Developing a Pay-for-Performance Plan
2/15/2010
Pay-for-performance plans are like motherhood and apple pie - everyone agrees with the concept, but not everyone can achieve the desired results.
This teleconference will present the concept of pay-for-performance and its relationship to the compensation strategy. You will learn about the various performance-based plans that can be developed within base salary and variable pay components, and the design elements that can be included.
The importance of a sound performance evaluation process and its correlation to a successful pay-for-performance philosophy will be stressed, and what can be done to improve your own processes. You will learn some of the biggest mistakes in pay-for-performance programs and how to avoid them.
Agenda - The Concept of Pay-for-Performance
- The Basic Objectives of Compensation ? FARM
- Why Employers Want Pay-for-Performance
- Why Employees Want to Be Paid for Performance
- Pay for Results vs. Entitlement Pay
- Tying Pay to Performance
- Components of the Pay Package
- The Compensation Philosophy
- Fixed vs. Variable Pay
- Base Salary Performance Plans
- Differentiating Pay Increases Based on Performance
- Using a Merit-Based Pay Program to Motivate Performance
- How to Use a Limited Budget for Performance-Based Pay
- Breaking the Rules in Order to Enhance Pay-for-Performance
- Variable Pay Performance Plans
- Short-Term Plans
- Long-Term Plans
- Group Incentives and Alternative Reward Programs
- Linking Pay to Results
- Design Elements
- Performance and Performance Management
- Why a Sound Performance Evaluation Process Is Essential
- The Importance of a Solid Goal-Setting Process
- Using Communication and Coaching to Enhance Employee Performance
- How to Make the Performance Evaluation Process Work for You
- Eight Reasons Pay Plans Fail
- How to Make Plans Foolproof
- Questions and Answers
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Joseph Kiefer. . . . . . . . . .
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