Crucial Compensation Conversations
Talking about salary is tricky business. Pay conversations almost always involve emotions. Why? Because most employees equate self-worth with compensation. Few are able to completely separate their value as a person from the dollar value the company places on them.
Here’s worse news: it’s your best people, not your average employees, who become most disillusioned and disengaged if pay expectations and pay reality are out of whack.
More than any other employee/employer conversation, talking about pay has the highest risk of destroying morale, sapping productivity and eroding retention rates. Despite the danger, more than 53% of managers admit that their company has never offered training to teach them how to talk about compensation.
On the employee side, only about half of employees feel that there company does a good job of explaining pay programs.
The solution lies in a dramatic change in the way your company, and especially individual managers, talk to employees about pay. This webinar will show you how.
You will learn:
- Why company-wide pay conversations are the first step to successful one-on-one pay discussions
- Why some companies have very public pay structures and others are hidden—and the pros and cons to each method
- Communication tools to increase confidence while talking to employees about pay
- Why money has much more power to dissatisfy than to satisfy and what you can do about it.
- How to prepare managers to answer questions like:
- Why did I get a great raise last year and a small one this year even though I did more work this year?
- My teammate makes double what I make. She’s older than me, but we do the same job. Shouldn’t we be paid the same?
- Why does the guy who reports to me make more than I do?
- I didn’t get my bonus this year but it wasn’t my fault—why did you set it up this way?
- I know I’m only working 4 days a week this year, but I’m still doing the same amount of work, why did you decrease my salary?
Wes Pruett is owner of HR Advisors LLC, a consulting practice that provides service to clients who seek to align their business and employees creating successful outcomes and excellent work environments. After 20 years in senior leadership within the Mayo Health System he founded HR Advisors. Mr. Pruett provides solutions to companies for a wide variety of HR issues including compensation, compliance, policy development, performance management, and employee relations. Mr. Pruett regularly facili... View Full Profile