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The Institute for Human Resources (IHR) Compensation Best Practices and Trends certification program was launched on February 14/15, 2011, with a two-day virtual event. Subsequent events have been held on June 6th & 7th, September 22nd & 23rd, December 12th & 13th, March 19th & 20th, June 11th & 12th and September 10th & 11th. Archives of events are available on www.HR.com.
To date, over 7,500 HR professionals have registered for the IHR program. The purpose of this introductory session is to provide you with an update on webcast topics and introduce you to speakers that will be presenting on June 6 & 7. In addition, for those of you who have not participated in one of these events in the past, you will be shown how to register for any newly-added webcasts and make use of the virtual Exhibit Hall, where you can increase your knowledge on product and service suppliers in the compensation arena. You will also learn how to network with your peers by visiting the lounge. All of these webcasts have been approved for HRCI recertification credits – with the exception of this introductory webcast. More importantly, the Institute for Human Resources has launched a number of different certification programs and in this case, the program has been designed for those HR professionals who are responsible for compensation in their organizations. This short webcast will provide you with complete information on what is required to obtain certification from the Institute for Human Resources.
The management of this Institute would not be possible without the input from the Advisory Board. This session will also introduce all the members of the Advisory Board to you. A calendar of future events will be shared so that members can pre-register now to avoid future schedule conflicts.
Goals are an integral part of performance within many job functions, particularly among management employees. Goal-setting is a component of many compensation programs, including annual performance evaluations and, especially, variable pay programs. Often, employees benefit from having specific and measurable goals, as they can see the effect of their contributions towards the performance of their function, business unit, or company as a whole. Proper goal-setting techniques will ensure that both the organization and the employee benefit from the individual's contributions towards goal achievement.
This session will take participants through an exercise in effective goal-setting, an important aspect in the determination of performance for compensation decision-making. This session will cover topics that include:
a) the importance of reviewing job content and correlating the position’s goals to the department/company’s strategic plan and initiatives;
b) the application of goal-setting to the annual performance management process;
c) the proper use of documentation for the determination of performance for purposes of calculating incentive compensation;
d) calculating goal achievement through an objective process; and
e) the importance of clearly written goals for effective communication of expectations. In addition, the session will provide examples of how performance metrics are differentiated by employee group, along with critical measures that are used at the executive level.
A discussion of how goal-setting is applied to various compensation programs will also be undertaken, covering annual reviews and merit increases, short-term compensation, and long-term compensation rewards. Participants will be provided tools in goal documentation, along with an exercise for defining performance goal.
Why is management of deferred compensation critical for financial services companies? And how can those responsible for managing the administration of executive compensation dealing with a process that is becoming ever more regulated and complex?
Since the financial crisis of 2008, more and more financial services companies are looking to reduce risk, and comply with new compensation regulations, by making use of deferred compensation, such as deferral of bonuses and long term incentives.
Regulations have been in place in Europe, with new ones coming, for a number of years based on the Basel Accords and European Banking Authority guidelines.
The US Federal Reserve has said that it would implement substantially all of the Basel III rules for US financial institutions. These rules seek to reduce risk by using deferred compensation to provide incentives that support long term financial health, not just short term gain. Industry leaders like Morgan Stanley are not waiting for the new regulations and in 2012 deferred all bonuses for employees making over $350K a year.
Having the right software to support these evolving regulations is critical. The reality is that most home grown and packaged compensation systems were not designed to handle this complexity. These kinds of requirements mean a spaghetti-like tangle of complex and varied compensation schemes that serve large populations of employees where bonus payments – whether they be cash, deferred cash, grants, stocks, bonds, or other incentives – are conditional based on the multi-year performance of the individual, the division, the bank and the market over a 3 to 5 year period. For audit purposes, all calculations and changes need to be recorded and traceable and a complex matrix of approvals are required. And, reporting is needed, with details on the amounts accrued and paid, for employees, the board, shareholders and auditors. Constant cost simulations and modeling of these different deferral scenarios, by both time period and population, are a must.
Lastly, since the regulations are still evolving, having a solution that allows you to quickly and easily change compensation plans is paramount.
This session will look at what is needed in terms of a system to handle the sophisticated compensation requirements of financial institutions – not only deferred compensation but other factors like clawbacks, retroactive processing, and constantly evolving product families and incentive strategies, in a way that is transparent and compliant, while at the same time addressing the needs of the business to provide incentive compensation that is effective and can quickly adapt to rapidly changing market requirements. It will draw upon the experiences of some financial institutions who are using new technology to manage deferred compensation effectively.
As we were harshly reminded by the economic collapse of 2008, the world can change very abruptly and it did for reward professionals when we struggled to attract, retain and motivate employees when companies were suffering some of the worse economic reversals since the Great Depression. Although perhaps not as dramatic, thankfully, we continue to experience significant economic, cultural and demographic changes that affect how organizations reward its talent. As a result it is not surprising that everyone, it seems, is in search of “best practices.” However, it is our experience that exceptional organizations and their reward professional do not wait for “best practices” but are in search of “NEXT practices” – those are the practices that will become best practices in the next several years. Leading-edge organizations do not to get caught up in benchmarking common or best reward practices. Instead, they focus on evolving new practices to stay ahead of the curve and keep their employees engaged and motivated.
We will identify and share “NEXT practices” insights. These findings and insights are the result of a research study jointly conducted by Hay Group, Loyola University Chicago and WorldatWork focused on the next reward practices of great global organizations. Topics covered include next practices in reward strategy, design and architecture, alignment of reward practices with other talent management systems, reward implementation and doing business during challenging economic times.
This thought provoking presentation and discussion will provide a balance of data-based findings and real-world examples of what the best view as NEXT. Since this study builds on research conducted in 2008-2009, we will share how the future of reward strategies, programs and practices have changed as we emerge from the recession and face an economy where organization face stiff competition for market share and talent. This look at the future will help reward professionals anticipate what may happen in quickly changing world.
Many traditional forms of recognition and compensation are not working and executives want to know why. It used to be easy; recognition was all about logoed, trophy-value awards that were custom-made to carry a lasting company message to predominantly Baby Boomer employees. Today, there are four distinct generations in the work force and the Millennials are demanding very different approachs to recognition and compensation … or at least that’s how it appears!
The problem is three fold:
1. Younger employees don’t seem to have the loyalty that the Boomers did, so long-term, logoed awards don’t turn them on. “Give me something I can use…” is often what we hear.
2. Survey results, used to find out what changes need to be made in recognition and comp programs, can be misleading. I suggest that it’s due to the nature of the questions. If employees don’t trust your motives and believe that you’re asking because you truly care about them, they’ll give the answer that they think you want to hear – “Oh what the heck, just give me a gift card…”
3. It’s really easy with today’s technology to pass out on-line gift certificates, gift cards or other forms of cash-equivalent recognition. The problem is, it’s not recognition anymore; it’s now quick-and-dirty compensation. Changing this perception is the theme of this presentation.
The vendors, who forever have been simply proving the “stuff” assuming that their clients know why they’re buying it and how to properly hand it out, are partly to blame. We as an industry have not done a very good job of teaching our customers the difference between recognition and compensation, how to best use these tools, and most importantly, how to measure the results and prove ROI.
In today’s tight economy, many companies are questioning the value of their current recognition and compensation expenses. That’s why I founded Schaefer Recognition Group, wrote the book Get More Productivity for Less Money . . . Your Employees will Love You for It! How to turn your existing recognition and incentive expenses into profits and prove it to your CFO, and developed the presentation Effectively Use Compensation to Improve Employee Engagement, Promote Culture and Support a Recognition Strategy.
Pay equity is one of several "highest priority activities" outlined by the Department of Labor in its FY14 budget requests. The Office of Federal Contract Compliance Programs (OFCCP) alone is seeking $1.1 million specifically to strengthen its enforcement of pay discrimination regulations. With an increased budget and the recent publication of Directive 307 outlining “Procedures for Reviewing Contractor Compensation Systems and Practice,” the federal contractor and subcontractor community can expect to see pay equity targeted for heightened awareness in FY14, specifically for women.
The purpose of this webcast is to provide human resource professionals in the federal contractor and subcontractor community with a thorough understanding of OFCCP Directive 307. This Directive clarifies and improves the agency’s compliance evaluation methodologies in support of its efforts to align pay discrimination enforcement with longstanding principles under Title VII of the Civil Rights Act of 1964. In it, the agency specifies and sets forth in detail the procedures OFCCP field investigators will follow in reviewing contractor compensation systems and practices. What does this mean for contractors and their affirmative action efforts? This presentation provides an overview of the Directive, the impact it will have in the contractor community, and recommendations so that participants can better prepared in the event of an audit.
Topics will include:
Preliminary Analysis of Summary Data
Individual Employee-Level Data Analysis
Available Range of Investigative and Analytical Tools
Employment Practices that May Lead to Compensation Disparities
Development of Pay Analysis Groups
Investigates Systemic, Small Group and Individual Discrimination
Review and Tests of Factors
Onsite Investigation, Offsite Analysis, and Refinement of the Model
Most compensation professionals are forced into a reactive mode for nearly everything they do. We will show that nearly everything you normally do can be proactively planned and executed, leaving far more time for the two post important aspects of your job.
1) Fighting fires and unexpected issues.
2) Spending a bit more time away from work with friends and family (YES….we just said that!).
The presentation provides practical, executable advice and techniques that have been proven to work regardless of company size, location. The types of compensation plans you use are also unimportant when learning these new skills. Learn how to plan for nearly everything and see why you may have had problems in the past, and what you can do about them in the future.
This session will break down the events and tasks required each year' every six months, each quarter, month, week and more. The presenters will discuss how to evaluate virtually everything done in the compensation department from the perspective of efficiency and workflow.
The presentation breaks each topic into visual, graphical and textual formats. Regardless of your learning style you will leave this presentation with the knowledge and some tools to save yourself time and improve your accuracy.
You will also learn how to interact better with all of your stakeholders and take advantage of the cycles of their calendars to get more done in less time. Prior attendees of this session have raved about the information they have learned and how it can be immediately applied to their work.
In the world of the Fair Pay Act, the EEOC Title VII compensation casework and the OFCCP’s focus on analyzing compensation for disparity, Compensation and HR professionals are challenged to know the proper methodology to ensure that all similarly situated employees are equally compensated. The challenge is that without proper methodologies and modeling, professionals can unknowingly expose their company to significant financial liability. These methodologies and modeling that are typically used in compensation disparity are not used elsewhere within their daily work-life, creating a gap in knowledge, so the need to evaluate compensation for disparity has never been more important than it is today.
To help Compensation and HR professionals evaluate their own skill-sets in the area of compensation analyses, Dan Kuang, Ph.D. will utilize his years of experience with multiple regression modeling and analyses of compensation data to address such issues as data modeling, identification of false positives and negatives, t-test vs. multiple regression, analyses of base pay vs. total compensation, controlling for performance based reward systems and much more.
Compensation analysis/investigation for pay-disparity within a Title VII framework has reached an new level of sophistication that most analysts are unprepared to tackle. Specifically federal enforcement agencies such as the OFCCP are auditing employers on their Total Compensation practice. Unlike traditional compensation analysis on base-pay, Total Compensation requires considerably more advanced analytical strategies to avoid two classic fatal flaws;
1) False Negative: A finding of no pay-disparity when there is, in fact, pay-disparity
2) False Positive: A finding of pay disparity when there is, in fact, pay-disparity.
This presentation we focus on practical, fundamental analytic concepts and strategies for analysis of Total Compensation.
Why are we using Performance Grants, and how do we manage and account for them?
Performance Grants are becoming a more common form of compensation.
Human resource professionals like them because they achieve non financial benefits such as:
1. Aligning company objectives
2. Linking the compensation to the performance of the employee
3. Turning the stock based compensation to a reward mechanism for high achievers.
Rather than time considerations, Performance Grants all rely on either market conditions or service conditions or even a combination of both. The presentation will highlight the similarities and differences of Performance Grants to other types of employee stock-based compensation.
Another aspect of performance based equity compensation will arise in the financial reporting treatment of the compensation awarded. This can be complicated, and accountants quite often dislike these types of awards for their complexity. This presentation will review all the main points surrounding the accounting, such as spreading expense over a longer period of time and delaying the recognition of the expense.
In this session, attendees will be able to learn about the different methods of granting performance based awards, the benefits of performance units and why companies should use them, and the step by step process of creating performance-based stock based compensation.
Ramy Taraboulsi, CEO of SyncBASE Inc., will cover these topics in detail and will be able to answer any questions you may have about Performance Grants. With over 10 years of experience in the equity compensation industry, Ramy has seen many different methods of performance based compensation and will even draw on his experience through the performance options granted by SyncBASE, Inc.