Recorded: March 27, 2019
Preparing for more effective compensation planning with Terri Joosten, who has 23 years in HR Technology and Denise Bilsland, CHRE with over 15 years as a Compensation Consultant.
In this webcast, they address compensation planning at a high level taking it from a strategic perspective then breaking it down a more tactical or pragmatic perspective.
They look at the key components of a compensation strategy
- Pay Philosophy – Organization goals and objectives
- Pay Strategy – What do you want to reward, what is competitive?
- Pay Structure – Guidelines for pay ranges, market value, internal equity
- Pay Administration – Annual reviews, promotions, job changes, adjustments
- Pay Communication – Managers tools, key messages, employee information
They tie your compensation strategy with your total rewards program and discuss key stakeholders and their interest in the compensation plan.
And they teach you that once you understand a bit more about your organization you’ll learn which jobs are strategic, what the focus in terms of the long term retention is, and they’ll walk you through designing a compensation plan to support it.
These days, technology can enable us to administer compensation plans much more effectively. It can eliminate the errors and risk factors associated with using spreadsheets.
It can also support transparency and communication between managers and employees. Giving managers the tools they need to support the pay philosophy.
About the presenters
Terri Joosten
Global VP, HR Strategies Consulting
Terri Joosten has been an HR evangelist for more than 20 years. Terri now drives business results and enables companies to increase performance and engagement while driving sales results through effective utilization of their most valuable assets, their people. Previously Terri spent 7 years reviewing HR Technology and interviewing Senior HR executives on best practices in HR at HR.com. She owned her own IT recruiting company and has been a leader in understanding and positioning HR technology for the last 7 years.
Denise Bilsland
Compensation Consultant, HR Strategies Consulting
Denise is a senior level Consultant with a strategic focus on Talent Management and Human Resources Development. As a Consultant and Executive Coach, she supports both organizations and individuals she works with to achieve business and professional strategies and goals through an adaptive coaching and advisory approach founded on trust, empathy, and commitment.
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