Communicating Compensation: Equipping your Managers

Jennifer Ferris, CCPCompensation Professional

Mykkah Herner, MA, CCPManager of Professional Services

www.payscale.com

www.payscale.com

14,000 Positions 3000 Customers 11 Countries

250 Compensable Factors40 Million Salary Profiles

Communicating Compensation

Part I: Gaining Executive Support

Part II: Equipping Your Managers

Part III: Talking with Employees

www.payscale.com

AgendaRecap of Part I: Gaining Executive Support Set expectations with managers

Equip managers for their role• Negotiation skills• Listening skills • Compensation review meeting• Talking points

Present compensation basics to managers

Next in series: Talking with employees

Recap of Part I: Gaining Executive Support

• Overview of Communication Basics

• Overview of Compensation Basics

Communicating Compensation to Executives

• Understanding the Executive Audience

• Align compensation to business goals

• Incorporate leading edge practices

• Keep executives up-to-date with quick snapshots

http://resources.payscale.com/hr-webinar-recorded-communicating-compensation-gaining-executive-support.html

Set expectations with managers

AGENTS OF THE ORGANIZATION

of company leaders do not feel confident in their managers’

ability to effectively communicate with employees

about salary issues.

2014 PayScale CBPR

73%

Equip managersfor their role

Negotiation Skills

• Sell the organization and the full package on the table

• Sell the benefits of the offer (initial or increase)

• Listen to the ask behind the ask

• Meet them and then move

Listening Skills

Self Reflect

Listen Actively

Communicate Assertively

Agree & Act

The compensation review meeting

1. Prepare for the meeting

2. Deliver the feedback/results

3. Follow up

Talking Points

• Market Study / results

• Compensation Philosophy

• Structure Overview

• Position in range

• Adjustment

• Rationale

• Open the door

Present compensation basics to managers

Manager TrainingCompensation Plan Overview

• Compensation 101

• Philosophy & Strategy

• Structure

• Policies

Putting it into practice

• Linking Performance to Pay

• Calculating Increases

• Talking with Employees

Advantages of Pay Structures

Provide alignment to business strategy

Clarify relative worth of the position internally & externally

Ensure fair pay (legally defensible)

Define a pay range for a position

Create clear career paths

Room to reward your employees based on performance, tenure, etc.

Talk with Employees

Set expectationsEducate themOpen the door

Immediate Action • Asses manager capacity for

communicating compensation

• Develop a toolkit for your managers

• Train your managers

• Improve execs confidence of managers

PayScale Delivers Where Other Compensation Providers Fall ShortPayScale leads the world in compensation knowledge with the freshest and most detailed data from over 40 million salary profiles. More than 3000 organizations use PayScale’s software and intelligence to get the greatest return on their talent. Smart businesses use PayScale Insight to recruit, retain and motivate their people.

Visit our blog: www.payscale.com/compensation-todayJoin our Group on LinkedIn: Compensation Today: HR Best Practices

Jennifer Ferris, CCPCompensation Professional

Mykkah Herner, MA, CCPManager of Professional Services, PayScale, Inc.

www.payscale.com