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Developing a Pay-for-Performance Plan

Pay-for-performance plans are like motherhood and apple pie - everyone agrees with the concept, but not everyone can achieve the desired results. This teleconference will present the concept of pay-for-performance and its relationship to the compensation strategy. You will learn about the various performance-based plans that can be developed within base salary and variable pay components, and the design elements that can be included. The importance of a sound performance evaluation process and its correlation to a successful pay-for-performance philosophy will be stressed, and what can be done to improve your own processes. You will learn some of the biggest mistakes in pay-for-performance programs and how to avoid them. Agenda
  • The Concept of Pay-for-Performance
  • The Basic Objectives of Compensation ? FARM
  • Why Employers Want Pay-for-Performance
  • Why Employees Want to Be Paid for Performance
  • Pay for Results vs. Entitlement Pay
  • Tying Pay to Performance
  • Components of the Pay Package
  • The Compensation Philosophy
  • Fixed vs. Variable Pay
  • Base Salary Performance Plans
  • Differentiating Pay Increases Based on Performance
  • Using a Merit-Based Pay Program to Motivate Performance
  • How to Use a Limited Budget for Performance-Based Pay
  • Breaking the Rules in Order to Enhance Pay-for-Performance
  • Variable Pay Performance Plans
  • Short-Term Plans
  • Long-Term Plans
  • Group Incentives and Alternative Reward Programs
  • Linking Pay to Results
  • Design Elements
  • Performance and Performance Management
  • Why a Sound Performance Evaluation Process Is Essential
  • The Importance of a Solid Goal-Setting Process
  • Using Communication and Coaching to Enhance Employee Performance
  • How to Make the Performance Evaluation Process Work for You
  • Eight Reasons Pay Plans Fail
  • How to Make Plans Foolproof
  • Questions and Answers

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Joseph Kiefer

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