Optimizing Pay for Performance and Managing Compensation Change (ICS403)
An organization's compensation philosophy centered on performance-based pay sends a message of accountability and establishes expectations for employees. But, the less prepared an organization is to manage this approach, the more difficult its execution will be. Understanding and knowing how these expectations will be rewarded plays a critical role in managing employee expectations. Throughout this process, it is essential to recognize the distinct values that different groups of employees place on compensation and how to best engage them while strengthening the pay and performance link.
- Aligning pay mix and organizational goals with a variety of employee values and preferences
- Effectively communicating with employees and managing their expectations
- Examining common challenges associated with implementing or strengthening performance-based compensation systems
- Considering how to successfully change to the pay system
Who will benefit?
Participants will leave the course with the ability to analyze and evaluate the efficacy of performance-based pay systems. Organizations will benefit through improved allocation of financial and human capital resources and an enriched understanding of the effects of pay for performance on the success of their operations.