This session will provide insight on decoupling pay from performance by exploring how to craft a program that administers pay separately from performance.
I will provide a “how to” approach on compensation administration using a set of holistic pay factors, and cover how to move into a performance management model that focuses on frequent conversations between the manager and employee to drive performance.
Using a specific case study from the University of Virginia, attendees will learn how to move from a traditional model of pay for performance into an innovative holistic model focused on the alignment of business goals to the performance of individual employees.
This session will explore successful change management and communication strategies to enable change and maintain alignment between business objectives, compensation and performance management.
After participating in this session, attendees will:
- Learn how to modernize the traditional management of base pay to de-couple the pay for performance model; understand what a holistic approach to base pay is and what factors should be considered
- Understand the impacts and how to manage performance after de-coupling it from the annual merit increase process; explain how to coach managers and provide support to have more robust and frequent performance conversations
- Provide steps to take to enable change by continually evaluating and adjusting the de-coupled program to match organizational needs