In today’s hyper-competitive race to acquire and retain top talent, companies are re-evaluating how they identify and reward their best people. Budgets are tight, managers are busy, and the way we identify top performers is changing. It’s essential that Compensation Management tools keep pace with market needs.
On Tuesday, May 9 at 2 PM ET, Ceridian is partnering with The Wilson Group to discuss current Trends, Tools and Techniques Impacting Compensation Management. The Wilson Group is a consulting firm that helps companies devise strategies to assess, develop, and implement performance systems and total compensation plans.
Here are a couple reasons to attend that will have a real impact on your business:
1. Companies are changing the way they develop employees. The total rewards picture must evolve as well.
- Performance discussions have moved away from scores based on past performance to future development conversations.
- Pay decisions are highly strategic, weighing factors like flight risk, external competitiveness, internal equity, and employee potential.
- Variable pay programs are increasingly common, combining both company and individual performance.
- Variable cash plans are integrated with other forms of total rewards and recognition.
2. Spreadsheets and standalone Compensation Management systems require companies to compile data from a wide array of sources, resulting in a process that is time consuming and error-prone. Information that is essential to an informed, accurate, and compliant compensation cycle includes:
- Salary and pay band information
- Demographic HR data
- Performance review scores (if applicable) and developmental feedback
- Compensation and performance trends over time
- Employee-specific red flags, such as flight risk
- Changes to education, experience, or certifications that could affect pay going forward
3. A single human capital management platform reduces administrative burden and optimizes the experience for managers and senior leaders.
Ceridian conducted a survey of frontline managers to understand the top manager pain points in the Compensation Management process. Overwhelmingly, the top concern was that managers don’t feel they have the necessary information in front of them to make informed merit recommendations for their teams. The act of having the merit conversation with employees – seemingly an obvious and familiar pain point – came in fourth.
Managers and senior leaders need the system to alert them to which employees require attention in a given compensation cycle. Who are my flight risks? Which employees are not being paid appropriately relative to performance? Are there pay equity gaps in my organization that would raise compliance concerns? During the webcast we will show how Dayforce can help companies address these concerns by leveraging data that already exists in the HCM system.
Joining me will be Jayson Saba, Ceridian’s VP of Market Research and Industry Relations, and Tom Wilson, President of The Wilson Group.
Click here to register for the webcast. We hope to see you there and be sure to tweet with us using #CeridianWebcast!
John Whyte is Senior Manager of Talent Management at Ceridian. He joined our product team in 2010 with over 10 years of experience in product management. John drives the Dayforce Talent Management strategy for recruiting, performance development, compensation management and beyond.View Collection