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The Right Way To Conduct Salary Talks
Negotiations That Create Value, Boosts Employee Motivation And Productivity
This Blueprint will equip you with research-backed, easy to follow framework that provides you with a success plan to discuss compensation with your employees.
When supervisors don’t clearly communicate the key elements of a good salary talk, the employee is left to fill in the gaps with their own imagination.
Do it right, and you’ll have an engaged workforce and well-controlled costs.
Do it wrong, and you end up with an unmotivated workforce, high turnover and higher-than-desired recruiting and onboarding expenses.
In this Blueprint you'll discover:
- What is in an effective pay structure
- Productive vs. Destructive salary talks - and what makes the difference
- A framework to guide you through before, during and after the talk
- 5 mistakes most companies make during salary talks - and how to avoid them
- Example scenarios to prepare you for potential employee responses
Talking with employees about their compensation can be difficult, there is no doubt about that.
The sentiment that an employee's entire value is being summed up with a dollar figure can be hard to avoid.
If these conversations are done well, they can lead to increased productivity, a rise in your employees' engagement and satisfaction while employee turnover takes a back seat.
The key to ensuring these talks go well is to prepare.
Chapter 1: Why Salary Talks Are So Important – And Difficult
- The role of compensation in motivating your employees (is it still as important as we've always thought?)
- 3 goals of compensation strategy: understanding how they work and knowing how to manage them
- Insight into the major legal pitfalls that can occur during salary talks
- Social status and compensation: what is your employees' perception of the two?
- The most strategic management task that is extraordinarily important to the success of a company
- 4 different types of pay structures and policies - and why they matter to you
- Debate: Should managers or HR have salary talks with employees?
Chapter 2: A Framework For Successful Salary Talks
- The #1 thing you should always provide to your employees during these talks
- 4 main goals all pay systems should have to attract, motivate and retain top employees (plus, the 6 crucial elements of a well-structured plan)
- Why promotions and pay increases shouldn't always go hand in hand
- How to prepare for a salary talk in 4 easy steps
- 11 components of discussing compensation with employees that help boost employee self-esteem and retention
- How and why salary bands (aka – salary ranges) per position help your team succeed
- 3 types of potential salary adjustments that fall outside the scope of job performance
- Can non-monetary benefits be as effective as than monetary benefits?
- 7 principles to applying an effective pay plan that works for your company and employees
- 8 main points to stress during salary conversations with employees to get the positive outcome you want
- How to end any salary talk so your employee feels like they walked away with something (even if they didn't get everything they wanted)
- 11 example scenarios you may run into during salary talks, and suggestions on how to respond
- 13 questions that will help determine if your compensation plan is still effective
- The M-O-N-E-Y attitude to keep in mind when discussing salary with your employees
- Research that this can keep your employees from jumping ship, even if you pay them below market average for their position
Chapter 3: Top 5 Mistakes Companies Make In Salary Talks
- These mistakes can come with disastrous consequences for employee morale, for retention as well as possible for your company's finances.
- Avoid these 5 mistake while discussing salary with your employees for the right execution of a successful compensation plan.
Chapter 4: Salaries Are About More Than Just Money
- All compensation systems, to be effective in attracting, motivating and retaining employees and making sure the company gets maximum value for its payroll dollars should have these four main goals.
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"I knew I had a difficult conversation coming up with one of my employees. This helped me so much to prepare for the meeting. I was able to remain calm and get the results I needed."
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"Very straight forward giving you good verbiage to use in real conversations."
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HR Coordinator
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