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Creating Your Compensation Strategy Document by Russel Stuart





Article Author Biography
Creating Your Compensation Strategy Document by
Article Posted: 09/22/2013
Article Views: 36
Articles Written: 54
Word Count: 642
Article Votes: 0
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Creating Your Compensation Strategy Document


 
Business
"This program, has been approved for 1 (General ) recertification credit hours toward PHR, SPHR and GPHR recertification through the HR Certification Institute. Please be sure to note the program ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org."

Overview: Creating a Compensation Strategy document is all about defining and articulating a plan for spending the company's single largest expense item - payroll dollars. But there is often confusion as to what is a strategy, vs. a mission statement vs. the tactic of an ad hoc "keep doing whatever it is we're doing" administration.

This session will first answer the "why" question, then explain the process of constructing an appropriate strategy document for your organization (vs. the generic off-the-shelf variety). We will cover the internal challenges that one should expect to face, and how to overcome them. And in so doing the listener will explore several issues unique to their organization that should be considered when thinking, "what should we say"?

For the unconvinced we will also address the "leave well enough alone" angle that is often raised by the nay-sayers and passive resistors. There are choices to make as to what form of strategy the company wishes to employ, each with advantages and complications. But whichever is chosen, there are two primary aims that any organization should understand and commit to - or else they should walk away. From that point we show the step-by-step process of building a proper strategy document, discussing eight key elements should be considered in the design phase. Every organization is unique unto themselves, but all should include aspects of each of these practical design considerations; they form a map of the pathway forward. And when the document is complete we will address having your effort approved by senior management, and then how we'll cover how to go about the correct form of communications (hint: it isn't a memo).

In closing we'll remind listeners that their efforts never really end, as any communication device has a life cycle that should be respected. Strategies change from time to time, as do the needs of fortunes of the business. And if the organization wishes to walk the talk with their compensation strategy, to make it work for them and their employees, the process of recommitment is ongoing.

Why should you attend: Employee pay is likely your organization's single largest expense item, but do you know whether that money is being spent effectively and efficiently, or do you fear that perhaps a portion is simply wasted? Having a plan that directs organization and management efforts in rewarding employees is key to putting you on the right path to the proper use of your payroll dollars. This session will walk the listener through an understanding why having a Compensation Strategy is so important, how to go about the process of creating a compelling document unique to your organization, and then will point out the pitfalls to avoid to make sure your success is long lasting.

Areas Covered in the Session: Why you should have a strategy Your choice of strategies The roadblocks you'll likely face The primary aims of any strategy The eight elements to consider when designing your strategy Getting your strategy document approved The importance of proper communications What you do tomorrow

Who Will Benefit: Compensation Practitioners HR Generalists Payroll professionals Human Resources Accounting Personnel Compensation Managers

Chuck Csizmar is a deep and broad experience in the design, implementation and communication of US and international compensation programs. Long recognized by WorldatWork as a Certified Compensation Professional (CCP) Chuck has been a practitioner working with US and International program design & development, global compensation review, acquisition and integration strategies, incentive & sales compensation, compensation training, expatriate programs, and performance management strategies.

Compensation Strategy

Related Articles - hr compliance, compensation strategy, executive compensation, hr payroll,

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