Creating Effective Pay Structures: Attract & Retain Key Employees
Having a competitive compensation structure is the cornerstone of employee recruitment and retention.
If you have an outdated or non-competitive system in place, you are leaving yourself vulnerable to losing your top talent to other companies with more enticing plans. It's typically the best employees who become frustrated if salary concerns are not addressed and acted upon.
In this workshop, expert speaker Bob Verchota will provide you with the tools and information you need to develop or update your current pay plan.
This training will address the pay rates for the current market, plus tools to assess your industry rates, allowing you to create a compensation plan that stands out, while letting you make proactive decisions for your current employees.
This event will answer burning questions, such as:
- Does our current compensation plan stack up for our industry?
- How do I properly handle difficult (or uncomfortable) questions about salary rates or plans?
- What if our employees don’t see our structure as fair or good enough?
- How can I ensure pay equity in my organization?
- Will a new or updated approach improve retention?
- Is pay the best motivator for my employees, specifically?
Leveraging the link: Using good compensation practices to keep good people
- Using a sustainable pay plan to make employees feel valued and financially secure
- Understanding different varieties of pay structure, such as COLA vs. P4P (Cost of Living Allowances v Pay for Performance)
- Assessing and auditing your current system: Know what’s working (and what’s not)
Following the trends: Ensuring your organization is competitive with the market AND within the industry
- Keeping up to date on market competitive pay and how it relates to your plan
- Leveraging market scans and developing trends to adjust accordingly
- Knowing which pay structure works best for your company and industry
Taking sustainable action: Updating and explaining your approach without ruining the budget
- Facing the challenges of alignment and restructuring
- Defining the philosophy of your compensation structure to employees or potential talent
- Creating a compensation plan that is appropriate for your organization and talent needs
Question and Answer Session - Hear expert answers to real-world questions!
About the Speaker
Bob Verchota is owner and senior consultant for RPVerchota & Associates, a consulting firm providing services to clients who seek to align their business and employees, creating successful outcomes and excellent work environments.
- After 30+ years in Human Resources senior leadership roles and teaching both undergraduate and graduate courses in Leadership and Organizational Development, Bob transitioned to using his experience and skills in consulting.
- He provides solutions for a wide variety of HR issues including: training, development, compensation, compliance, policy development, performance management, employee relations and managing change.
This workshop will focus on building a better, market-based compensation system that will align your company with the industry and competitors. You will walk away able to build a compensation plan that is fair, competitive and attractive to new talent. Get the tools needed to start developing an updated pay plan or tune up your current plan with these strategies.