4 Common Compensation Mistakes and What to Do About Them
Business owners are confident in addressing many topics, but get them talking about compensation and their confidence goes out the window. Few business owners have any comprehensive compensation program; instead deals are made with one team member at a time until their whole compensation scheme is deals on top of deals.In this presentation we review Four Common Compensation Mistakes and provides practical solutions to each of them. Using real data that members bring to the presentation we will review the process of determining fair and reasonable salary ranges, potential for merit increases, bonus and other variable compensation and tie it all together into a comprehensive compensation plan.
We cover such issues as:
- Determining Market Salary for a position
- Positioning a specific candidate within the range of market salaries
- Process for creating a range for merit increases
- Positioning a specific team member within that range
- Bonus programs, how to reward key employees, but only when their performance and the company’s performance dictate a reward.
- Comprehensive Compensation Planning; how to tie all this together with your company values so that you get the most out of your compensation program.
Business Owners. We have seen clients who have made all of these mistakes, and have helped them to work their way back to a fair and reasonable compensation plan.
Audience Members will leave with sample bonus plans and merit increase guidelines that they can use in their businesses right away. They will have scenarios, which we have worked through as a group, that help them know how to deal with the many and varied different compensation challenges they are currently facing in their business.
Download PDF one-sheet.
To book a speaker on this, or any of our topics call 773-282-7677.
In their own words...
Great subject, very simple concepts, timely presentation for me. -- Vistage Member, CEO of a woodworking company.“Brad presented to my CEO group on the topic of compensation mistakes made by our type of companies. His presentation was very powerful and insightful and the feedback from my members was universally positive. At least one member expressed an interest in hiring Brad to review his compensation plan!” --Michael Stensaas, Vistage Chair