|12:45 pm–1:45 pm
||Pay Decisions: The Good, the Bad, and the Costly
- Session Description: When employers review their salary adjustment budgets, their tendency may be to apply the “peanut butter” approach and avoid the opportunity to differentiate the amounts good performing employees receive. This workshop is your opportunity to explore the answers to these questions and others as they apply to your organization:
- How can one determine how much an individual employee actually should be paid?
- What is the best way to determine the going market rate for a job and how does that enter into negotiating salary decisions and making job offers?
- What about cost-of-living and other inflation factors … how is that taken into account?
- Should base pay be linked to performance? If so, how can this be accomplished?
- Are there different approaches that employers are taking to the annual performance review?
- How can an organization better understand the implications of a living wage strategy given pressures to increase minimum wage?
- Learning Objectives:
- Understand the components used in salary planning and budgeting.
- Learn a new, strategic way to think about managing compensation and linking pay with performance.
- Identify alternative approaches to the annual performance review.
- Create criteria you can use to evaluate your organization’s compensation programs.