac?onalInternal, outsourced, co-‐sourced
ReportQuantification Decisions Project PlanQualification
FeaturesInstruments Modeling FinalizationObjectives
AutomationTools Communication AdministrationImplementation
Market IntelligencePay for Performance linkageDashboards
Reconcilia?onsProgress to objec?vesUnexpected outcomes
Correla?on versus causa?onStakeholder percep?on versus par?cipant percep?onReturn on InvestmentBudget versus actual cost
Mid-‐term course changes to adjust to changing condi?ons
Changes to plan featuresChanges to pay levelsAdjustments to legacy awards due to unexpected results
Determine priori?esCommunicate recommenda?ons
Get approval on recommenda?ons and budgetIden?fy responsibili?es for design and execu?on
Clearly communicate successes and opportuni?es for improvement
Explain modifica?ons and changes to future objec?vesIncorporate all changes into the processes built in the Execu?on phase
ModificationsAnalysis Decisions CommunicationReporting
DDIAGNOSE
DEA
DESIGN
EXECUTE
ADAPT
Toll free 877-‐803-‐9255 | Direct 415-‐625-‐3406email: info@performensa?on.comweb: www.performensa?on.com©2016 Performensa?on
Services Include:Compensa?on design and op?miza?onCompe??ve pay structureCommunica?on programsEquity and incen?ve plansRisk assessment and best prac?cesMarket analysis of pay levelsPay for performanceMeasurement and goal analysisProcess analysis and retoolingSales plan evalua?onPlan implementa?on
Your total rewards should be as unique and focused as your business strategy and culture. Custom can be simple and straighSorward.
PerformensaGon is unique in the world of compensaGon consulGng. We are not focused on an industry, region or type of company. We are focused ONLY on soluGons.
We are Pay for Performance experts who specialize in small tomid-‐sized companies. If you need evoluGonary or revoluGonary soluGons, we are the answer.
Best of class compensaGon soluGons require vision,a customized approach and effecGve communicaGon.