professional development courses


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Compensation Practices That Make a Difference

In a typical company, 60-80% of the operating expenses are tied up in workforce costs. However, 95% of the typical workforce doesn’t understand, isn’t equipped and isn’t driven to execute the business strategy. The result – over 80% of business strategies fail to deliver their intended results or value.  Compensation is not only drawing the increased attention of investors, boards and regulators, it represents a key to linking individual and enterprise performance. Moreover, it is vital to improving a company’s return on its human capital investments, and helping drive ordinary people to produce extraordinary results. Lastly, as noted by so many business leaders, compensation is key to creating the consequences and accountability needed for a true growth or performance-based culture.

Turning 'Theory' into 'Practice'?

This highly interactive workshop will start with the business need and ask “what are you looking to achieve with your human resource and compensation strategies and practices?” Drawing upon dozens of best practices, the facilitator’s personal experiences in senior HR and operations roles, and the delegate’s own experiences, the workshop will then equip attendees with the:   a. Knowledge, tools and techniques to enhance the business impact of their existing compensation approach and programs b. Ideas to link those programs to business strategy, enterprise performance goals and culture drivers c. Options for measuring the success (or failure) of those programs d. Techniques to effectively communicate compensation as part of a broader talent management strategy e. Ways to create a total rewards framework, including its links to the employee value proposition and employee brand, customer value proposition and commercial brand f. Personal skills and knowledge to improve their own business acumen and credibility   This workshop is not a “how to” on building compensation or total rewards plans but a Masterclass in linking such plans to business and organizational strategy. Delegates will be encouraged to share personal experiences and learn from each others’ successes and not-so-successful experiences.

Who should attend?

Experienced Compensation professionals who are seeking to either raise the business impact and credibility of their role, wish to understand how they can better link their efforts to business and HR strategies or those who are simply seeking to improve their skills and knowledge of specific compensation techniques and practices.   Senior HR managers who are tasked with managing teams of Compensation professionals and would like an overview of the importance of the role and its impact on the organization and other parts of the HR function.   Anyone involved in designing and implementing compensation or total rewards plans; as well as those professionals who are responsible for areas linked to compensation e.g. performance management, employee engagement, talent management.   General managers or line managers who are looking to be better equipped for making decisions about, holding discussions about and effectively leveraging various compensation and related performance improvement tools. This workshop is not appropriate for professionals who do not either have significant compensation experience or are not managing parts or members of a Compensation function.   Note: This course can also be delivered as an In-Company solution tailored to your unique training requirements including pre-course, on-site training needs assessment.

Key areas to be covered in the programme and documentation

Assessing the Strategic Context for Compensation

Core elements and drivers of effective business strategy

Economic and business trends affecting the talent landscape

HR strategy’s role in driving business results

Total Rewards enable and link Business and HR strategy

Compensation as a key enabler for strategy execution

 

Compensation – Moving from Expense to Value Driver

Compensation as a driver of employee and customer engagement

Building your employee value proposition and employment brand

Total rewards – employee perceptions and misconceptions

Creative thinking around non-financial rewards

The need for both tangible and intangible rewards and malus factors

 

Fact and Fiction about Compensation Management

Who owns HR management – HR leaders or business leaders?

Who owns compensation – HR or Line Management?

What compensation can and can’t do

Hygiene versus motivational factors; consistency versus competitiveness

What makes it difficult regardless of who owns it?

 

Business-driven Compensation Practices

Addressing entitlement, free agency, millennials and similar factors

Compensation as part of the performance equation

Employee segmentation and differentiation

Pay for Performance/ Merit Pay – making it work

Variable pay and incentive plans – pros and cons, tips and traps

Nuances about sales incentive plans and techniques

 

Supporting Practices and Processes

The importance of communications – internal and external

Your Compensation Philosophy, Total Compensation Statements and other tools

Training for line managers, employees and HR reps

Implementation landmines and best practices for disarming them

 

Other Skills Needed for a Successful Compensation Strategy and Practices

Implementing “change” – an introduction

Approaching HR and rewards from the outside-in

Building useful alliances within the organization

Thinking business-first, compliance second

Measuring success – HR Metrics that really matter

Benefits to you

• Compensation as an expense or an investment – assessing both approaches and determining which approach would suit better your business reality

 

• Understand what it takes to move compensation from an expense to a value source; from administration to value-add

 

• Benefiting from the clear relationship between results and rewards – Pat for Performance as a retention tool

 

• Obtaining a positive compensation ROI

 

• Communication as a key – Managing expectations and facilitating frequent communication are essential ingredients for employee engagement

 

• Evaluating the role of communication in employees’ knowledge and appreciation of your compensation program

 

• Identifying various employers approaches towards incentivizing and engaging high-potential employees

 

• Identify and sharpen the steps for integrating compensation with other key processes like strategic recruiting, key employee retention, performance improvement, talent management, total rewards and business strategy execution

 

• Discuss unique challenges and best practices in compensation planning, design and implementation

• Arm line managers with the knowledge, insights and tools they need to support and effectively implement your compensation strategy and related practices

Companies already benefiting include:

Duration of Course

2 Day Course

Course details

 

Looking to train larger teams in this subject?

 


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Further information

UK Enquiries: +44 (0) 203 002 3057
or dzingim@marcusevansuk.com

Non-UK Enquiries: +420 (0)2 5570 7246
or training@marcusevanscz.com

North American Enquiries: +1 312 540 3000 X6714 or emilyj@marcusevansch.com




Testimonials

"This course will allow my company to develop its existing strategies to a much greater and hopefully profitable level."

Managing Director, Tarmac