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Communicating Compensation to Executives and Managers

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Communicating Compensation to Executives and Managers

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Communicating compensation can be like walking a minefield—mistakes can be disastrous and getting it right is critical to your organization’s health and well-being. In this webinar, we’ll discuss the strategy of communicating compensation, how to make and execute a compensation plan, and how to include executives and managers in the conversation. We’ll also talk about pay transparency, and how to use compensation conversations as an opportunity to build both your culture and your internal influence.

Communicating compensation can be like walking a minefield—mistakes can be disastrous and getting it right is critical to your organization’s health and well-being. In this webinar, we’ll discuss the strategy of communicating compensation, how to make and execute a compensation plan, and how to include executives and managers in the conversation. We’ll also talk about pay transparency, and how to use compensation conversations as an opportunity to build both your culture and your internal influence.

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Communicating Compensation to Executives and Managers

  1. 1. bamboohr.com payscale.com Communicating Compensation to Executives and Managers 4 ways to communicate compensation that drive strategic outcomes. Communicating Compensation ToExecutives and Managers
  2. 2. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Todd Grierson H E A D I N D U S T R Y R E L A T I O N S A T B A M B O O H R Mykkah Herner M O D E R N C O M P E N S A T I O N E V A N G E L I S T A T P A Y S C A L E
  3. 3. bamboohr.com payscale.com Communicating Compensation to Executives and Managers 1 Three Perspectives on Compensation Communication
  4. 4. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Pudgy desk on fire
  5. 5. bamboohr.com payscale.com Communicating Compensation to Executives and Managers HR wants to be involved in handling bigger issues that directly impact the company and its bottom line. 1 The August 2014 study collected responses via an online survey from 1,307 U.S.-based HR professionals (the majority of whom [75 percent] have worked in the HR industry for 10+ years) who are currently employed by small (<50 employees) to large (500+ employees) businesses. This research was generated by BambooHR and HR Daily Advisor.
  6. 6. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Edit typo
  7. 7. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Pudgy conveyor belt from pitch deck
  8. 8. bamboohr.com payscale.com Communicating Compensation to Executives and Managers How does perception of pay impact employees?
  9. 9. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Most Do Not Know if They Are Paid Fairly Full Article: https://hbr.org/2015/10/most-people-have-no-idea-whether-theyre-paid-fairly
  10. 10. bamboohr.com payscale.com Communicating Compensation to Executives and Managers of employees are ok with low pay if the rationale is explained —PayScale Employee Survey 2015 82%
  11. 11. bamboohr.com payscale.com Communicating Compensation to Executives and Managers v HOW WHY Values Mission Beliefs Culture | Corp. Brand WHAT Start with Why OUTSIDE-IN (CONVENTIONAL) INSIDE-OUT (REMARKABLE)
  12. 12. bamboohr.com payscale.com Communicating Compensation to Executives and Managers “People are motivated by consequences they anticipate.” —Crucial Conversations
  13. 13. bamboohr.com payscale.com Communicating Compensation to Executives and Managers BambooHR Core Values
  14. 14. bamboohr.com payscale.com Communicating Compensation to Executives and Managers 1 Understanding Pay Transparency
  15. 15. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Defining Transparency
  16. 16. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Transparency Spectrum
  17. 17. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Pay Transparency gets everyone in the same boat, paddling in the same direction.
  18. 18. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Why Would Anybody be More Transparent about Pay? Pay Transparency Trust Better Business Outcomes! Engagement
  19. 19. bamboohr.com payscale.com Communicating Compensation to Executives and Managers www.payscale.com Talking about pay isn’t always fun
  20. 20. bamboohr.com payscale.com Communicating Compensation to Executives and Managers 1 Communicating with Executives
  21. 21. bamboohr.com payscale.com Communicating Compensation to Executives and Managers www.payscale.com • Understand the executive audience • Align compensation with business objectives • Incorporate leading edge practices • Keep executives up to date Exec communication tips
  22. 22. bamboohr.com payscale.com Communicating Compensation to Executives and Managers What do your Executives Care About?
  23. 23. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Benefits of Comp Plans 23
  24. 24. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Prepare Talking Points • Compensation philosophy and purpose • Compensation plan changes at the highest level • Market study and results • Next steps—talk with managers
  25. 25. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Report High Level Info • Get them familiar with a dashboard (Compa Ratio, Market Ratio, etc.) • Report these on a regular basis
  26. 26. bamboohr.com payscale.com Communicating Compensation to Executives and Managers 1 Communicating with Managers
  27. 27. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Compensation is about an exchange of value, not money.
  28. 28. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Value Exchange Experience in industry Experience in market vertical Experience in adjacent markets Experience in field of discipline Experience in adjacent disciplines Experience with competitors Product knowledge Competitor knowledge Time and experience in company Education Discipline training and certification Supply and demand Employer Value DriversEmployee Value Drivers Base pay Performance Pay Paid time off Benefits Travel Culture and environment Work flexibility Work/Life balance Meaningful work Who you work with Challenging work Opportunity to impact Job security Shared purpose / mission Career advancement opportunities Autonomy Senior leadership
  29. 29. bamboohr.com payscale.com Communicating Compensation to Executives and Managers of companies are confident in managers’ ability to have tough pay conversations 2016 PayScale Compensation Best Practices Report 17%
  30. 30. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Agents of the Organization
  31. 31. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Equip Managers • Set expectations • Educate them • Give them the big picture • Give them tools
  32. 32. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Negotiation Skills • Sell the organization & 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
  33. 33. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Consider Workplace “Currency”  Know what motivates your employees  Additional/Alternative Perks  FTE preference  Staggered increase or offer  PTO  Work assignments  Development opportunities 33 Identify Creative Solutions
  34. 34. bamboohr.com payscale.com Communicating Compensation to Executives and Managers The Compensation Review Meeting 1. Prepare for the meeting 2. Deliver feedback and listen 3. Follow up
  35. 35. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Prepare Manager Toolkits • Compensation Plan Talking Points • Compensation Plan Information • Details for each employee they supervise • Tips for each type of conversation they may have o Pay is low or perceived to be low o Pay is high o No increase due to performance o “I found this on the internet”
  36. 36. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Follow BambooHR and PayScale on social media: bamboohr.com/blog | payscale.com/compensation-today Thank you!
  37. 37. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Questions? BambooHR Receive a free job posting on our ATS and full HRIS for one week. We will contact everyone within the next few days to set this up. Download our free eBook: Communicating Compensation: Your guide to tackling tough conversations about pay PayScale
  38. 38. bamboohr.com payscale.com Communicating Compensation to Executives and Managers Final Challenge 1% bigger 37x growth

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