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Product ID: 387635EAU
 
Credit & Course Provided by:

Post-Recession Compensation Strategies

OnDemand Webinar (95 minutes)

The impact of the recent economic crisis was far-reaching - many companies were forced to suspend compensation actions because funding was limited or non-existent. It appears that we have weathered this storm and are seeing some light at the end of the tunnel, and now the focus shifts to returning to existing compensation processes. But are these current compensation programs appropriate now given the recent economic challenges? Many companies are beginning to rethink their processes in order to better align themselves with market conditions and the need to mitigate risks, especially with companies in the financial services community.

This OnDemand Webinar will highlight the recent changes to compensation that companies have experienced within the past three years, and what the current climate reflects relative to compensation. This program will identify the steps a company should take to examine their current compensation programs in order to identify what works, and what needs to change, in light of the recent challenges. In addition, we will highlight a variety of pay-for-performance plans that are useful to refocus employee attention on strategic goals and success. Lastly, since pay-for-performance continues to be a goal many companies strive towards, the session will cover the importance of a sound performance evaluation process and its correlation to both company and individual success.

Authors

Harry J. Schum, Compensation Resources, Inc.

Agenda

The Changing Economic Climate and Compensation

• Before and After

• Recovery and Its Impact on Compensation Plans

• The Job Outlook - Hiring Trends

• What Companies Are Now Doing Relative to Compensation

Realignment

• Conducting a Strategic Compensation Assessment of Existing Plans

• Identifying Changes to the Compensation Philosophy

• Gauging Current Market Conditions on Pay

• Identifying Strengths and Weaknesses

• Effecting Change to Plans and Processes

• Considering Best Practices

• Implementing Changes and Identifying Transitional Plans

Pay-For-Performance Plans

• Using a Merit-Based Pay Program to Motivate Performance

• Differentiating Pay Increases Based on Performance

• How to Utilize a Limited Budget for Performance-Based Pay

• Why Non-Cash Rewards Are Significant

• Using Variable Compensation to Motivate Performance Towards Strategic Growth

Performance Management

• Why an Effective System Is Still Important

• Using Performance Evaluations and Goal-Setting Processes to Determine Pay Actions

• Why On-Going Coaching and Feedback Is Essential for Fostering Success