Building Salary Budgets and Merit Matrixes in Today's Economy

Duration: 60 Minutes
People work for money. Even people who love their jobs likely would not perform them free. The salary budget while often the biggest expense in a company is to employees, a reward system for their work performed in your company and for the skills they bring to the workplace.
Salary Budget Practices
Instructor: Teri Morning
Product ID: 503336
Today, every company is a performance based company and as such needs to learn how to use what salary budgets it has for maximum effect on employee performance while still ensuring equity within internal and external components and avoiding compliance problems. However realistically, salary budgets and increase budgets are determined by not only compensation philosophy and range movements but the actual budget (or not) for increases the employer has.

Before you get started, keep in mind that adopting a competitive, performance-based pay philosophy requires some extra work. In order to differentiate wages based upon the results of your employees, you need to know what you want people to do, be able to sort out how they are performing and, based on that, differentiate their pay.

Objectives of the Presentation
  • Basic elements of a salary system
  • What is variable pay
  • How to use variable pay
  • Recognizing performance with pay
  • The right frequency of performance reviews
  • Using a limited budget most efficiently
Why Should you Attend
When your supervisors determine which employees will get pay increases and how much they deserve, they are making or breaking your business. How? By connecting performance to pay, or not, your managers tell your employees what sort of work ethic, skills, and attitude get rewarded at your company.

The benefit of your extra effort regarding compensation is that you can drive your funds towards rewarding high-performing employees who may even be paid less than the market. You will first look at your best-performing employees, and then within that category, push more money towards those who are paid less than the market.

Areas Covered
  • What is internal and external equity? How to understand and use ranges effectively
  • How salary compression and salary inversion happen and what you can do
  • Current salary structure - Understanding how those numbers got that way and what they mean
  • Building modern salary budgets and matrixes
    • Using what money you have (no matter how little) for increases in a more effective way - offsetting the effects of salary compression while rewarding higher performers How an automatic Cost of Living Increase (COLA) nowadays is akin to the idea of Santa Claus. Nice but not real
  • How small or mid-sized businesses can have more flexibility with pay in a tight economy
  • Compensation is a reward system. Changing the mindset of pay and taking the mystery out of pay
    • How explaining how salary ranges are determined and increases awarded can help an employer operationally - not only at increase time but also year round
  • Mistakes than can blindside an employer compliance wise
Who will Benefit
  • HR Managers
  • HR Generalists
  • Business Owners and CEO's
  • Plant Managers
  • Management Personnel
  • Compensation Associates
  • CFO's
Topic Background
If you're not already using Merit Based Compensation, you may want to consider creating a merit-based performance matrix (MBM). The merit-based, pay-for-performance matrix serves as a guide for supervisors so that they suggest pay increases that are fair and support business objectives. The merit matrix connects performance to market rate pay.
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Instructor Profile:
Teri is the founder and President of Hindsight Human Resources.www.hindsightcloud.com
Teri Morning, MBA, MS, specializes in solving company "people problems." She provides HR department expertise to small and mid sized companies.
  • Teri also sources HR software solutions for incident tracking, employee relations, safety (Incident Tracker), compensation (Compease) and performance management (Performance Pro).
  • Twenty+ years human resource and training experience in a variety of fields, including retail, distribution, architectural, engineering, consulting, manufacturing (union), public sector and both profit and non-profit companies.
  • Teri has enjoyed consulting with employers on their problems and trained managers and employees for over 20 years, 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.
  • Teri was certified by the State of Indiana in mediation skills, and Teri is currently certified in Project Management and IT Management and qualified as a Myers-Briggs practitioner. Teri has held the PHR, SPHR, SPHR-CA and SHRM-SCP certifications.

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