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PERFORMANCE-BASED PAY:
PART 3

Posted on November 21, 2016 by Trinity HR

performance-based-pay3

In Parts 1 & 2 of this series, we identified the following related to Performance-Based Pay:

  1. Objectives
  2. Pay elements
  3. Balance between fixed (base) pay & variable (incentive) pay
  4. Characteristics of Key Performance Indicators (KPIs)

In Part 3, we want to provide information about the essentials for a successful Performance-Based Pay Plan.  Examples of these essentials include:

1.      Ease of understanding by employees

  • If employees do not understand the plan, they will not embrace it nor value it.

2.      Proper “line of sight”

  • Translated from “Compensation-ese” to English, this  means employees see how their positions connect with the overall success of the organization—that is, employees know how their performance affects a particular performance metric/KPI
  • The absence of “line of sight” can cause the plan to fail to properly motivate employees & thus be unsuccessful.

3.      Effective communication & reinforcement of rewards

  • Includes enabling employees to “know the score” on a regular basis

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4.      Amount of potential reward is clearly known & the actual reward accurately reflects level of achievement for KPIs (or other performance metrics of the plan)

  • This & 5. below (transparency & perceived fairness) go hand in hand

5.      Transparency & perceived fairness

  • This helps employees gain a high degree of trust that no games are being played with performance results.

6.      Timeliness of issuance of rewards

  • It should be as soon as possible following the determination of the final actual performance, including closing of the books.

HOW TRINITY CAN HELP?

Trinity’s Team has extensive experience in helping organizations to create highly effective compensation programs, including incentive compensation plans.

For more information:

You have HR opportunities…Trinity has paths forward!

Posted in Compensation & Performance Management

PERFORMANCE BASED PAY: PART 2

Posted on November 7, 2016 by Trinity HR

pay-results

pay-performance

In adopting a performance based pay philosophy, every organization has to:

1)    Determine the right balance between guaranteed compensation (base pay) & variable compensation (incentive/bonus compensation), including:

➡ If not all employees, which employee groups’ compensation should include a variable  portion.

➡ Which who are part of a short-term incentive plan should also participate in a long-term incentive plan.

2)    Identify certain performance objectives it wants to achieve & the outcomes that will result if the objectives are attained.

3)    Translate those objectives into Key Performance Indicators (KPIs)

4)    Establish its rewards for KPI achievement at varying degrees of success

Good KPIs: 

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  • Are valid, to ensure proper measurement
  • Allow measurement of accomplishments, not just of the work that is performed
  • Are verifiable, to ensure data collection accuracy
  • Focus employees’ attention on what matters most to success
  • Provide a common language for ongoing performance-related communication
  • Serve as the link between performance & rewards

HOW TRINITY CAN HELP?

Trinity’s Team has extensive experience in helping organizations to create highly effective compensation programs, including incentive compensation plans.

For more information:

You have HR questions…Trinity has answers!

Posted in Compensation & Performance Management

PERFORMANCE BASED PAY: PART 1

Posted on October 17, 2016 by Trinity HR

performance-based-payObjectives of performance based pay

Developing a Performance Based Pay (also called Pay for Performance) philosophy starts with an organization clearly identifying what it wants to achieve with it.  Here is an example of the three objectives that a Trinity Consultant helped a company to establish:

1)    Be consistent with & reinforce the values of the company

2)    Recruit and retain the highest quality employees

3)    Significantly differentiate rewards provided based on the importance of the contributions at three levels:

  • Individual
  • Team
  • Company

➡ Your Performance Based Pay objectives should be a sub-set of your overall compensation philosophy.

Elements of performance based pay

A well designed Performance Based Pay plan recognizes that rewards can be in the form of the following:

  • Annual pay increase (merit increase)
  • Short-term incentive (annual performance bonus)
  • Long-term incentive
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    • This can take a variety of forms, including in both publicly & privately owned companies

HOW TRINITY CAN HELP?

Trinity’s Team has the experience and expertise to work with your organization (doing as much or as little as you need from us) to develop, communicate & implement a Performance Based Pay plan.

 

For more information:

You have HR opportunities…Trinity has paths forward!

Posted in Compensation & Performance Management

BEST PAY PRACTICES

Posted on October 3, 2016 by Trinity HR

payEmployee compensation is one of the biggest expenses of companies, but too many companies lack sufficient knowledge as to how to effectively manage it.  Yet these same companies regularly examine & seek to adopt (or adapt) best practices when it comes to other business functions—Procurement, Production, Customer/Client Services & others.

This article provides two examples of best pay practices:

#1: Provide Pay Transparency

  • This does NOT mean revealing to employees everyone else’s pay.
  • It does mean providing all employees with an understanding of the bases or philosophy upon which your company establishes employee pay.
  • Here is a sample pay philosophy:

ABC Company goal in employee compensation is for it to be:

check-markCompetitive with the market place for like positions
check-markFair in comparison to other ABC employees in the same or comparable role
check-markTied to individual performance

#2: Embrace Incentive Compensation

  • Long gone are the days when incentive compensation applied only to those in management, executive & sales roles.
  • Top performing companies have adopted incentive compensation for most, if not all, roles.

             arrow-bulletObviously, there are marked differences in the amount of & basis for incentive rewards depending upon the individual role.  Nonetheless, it creates a culture “we’re all in this together & when we’re successful we all share in the fruits of  that success”.

EMPLOYER ACTION
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Ask yourself these questions:

1.   How effective is our compensation in achieving its objectives of:

  • Attracting high level talent & in sufficient numbers
  • Motivating employees to work to their optimal individual performance level & collaboratively
  • Causing employees to remain with the company

2.   When is the last time you did a comprehensive analysis of what pay in comparison to the marketplace for comparable positions?

HOW TRINITY CAN HELP?

Trinity’s Team of Consultants have extensive experience in helping organizations to create highly effective compensation programs.

“You have HR challenges…Trinity has solutions!

Posted in Compensation & Performance Management

TUITION ASSISTANCE PROGRAM: ARE YOU MISSING OUT?

Posted on September 19, 2016 by Trinity HR

tuition-assistanceMany employers are hesitant to implement a Tuition Assistance Program (TAP) because of one or more of the following concerns:

  • Cost
  • Benefit to the company
  • Turnover by employees becoming more marketable
  • Uncertainty about how to design it
  • How to decide who gets to participate

All of these are valid concerns. However, these concerns are not insurmountable and are far outweighed (when properly addressed) the advantages to having a TAP.

SOME ADVANTAGES

Organizations with a TAP:

1.      Are more attractive to prospective employees—particularly Millennials who

➡ Are the largest generation in today’s workforce & rapidly growing

 ➡ Identify the opportunity for continuing education as an important consideration in choosing an employer

2.      Receive higher employee satisfaction ratings

3.      Have higher retention rates

4.      Have higher levels of performance

  ➡ A study shows that employees who are or have been participants in a TAP are

better able to carry out their current jobs & are more promotable
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EMPLOYER ACTION

  • If you do not have a Tuition Assistance Program, re-look at why you don’t.
  • If you have one, re-examine its:
    • Effectiveness in meeting of its objectives
    • Design (who’s eligible, the selection process, amount of assistance, etc.)

HOW TRINITY CAN HELP?

Trinity has the expertise to:

  • Evaluate & improve the effectiveness of your existing TAP
  • Custom design a TAP for your organization to meet its specific objectives & budget

For more information:

You have questions…Trinity has answers!

Posted in Benefits Management

THE POWER OF PRAISE & RECOGNITION, PART 2

Posted on August 29, 2016 by Trinity HR

employyee-rocognitionPart 1 of this two part series talked about praise & recognition being an inexpensive action on the part of an employer, while being highly valued by employees.  In Part 2, we want to identify what’s in it for your company to have a culture of praise & recognition.

The highly regarded Gallup Organization has surveyed more than 4 million employees on this topic. Their analysis included more than 10,000 business units & more than 30 industries. Here’s what they found about individuals who receive recognition & praise on a regular basis:

  • Lower turnover
  • Increased productivity
  • Greater engagement with their colleagues
  • Higher satisfaction scores from their customers/clients
  • Less absenteeism

Yes, people are motivated by money.  However, they are motivated by MORE THAN MONEY.  People crave knowing something they’ve done or achieved has been noticed & is appreciated by means of a leader’s:

  • Positive feedback
  • Recognition for extra effort
  • Acknowledgement of special results

3 EXAMPLES OF NO COST RECOGNITION

  1. Give them a handwritten note
  2. Write about them in a company-wide email
  3. Post a “thank you” sign in the lobby with their name on it

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Guides for praise & recognition

As a reminder from Part 1:

  1. Be authentic
    ·  Praise as often  as it is deserved
  2. Understand & match the praise to the person
    ·  If your company uses DISC behavioral style assessments, you know that different types of individuals need different types of praise.
    ·  For example, “C” style people will want the praise to be very specific & concise; whereas, “S” styles will want the praise to help them understand how what they did benefitted others (employees, the company &/or clients/customers).
  3. Do so in a timely manner
    ·  Ideally “on the spot”, but if not very then, shortly afterward.

HOW TRINITY CAN HELP?

If your organization needs him in creating an impactful employee recognition program or improving your existing one, Trinity’s Consultants can do so—quickly & cost effectively.

You have questions…Trinity has answers!

Posted in Employee & Labor Relations

THE POWER OF PRAISE & RECOGNITION

Posted on August 8, 2016 by Trinity HR

great-jobIn today’s work culture fostering an attractive workplace is almost universally sought.  However, it can be expensive.

Take employee benefits, which Glassdoor research shows 57% of people place benefits & perks at the top of their list when considering a new role.

  • How expensive? The national average cost per year of healthcare benefits for an employee with family coverage is approximately $18,000, with the average company paying almost $13,000 worth of the total tab.

However, research shows that employee satisfaction & thus retention strongly correlates to elements such as:

  • Senior leadership
  • Company culture and values
  • Career opportunities for development & growth

BUT…

There is one organizational element that virtually all employees crave that costs nothing:

  • Praise

It’s as simple as taking the time to commend your employees when praise and credit is due.  A simple acknowledgement or word of thanks that can make a world of difference to a person.

  • Not false praise or flattery, which most individuals can tell from the real thing.
  • Find the right opportunities to give honest, genuine praise.
  • As comedian Rodney Dangerfield would say give an “atta boy” or “atta girl”—because everybody appreciates being appreciated & it’s the right thing to do.

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EMPLOYER ACTION

Several guides for praise:

1. Be authentic

  • Praise as often  as it is deserved

2. Understand & match the praise to the person

  • If your company has done DISC behavioral style assessments, you know that different types of individuals need different types of praise.
  • For example, a “C” style person will want the praise to be very specific & concise; whereas, an “S” style individual will want the praise to help her/him understand how what she/he did benefited others (employees, the company &/or clients/customers).

3. Do so in a timely manner

  • Ideally “on the spot”, but if not very then, shortly afterward.

HOW TRINITY CAN HELP?

If your organization needs him in creating an impactful employee recognition program or improving your existing one, Trinity’s Consultants can do so—quickly & cost effectively.

You have challenges…Trinity has solutions!

Posted in Employee & Labor Relations

Lessons from Losing A Key Employee

Posted on July 22, 2016 by Trinity HR

firedresigned

Isn’t it very rewarding when a newly hire turns out to be a perfect fit in terms of the “C’s”:

  • Competence
  • Cultural compatibility
  • Chemistry with you and others

This is especially the case when the individual is in a key management or executive role within your organization!

However, there are cases when you thought the person was going to be a perfect fit, but she/he turns out to be a bad fit on one or more of the “C’s”, leading to a parting of the ways.  In other instances, this perfect fit key employee decided her/his situation was less than ideal.

  • Either way, it is important for you/your organization to learn from it and use that in order to move forward.

EMPLOYER ACTION

Here are 10 questions to ask yourself:

  1. Was this person challenged enough in the role?
  2. Was she/he overmatched in the role?

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  3. Were this person’s needs met both professionally and personally?
  4. How well did she/he connect with others, resulting in good relationships?
  5. How did this person navigate the “political” climate of direct reports, peers, clients/customers and stakeholders?
  6. What did you do to ensure she/he was set up for success?
  7. What support did you provide for this person?
  8. What ongoing development did you provide?
  9. Were there opportunities for growth in the areas of this person’s expertise?
  10. Were you surprised when this person decided to leave — if so, what warning signs did you miss?

HOW TRINITY CAN HELP?

Trinity’s:

  • Retained search services increase the likelihood of candidates being a great match
  • Organizational Development services (including 360 degree and other assessments) help ensure the new hire is fitting in as expected

For more information, e mail Trinity at info@TrinityHR.net or visit our website at www.TrinityHR.net.

Posted in Talent Acquisition, Executive Search, Employment & Employee Retention

“THE LEADERHIP – PROFIT CHAIN”, Part 2

Posted on June 27, 2016 by Trinity HR

In Part 1 of this 2 part series, we identified the following 5 organizational elements as being essential to long-term success.

  1. Strategic Leadership
  2. Operational Leadership
  3. Employee Passion
  4. Customer Devotion
  5. Organizational Vitality

In Part 2 we identify key truths about the interplay of them within the Leadership – Profit Chain.

TRUTHS:

  1. Effective Strategic Leadership indirectly predicts Organizational Vitality.
  2. Effective Operational Leadership is a direct predictor of Employee Passion.
  3. Having a high level of Employee Passion commonly results in a high Customer Devotion level.
  4. Employee Passion has an extremely positive correlation with Organizational Vitality.
  5. High Customer Devotion indicates Organizational Vitality.

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IF NOTHING ELSE, REMEMBER THIS ABOUT THE LEADERSHIP – PROFIT CHAIN:

arrow-bulletThe key to driving sustained productivity and profitability is a combination of Strategic Leadership and Operational Leadership actions that drive Employee Passion and Customer Devotion.

  • Re-read TRUTHS 4. and 5. above.

HOW TRINITY CAN HELP?

Trinity’s Team of experienced Consultants have the expertise needed to help you connect the Leadership – Profit Chain dots.

You have challenges…Trinity has solutions!

Posted in Strategy, Management & Leadership

“THE LEADERHIP – PROFIT CHAIN”, Part 1

Posted on June 15, 2016 by Trinity HR

Several members of the Trinity Team have had the privilege of working with The Ken Blanchard Companies. Dr. Blanchard is a legendary thought leader in the world of organizational development and people management.

One of the emphasis of this renowned management consultant and author is the importance of leadership to organizational success. Dr. Blanchard’s firm has done extensive research on the impact of leadership in achieving sustained productivity and profitability.

Here are the 5 organizational elements they have identified as essential to long-term success:

1.      Strategic Leadership: Defining the imperatives for everyone in term of the “what” and setting the tone and direction for an organization’s culture

2.      Operational Leadership:  Providing the “how” related to the policies, procedures and practices in the various functions so as to achieve the overall strategy

3.      Employee Passion: Measuring the extent to which employees are committed to the organization and its goals. Examples of measurements include:

  • Turnover
  • Employee satisfaction
  • Absenteeism

4.      Customer Devotion: Determining the level of customer loyalty to your products/services as assessed by such things as:

  • Customer retention
  • Length of relationships
  • Referrals

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5.      Organizational Vitality: Assessing the degree to which an organization is successful in the eyes of its employees, customers and shareholders/owners

Below are two depictions (1 simple & 1 detailed) of the Leadership – Profit Chain

leadership-profitleadership-profit2

EMPLOYER ACTION

  1. Discuss and evaluate where you are relative to each of these 5 crucial elements
  2. Identify specific improvement steps for each element to achieve improvement
  3. Implement the action plan
  4. Regularly measure how you’re doing

HOW TRINITY CAN HELP?

Trinity can assist you with some or all of the above.

You have opportunities…Trinity has paths forward!

Posted in Strategy, Management & Leadership