Moving to Incentive and Performance Based Pay System - Webinar by TrainHR October 24, 2012

Overview : This webinar will cover the components of a variable pay system that pays for itself. The webinar will also cover the necessary elements to have in a performance measurement system.

The webinar will explain how to connect the compensation changes to the performance measurement system. Including what changes that may need to be made in the performance measurement system. Because without an effective measurement system in place to measure performance a company can't know what to reward. A performance based and certainly an inventive based system when structured incorrectly not only rewards the wrong things but often costs a company more than the ROI they expected.
Worst, if a reward system in not structured properly, the company ends up actually rewarding employees to pursue the wrong goals. So transitioning generally requires great changes to existing performance review processes, and the measurement of performance.

This webinar will cover communications necessary to transition successfully to a Performance Based pay system. Because moving your employees to a new type of reward system can be guaranteed to spark a little if not a lot of uncertainty. Employees are understandably apprehensive about any changes to pay, even positive ones as they are very sensitive to changes. Even a system that does not satisfy employees will often appease them when faced with the possibility of a change. Fear of change causes most employees to think they'll become somehow disadvantaged and as the old adage goes, "If you wanted to work for free; that'd be called a hobby."

Why should you attend: Today's companies want to break out to a performance based pay system but either doesn't understand how, fears employee pushback, or thinks they don't have the dollars. Sometimes just the differing views and definitions of the components of a performance based and incentive pay system muddles the process enough that an employer's first attempts fail. These differing definitions while seemingly a simple problem in theory often cause damaging confusion to the construction of a system. Lastly leaders who can't communicate the basic components of employees' new compensation packages can cause employees to understandably push back, and push back hard. Push back, even from employees who would have been advantaged by a performance based reward system.

While not all organizations can move entirely into a true incentive pay system in a big way, very quickly, any company in today's economy should at least transition into performance based pay. In fact, 36% of companies now identify their incentive budget as a separate line item in the budget.

Areas Covered in the Session:
Defining variable pay and its part in your Total Rewards package.
Deciphering and taking the mystery out of the components of performance based and incentive pay systems.
The difference between performance pay and incentives.
How to decide if your company is ready for changing its reward system to valuing performance and incentives vs. length of employment.
Crucial systems to have in place before you transition.
Communicating the transition.
What you must have in a measurement system.
What you must require of your supervisors and leadership.
12 common costly mistakes in transitioning pay systems.
When not to move into a performance and incentive pay system.
What to do with jobs that can't truly be incentivized in many companies and how to apply performance pay principles to those jobs.
Dealing with your "Deal Blockers" - those who can't or won't get on board with change.

Who Will Benefit:
Small business owners
CEOs of mid-sized companies
CFOs
HR Managers
HR Generalists
Managers with HR functions

Teri Morning, MBA, MS, SPHR, SPHR-CA is the President of her own HR Consulting firm. She has over 15 years human resource and training experience in a variety of professional fields, including retail, distribution, architectural, engineering, consulting, manufacturing (union), public sector and both profit and non-profit company structures. She has consulted with employers on their problems and trained managers and employees for over 10 years, enjoying traveling the country extensively, meeting and working with employees from all types of businesses. In addition to a MBA, Teri has a Master’s degree in Human Resource Development with a specialization in Conflict Management. She was certified by the State of Indiana in mediation skills, is qualified as a Myers-Briggs practitioner and holds the dual SHRM certification of a Senior Professional in Human Resources (SPHR) and Senior Professional in Human Resources – California (SPHR-CA).

Official Website: http://bit.ly/TpCbhQ