Creating Effective Pay Structures: Attract & Retain Key Employees

Having a competitive compensation structure is the cornerstone of employee recruitment and retention.

If you have an outdated or non-competitive system in place, you are leaving yourself vulnerable to losing your top talent to other companies with more enticing plans. It's typically the best employees who become frustrated if salary concerns are not addressed and acted upon.

In this workshop, expert speakerBob Verchotawill provide you with the tools and information you need to develop or update your current pay plan.

This training will address the pay rates for the current market, plus tools to assess your industry rates, allowing you to create a compensation plan that stands out, while letting you make proactive decisions for your current employees.

This event will answer burning questions, such as:

• Does ourcurrent compensation plan stack up for our industry?
• How do I properly handle difficult(or uncomfortable)questions about salary rates or plans?
• What if our employees don't see our structure asfairorgood enough?
• How can I ensurepay equityin my organization?
• Will a new or updated approachimprove retention?
• Is pay the best motivator formyemployees, specifically?

Program Highlights

Leveraging the link: Using good compensation practices to keep good people

• Using a sustainable pay plan to make employees feel valued and financially secure
• Understanding different varieties of pay structure, such as COLA vs. P4P (Cost of Living Allowances v Pay for Performance)
• Assessing and auditing your current system: Know what's working(and what's not)

Following the trends: Ensuring your organization is competitive with the market AND within the industry

• Keeping up to date on market competitive pay and how it relates to your plan
• Leveraging market scans and developing trends to adjust accordingly
• Knowing which pay structure works best for your company and industry

Taking sustainable action: Updating and explaining your approach without ruining the budget

• Facing the challenges of alignment and restructuring
• Defining the philosophy of your compensation structure to employees or potential talent
• Creating a compensation plan that is appropriate for your organization and talent needs
  

Question and Answer Session - Hear expert answers to real-world questions!

ABOUT THE SPEAKER

Bob Verchota

Bob Verchota is owner and senior consultant for RPVerchota & Associates, a consulting firm providing services to clients who seek to align their business and employees, creating successful outcomes and excellent work environments. After 30+ years in Human Resources senior leadership roles and teaching both undergraduate and graduate courses in Leadership and Organizational Development, Bob transitioned to using his experience and skills in consulting. He provides solutions to companies for a wide variety of HR issues including training and development, compensation, compliance, policy development, performance management, employee relations and managing change from mergers and acquisitions to project specific disruptions of the status quo. Bob has an undergraduate degree in Business Administration, graduate degree in Healthcare Administration, and doctoral work (ABD) in Organizational Development. He is a lifetime Senior Professional in Human Resources. Bob can be reached by calling 218-760-0558 or email at rpverchota@gmail.com.