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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.
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.
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.Because, realistically salary budgets and increase budgets are determined not only by compensation philosophy and range movements but the actual budget (or not) the employer has.
When your supervisors determine wages, 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.
Today, every company is a performance based company and as such needs to learn to build and use its salary budgets for maximum effect on employee performance while still ensuring equity within internal and external components and avoiding compliance problems.
A merit-based, pay-for-performance matrix system serves as a guide for supervisors and connects performance to market rate pay.Pay increases are fair, logical and support business objectives.
Teri Morning, MBA, MS, SHRM-SCP, is President of Hindsight Human Resources, LLC. and specializes in solving company “people problems.”
Teri also sources software solutions for compensation and performance management.
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, Teri is certified in Project Management and IT Management, qualified as a Myers-Briggs practitioner and holds the SHRM certification of a Senior Certified Professional.View all trainings by this speaker