Communicating Compensation to Executives and Managers To Executives and Managers bamboohr.com payscale.com Communicating Compensation to Executives and Managers Rusty Lindquist Mykkah Herner VP THOUGHT LEADERSHIP MODERN COMPENSATION AT BAMBOOHR EVANGELIST AT PAYSCALE bamboohr.com payscale.com perspectives on Compensation Communication Pay Transparency Communicating Compensation to Executives and Managers Defining Transparency bamboohr.com payscale.com Communicating Compensation to Executives and Managers The PayScale Pay Transparency Spectrum bamboohr.com payscale.com Communicating Compensation to Executives and Managers Why Would Anybody be More Transparent about Pay? Better Business Outcomes! Engagement Trust Pay Transparency bamboohr.com payscale.com Communicating Compensation to Executives and Managers Talking about pay isn’t always fun bamboohr.com payscale.com www.payscale.com Compensation’s Organizational Impact Communicating Compensation to Executives and Managers Culture bamboohr.com Performance Engagement Retention payscale.com Communicating Compensation to Executives and Managers Benefits of Comp Plans bamboohr.com 22 payscale.com Communicating Compensation to Executives and Managers Prepare Talking Points • • • • Compensation philosophy and purpose Compensation plan changes at the highest level Market study and results Next steps—talk with managers bamboohr.com payscale.com Communicating Compensation to Executives and Managers Report High Level Info • Get them familiar with a dashboard (Compa Ratio, Market Ratio, etc.) • Report these on a regular basis bamboohr.com payscale.com Communicating with Managers Communicating Compensation to Executives and Managers Compensation is about an exchange of value, not money bamboohr.com payscale.com Communicating Compensation to Executives and Managers Employee Value Drivers Experience in industry Experience in market vertical Experience in adjacent markets Experience in field of discipline Experience in adjacent disciplines Value Experience with competitors Product knowledge Competitor knowledge Education Time and experience in company Discipline training and certification Supply and demand bamboohr.com Employer Value Drivers Base pay Performance Pay Paid time off Benefits Travel Culture and environment Exchange Autonomy Work flexibility Work/Life balance Who you work with Meaningful work Challenging work Opportunity to impact Job security Senior leadership Shared purpose / mission Career advancement opportunities payscale.com Communicating Compensation to Executives and Managers Agents of the Organization bamboohr.com payscale.com Communicating Compensation to Executives and Managers Equip Managers bamboohr.com • Set expectations • Educate them • Give them the big picture • Give them tools payscale.com Communicating Compensation to Executives and Managers Negotiation Skills • Sell the organization & the full package on the table • Sell the benefits of the offer (initial or increase) • Listen to the ask behind the ask • Meet them and then move bamboohr.com payscale.com Communicating Compensation to Executives and Managers Identify Creative Solutions Consider Workplace “Currency”        Know what motivates your employees Additional/Alternative Perks FTE preference Staggered increase or offer PTO Work assignments Development opportunities bamboohr.com 31 payscale.com Communicating Compensation to Executives and Managers The Compensation Review Meeting Prepare for the meeting Deliver feedback and listen Follow up bamboohr.com payscale.com Communicating Compensation to Executives and Managers Prepare Manager Toolkits • • • • bamboohr.com Compensation Plan Talking Points Compensation Plan Information Details for each employee they supervise Tips for each type of conversation they may have o Pay is low or perceived to be low o Pay is high o No increase due to performance o “I found this on the internet” payscale.com Communicating Compensation to Executives and Managers Thank you! BambooHR Receive a free job posting on our ATS and full HRIS for one week We will contact everyone within the next few days to set this up PayScale Download our free eBook: Communicating Compensation: Your guide to tackling tough conversations about pay bamboohr.com payscale.com Questions? Rusty Lindquist Mykkah Herner VP STRATEGIC HR INSIGHTS MODERN COMP EVANGELIST BAMBOOHR PAYSCALE @rustylindquist @mykkah_herner rusty@bamboohr.com MykkahH@payscale.com www.linkedin.com /in/rustylindquist www.linkedin.com/in/mykkahherner Follow BambooHR and PayScale on social media: bamboohr.com/blog | payscale.com/compensation-today Communicating Compensation to Executives and Managers bamboohr.com payscale.com ... bamboohr.com payscale.com Communicating Compensation to Executives and Managers Compensation The Keystone of Culture bamboohr.com payscale.com Communicating Compensation to Executives and Managers Don’t... payscale.com Communicating Compensation to Executives and Managers Agents of the Organization bamboohr.com payscale.com Communicating Compensation to Executives and Managers Equip Managers bamboohr.com... on Compensation Communication Pay Transparency Communicating Compensation to Executives and Managers Defining Transparency bamboohr.com payscale.com Communicating Compensation to Executives and