Communicating compensation to executives and managers

bamboohr.com payscale.comCommunicating Compensation to Executives and Managers To Executives and Managers... bamboohr.com payscale.comCommunicating Compensation to Executives and Manager

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bamboohr.com payscale.com

Communicating Compensation to Executives and Managers

To Executives and Managers

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Compensation

perspectives on

Communication

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Pay Transparency

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The PayScale Pay Transparency Spectrum

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Why Would Anybody

Engagement

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bamboohr.com www.payscale.compayscale.com

Talking about pay isn’t always fun

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Compensation’s

Organizational Impact

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CULTURE

Impact?

CULTURE

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Everything you do becomes part of that story…

The story of what you value

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Compensation:

The story of how much you are valued

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of employees are ok with low pay if the rationale is explained

82%

of companies are confident

in managers’ ability to have tough pay conversations

80% of employees paid above

market believe they’re paid

at or below

17%

—PayScale Employee Survey 2015

—PayScale Comp Best Practices Report 2016

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impact employees?

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Communicating with Executives

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bamboohr.com www.payscale.compayscale.com

• Understand the executive audience

• Align compensation with business objectives

• Incorporate leading edge practices

• Keep executives up to date

Exec communication tips

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Care About?

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bamboohr.com 22 payscale.com

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Prepare Talking Points

• Compensation philosophy and

purpose

• Compensation plan changes at

the highest level

• Market study and results

• Next steps—talk with managers

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• Get them familiar with a dashboard (Compa Ratio, Market Ratio, etc.)

• Report these on a regular basis

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Communicating with Managers

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Compensation is about

an exchange of value ,

not money.

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Value Exchange

Experience in industry Experience in market vertical

Experience in adjacent markets

Experience in field of discipline

Experience in adjacent disciplines

Experience with competitors

Product knowledge

Competitor knowledge

Time and experience in company

Education

Discipline training and certification

Supply and demand

Employer Value Drivers Employee Value Drivers

Base pay Performance Pay Paid time off Benefits Travel Culture and environment

Work flexibility Work/Life balance Meaningful work Who you work with

Challenging work Opportunity to impact Job security

Shared purpose / mission Career advancement opportunities

Autonomy

Senior leadership

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Organization

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• Give them the big picture

• Give them tools

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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

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Consider Workplace “Currency”

 Know what motivates your employees

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The Compensation Review Meeting

1 Prepare for the meeting

2 Deliver feedback and listen

3 Follow up

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Prepare Manager Toolkits

• 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”

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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.

Download our free eBook: Communicating Compensation: Your guide to

tackling tough conversations about pay

PayScale

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