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How to Develop Effective Pay for Performance Plans

Learn how to improve employee performance while keeping cost in mind by developing an effective pay for performance plan.Motivated workers are critical to corporate success; however, neither a cookie cutter approach to motivation and engagement nor a highly individualized structure tends to be effective in the long run. As a result, organizations across the country are seeking to continuously improve employee performance, while simultaneously controlling costs. Establishing or expanding pay for performance programs can be an effective strategy to achieve this objective. When designed well, pay for performance plans align employee behaviors and activities with specific goals. When designed poorly, such plans can cause confusion and frustration among employees and dissatisfaction among owners and management. This topic will cover key features to be considered as well as practices to be avoided in order to design a plan that succeeds in motivating and recognizing desired performance.


Runtime: 88 minutes
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Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Why Pay for Performance?

  • Evolution of Compensation Plan Design (Tenure and Experience to Market Competitiveness to Merit and Competencies)
  • Relevance of Pay for Performance (Data Findings)
  • Common Forms of Performance-Based Pay (Salary Increases, Incentive Pay Types, etc.)

Salary Increase Practices

  • Salary Increase Approaches (Conservative to Aggressive Performance-Based Increases)
  • Performance Evaluation Tools
  • Prevalent Program Features (Timing, Eligibility, Amounts, etc.)
  • Merit Matrix Explanation and Example

Variable Pay Plans

  • Overview of Performance-Based Variable Pay Types
  • Prevalent Plan Features
  • Ongoing Assessment/ROI Tools

Tips for Effective Performance-Based Pay

  • Involvement Throughout the Organization
  • Establishing/Assessing Performance Metrics
  • Organization-Wide Communication
  • Additional Best Practice Considerations
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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OnDemand Webinar

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Audio & Reference Manual

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Priya J. Kapila

CBIZ, Inc.

  • Manager in the compensation consulting division at CBIZ, Inc. Human Capital Services
  • Participated in the development of compensation plans for multiple organizations
  • During her time with CBIZ, she has gained experience in market pricing, developing and reviewing job analysis questionnaires, designing salary structures, drafting compensation plan policies and procedures, and structuring performance-based incentive programs for a variety of positions within many industries
  • Recently led the development of analyses to test for compensation discrimination within public and private organizations
  • Performed financial analysis for an investment banking firm, specializing in the area of public finance. In this role, she became experienced in the implementation of financial structures and initiatives for both nonprofit and for-profit organizations
  • Was involved in developing financial products for institutions of higher education and renewable energy companies
  • Certified Senior Professional in Human Resources (SPHR) and a Certified Compensation Professional (CCP)
  • Currently a member of WorldatWork and the president of the Compensation and Benefits Network of Greater St. Louis (CBN)
  • M.B.A. degree, University of Missouri-Columbia; B.S.B.A. degree, and B.A. degree in international studies, University of Missouri-Columbia
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Product ID: 393729
Published 2016
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