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The Institute for Human Resources (IHR) Compensation Best Practices and Trends certification program launched on February 14/15, 2011 with a two-day virtual event. Subsequent events have been held on June 6/7, September 22/23, December 12/13 and March 19, 20. Archives of all of these events are available on www.hr.com. To date, over 4,000 HR professionals have registered for this programs. The purpose of this introductory session is to provide you with an update on the webcast topics and speakers that will be presenting over these two days. 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 (the only exception being 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 add the dates to their calendars.
If you're a contractor with the U.S. Government, you're generally required to prepare an annual Affirmative Action Plan. Preparing your data for an Affirmative Action Plan is an essential component of your overall compliance strategy. Compensation analysis is a core component of an Affirmative Action Plan, and it's important to understand what data you'll need, how to prepare and validate that data, and what kinds of analyses are appropriate. In this presentation, we discuss these data requirements, the importance of data scrubbing / data cleaning, and offer suggestions on some common data validation tools. We talk about how incomplete and/or incorrect data affects compensation analyses, Affirmative Action Plans in general, the overall compliance of the business, and the strategic decisions of the organization.
While general payroll information such as time sheets and pay stubs is required, compensation decision documentation also plays a role. Compensation decision documentation, such as external and internal benchmarking, salary surveys, performance evaluations, compensation policies and practices, etc., generally is not kept as rigorously as payroll information. In this presentation, we discuss why compensation decision documentation is important, why it should be rigorously maintained, and how it factors in to compensation analyses and the Affirmative Action Plan.
One of the most important elements of a compensation analysis is the way in which employees are grouped for comparison purposes. Improperly grouped employees can render the results of an analysis meaningless, can lead to businesses drawing the wrong conclusions about their compensation practices, and can cause organizations to make inappropriate and/or unnecessary adjustments to compensation. The presentation concludes with a discussion of guidelines on proper employee groupings and how the groupings chosen impacts analysis results and inferences.
While the presentation focuses on compensation data and analysis within the context of Affirmative Action Plans, the data requirements for compensation analyses, documentation requirements, data cleaning techniques and suggestions on employee groupings equally apply to any analysis of compensation, whether for Affirmative Action Planning purposes or other purposes.
Medical insurance started as a benefit employers used to compensate workers as an inducement in the post-WWII original “War for Talent.” What started as an additional perk to attract and retain the best and brightest has in 66 short years, become an entitled right to some, a political struggle at the heart of the 2012 Presidential election to others and a cost albatross to everyone involved…except insurance companies.
Over the past eight years medical benefits have increased on average 8% per year. The cost increases have been so overwhelming for most businesses, that if your company is like most, one of two actions usually results:
1. Management will ask employees to pay an increasing share of the incremental benefit costs; or,
2. Management decides to offer fewer benefits in order to lessen the impact of the increase.
Both steps are reactionary and can have disastrous consequences including but not limited to: lower morale, lost productivity, loss of engagement and even an increase in voluntary turnover.
As costs rise, more companies are shifting this burden to the employee side of the equation with high-deductible medical plans augmented by Health Savings Accounts (HSA) that are funded by individual employees with payroll deductions made on a pre-tax basis. Some of these plans feature employer contributions in the form of matching or initial deposits and some are entirely employee funded. Regardless of how these plans may be constructed, they are not without risks of their own. Employees who choose to fund HSA’s have in certain circumstances, found themselves short after the first year. Combined with a perceived inability to defer suitable amounts of money, employees are faced with underfunded HAS’s, high-deductibles and the unsavory situation of not being able to make ends meet. According to a recent Harvard study – 62% of all domestic bankruptcies are caused by medical emergencies where major medical plans were present 78% of the time.
Voluntary Benefits are gaining recognition as a way to:
• Reduce the burden created by employer cost shifting and offer a way for employees to maintain or enhance essential coverage.
• Tailor coverage to the specific needs of individuals and their families.
• Offer these plans at no direct cost to the employer.
Companies that offer voluntary benefits currently enjoy some or all of the following favorable consequences:
• Increased employee engagement.
• Reduced voluntary turnover.
• Increased retention of top performers, and
• Tax savings resulting in higher net income.
This webcast is for Vice Presidents and Directors of Human Resources, Benefits, Compensation or Total Rewards. Attendees will learn about how voluntary benefits can deliver the organizational benefits listed above including how to construct a business case to bring to the Benefits Committee or Board.
Organizations nationwide seek to continuously improve performance and motivation while simultaneously reducing costs. This arduous task often becomes the responsibility of Human Resources. Without effective systems in place and data available, employee compensation can run counter to efficiency and performance objectives set by the organization. Learn how market-based pay structures can help your organization remain competitive, administer compensation fairly and easily, and allocate limited financial resources where they are needed most. Discuss compensation economics and the impact of regulations on the market equilibrium. Share offensive and defensive strategies for maintaining employees through the economic recovery and taking advantage of recruiting opportunities through top grading.
In this presentation, we will:
- Explore turnover in the rebounding economy: discuss common perceptions and reality of unemployment, as well as projected turnover in the economic recovery
- Examine compensation economics 101: review willing buyer/ willing seller compensation equilibrium and artificial caps and thresholds created through regulatory environment
- Offensive and defensive strategies: pay for performance, top grading, total rewards statements (base pay, incentives, value of benefits, etc.), communications, sales pay, option re-pricing
- Review steps for designing a market-based compensation system: best practices for compensation philosophy, job documentation, selecting data, market analysis, designing pay structures, financial impact analysis, and assessing the state of the compensation program
- Recognition and sustaining high performance through a merit matrix: review concept, market-competitive pay increase data, sample merit matrix model including conservative, typical and aggressive models along with sample results, graphs and employee by employee analysis
- Answer attendee questions regarding the presentation
In the year after most companies faced their first say-on-pay votes, how did companies respond? Did they adapt and move to more pay-for-performance structures? And how did shareholders react? The answers will surprise you.
The results from our 2010 study suggested that more company boards are starting to plan for that rainy day where shareholders do not have such strong years. The focus in 2010 was more on the structure of their executive pay programs, in the hopes that they will achieve alignment between future performance and future pay outcomes when performance isn’t as strong.
Will these trends be continuing? Where the focus in the boardroom will remain on the key features and elements of the pay program, including those that directly impact pay-for-performance outcomes – setting performance goals, use of discretion vs. formulas, choices of equity vehicles – as well as those that are more optical in nature – like the presence of perquisites, severance & change-in-control provisions, and stock ownership guidelines.
Will shareholders continue to evolve as evaluators of pay outcomes, by developing more of their own tools and philosophies to assess these areas? As they take on greater accountability in these discussions, we look for shareholders to place less emphasis on the opinions and analyses of the shareholder advisory groups. As a result, effective shareholder communication – through public disclosures as well as through direct outreach – will only become more important for all companies to consider. Companies themselves are evolving in learning who their largest and most influential shareholders are, who they listen to, and how they tend to vote on these issues.
In this session, participants will gain an insider's look at the newest executive pay information for 2012, and what to expect for the rest of the year, as we present findings from The Wall Street Journal / Hay Group 2011 CEO compensation study. The study results will be 'hot off the presses', covering the latest CEO pay information on 300 of the largest US-based public companies.
The Top 4 Risks in Pay for Performance
1. Incorrect Metrics
Metrics are the “things” that are being measured. These are the foundation of your plan and must represent the measurements of success. Companies often assume they know what drives performance. These assumptions lead to plans that allow poor behavior by taking attention away from it, or by motivating only one side of the risk/reward formula.
2. Poorly Set Goals
Goals are the levels that define the success of each metric. These are the drivers of your plan and must represent your destination. Goals and the compensation paid for reaching them are levers that can make two seemingly similar compensation programs deliver in dramatically different ways.You may be measuring the same metrics as your peers. Your goals may simply be at higher multiples. You may have similar goal multiples, but the underlying payouts are too leveraged or too forgiving (or vice versa). We will discuss how to avoid this issue.
3. Underwhelming Communication
Performance compensation is often confusing. Clean, clear communications are essential to engaging and motivating your staff. We will provide an 8-step overview of a newly devised holistic communication process.
4. Shhhh! It's a secret. To Be Announced During Presentation
There is one potential risk that outweighs all others. It is seldom discussed in our current environment. This single risk is the reason why executives, compensation professionals and managers must actively manage pay for performance. Simply rolling out a program leaves you vulnerable to attack. Join the presentation to learn more about this global, inescapable risk and how to reduce its impact.
Excel Hell. Two words that, to someone in compensation, speaks volumes. Long nights. Frantic emails trying to provide current data to our managers. Searching file after file trying to track down who made a change. Hour after hour after hour of formulas, pivot tables and lookups trying to make sure that the well thought strategy that we tried to implement is not completely invalidated by the data that we received back from our manager community.
Everyone wants to replace the excel hell process that bogs down many organizations during their compensation cycles, but there is much more to it than simply purchasing a compensation management tool and plugging in your employee data. To truly solve the problem, you need to look at the current compensation landscape as well as plan for the future changes that will certainly occur. The only thing that we know for sure is that there will be change. Each organization has its own unique needs and there are many distinct strategies that companies may implement to achieve their goals. There are many areas of functionality that we all know to look for, but there are many that are not. Join us and find out about them now instead of during an implementation!
You will learn:
Why employee segmentation is so critical
How to refine your budgeting to save the company money while simultaneously creating greater incentives for your employees
Why it is critical that your tool is for all your processes 365 day a year and not just for a focal point
What the big deal is about cloud computing in the HR space – without the technical mumbo jumbo, how do I want the solution delivered
This presentation will examine the basic factors of compensation policy decisions that define competitiveness in talent management and how they might be considered in the planning and implementation. The role of compensation in current talent management philosophy and offerings is important to define as a starting point for building a cohesive talent management strategy and approach. This presentation will attempt to determine the relative importance of compensation to an integrated talent management approach.
The presentation will consider the importance of integrating structure and external competitiveness. Topics discussed will include job evaluation, market surveys, competencies, work measurement and how they compare and contrast and are represented in current technology offerings. The development of key performance indicators will also be considered as potential benchmarks for technology adaption as well as internal organizational change management. We will also evaluate various means to align business objectives as drivers for compensation policy design and implementation.
As part of the discussion we will also look at the high level system architecture principals required to assemble integrated technology approaches that will allow you to ‘compete’ as an organization. The technology section will discuss current state of technology implementation for compensation. It will also attempt to define the critical elements of an HR technology stack. A key element of technology deployment is flexibility in change management governing implementation. The presentation will conclude by examining effective implementation experiences and cataloging important lessons learned as part of a business case overview based on actual experiences of combined technology and consulting implementers.
C-Suite credibility requires mastery of planning techniques and the ability to model pay and performance options quickly and clearly for a busy, non-specialist audience. This requires an enabling technology.
Technology promises to deliver solutions, but often falls short:
• Core HR technology solutions are built to address the very important compliance and administration tasks of their profession, largely driven by Payroll, Benefits, and record keeping. It is very difficult to develop robust planning tools or administer multiple approaches with a payroll system
• Even when using 'The Best’ software, you are tied to the capabilities and functionality of your HRIS system that often delivers a rigid and plain vanilla process.
• Add-on packages claim to solve your problems, but you soon discover you simply trade one set of limitations for another, or create information silos that restrict meaningful analysis - all at a considerable expense
• There is little interest in spending more money on expensive systems or system modifications that cannot demonstrate a positive ROI.
There are also many tasks for which there are no dedicated applications. These tasks need to be accomplished, and your day becomes consumed with paperwork or repetitive spreadsheets, which leads to higher costs and lower productivity. This is not what leadership wants.
There is an alternative. The bottom line is that you already have powerful software and a network available for employees to use, so the investment in software and computer infrastructure has already been made.
VBA allows construction of powerful and sophisticated business tools in Excel. We will give an overview of:
• The basic principles of the VBA language.
• The concept of a VBA project.
• The concept of a VBA procedure.
• How to manage and use VBA modules that store VBA code
• The basic operation of the VBA Editor
In addition, we will show some specific examples of what can be done to simplify any process, and the specific VBA code that is used to automate many time-intensive processes.
This will not be a VBA training course. We will show you an alternative to cumbersome spreadsheets, expensive system modifications, or costly “add on” software that usually trades one set of limitations for another and creates data silos. Excel and VBA can be part of an HRIS strategy that uses the core HRIS for what it does well, and Excel and VBA to give you all the ‘good stuff’ you need to be an effective business partner.
The SEC's mandate of non-binding, shareholder “Say on Pay” votes in 2011 has ushered the executive compensation world into a new era. Shareholders now have a more prominent medium to voice approval or concerns. Proxy advisors like ISS and Glass Lewis have become more empowered than ever before, compensation designs are being carefully revisited, proxy disclosure enhanced, and the incessant debate about pay and performance alignment has been amplified. With the majority of shareholders voting for annual Say on Pay votes, the obstacles new to Compensation Committees and HR Management teams for the 2012 proxy seasons are becoming constant considerations.
The good news is that there are a number of lessons to take away from the 2011 and 2012 proxy seasons and use to inform our compensation programs and disclosures moving forward. For example:
• What concepts mattered most to shareholders when casting their votes?
• How much impact do proxy advisors really have on Say on Pay votes?
• What is the best way to tangibly demonstrate pay and performance alignment to shareholders?
We expand our discussion of the ever-important concept of paying for performance at the executive level. Which we begin by defining “Realizable Pay” and how it is being used more prominently in pay program analyses and public disclosure. Using realizable pay, in our research and client studies, we have found (i) that it is the superior pay metric to use in measuring pay alignment to performance and (ii) there is in fact pay for performance at the executive level, despite what many pay critics say.
Building on the discussion of pay for performance, we provide an update of the proxy advisor (ISS and Glass Lewis) perspective on the subject. And take participants through an actual case study conducted for one of our clients, a Fortune 250 company.
We close with practical considerations for HR professionals with respect to navigating the new Say on Pay environment.
Okay, so your incentive plan’s been completed and it’s elegantly designed, either by you or a hired consultant. But as the old saying goes, there’s many a slip between cup and lip. The devil is in the details of making sure all the key actions and deadlines are achieved in an orderly fashion. If any of those are missed, the payouts can get delayed or lost … and you’ll be caught up short.
The compensation professional’s role is to ensure that recommendations for individual payments are made and approved, then actually land in your employees’ pockets AND, to make sure they appreciate it and understand how their payments were determined.
Administering an incentive plan involves multiple approval layers, close coordination with your finance and payroll teams, and an awareness of milestone dates that borders on obsession. Whether you have software applications to support the process or you’re still using Excel, there are a number of items on the checklist that you’ll need to cover.
This webcast is designed for compensation professionals who want to understand their organization’s incentive payout plan and implement it correctly. It will walk participants step by step through the process of translating the incentive payout plan into the actual dollars landing in employee paychecks. We’ll identify some of the common hazards and offer some helpful tips and advice for ensuring that those annoying glitches won’t arise.
Topics covered will include: Lining Up Your Players, Planning Your Calendar, Making Your Calculations, Communicating With Employees, and Dealing With Special Circumstances.