Compensation: Pre-Planning

I work with a variety of clients who never make enough time for compensation planning. They roll it up into the budgeting process and never take the time to strategically think through how they are compensating their employees. Are their pay ranges competitive? Do they need incentives to attract talent? Should they be giving bonuses? If they give bonuses, how can they award them fairly? 

 I’ve assembled three of my most read blog posts to help you with your compensation planning, some strategies to get you thinking about how you can be more flexible with the way you compensate, and how to get buy-in for your compensation plan:

 6 Guiding Principles to Building Your Compensation Plan for 2019

For most people, they head into budgeting dreading the number crunching and compensation planning that they will live with all of next year. Without a strategic compensation plan, many companies falter with retention and being able to attract competitive talent. I encourage companies to carefully balance their wages, bonuses and cultural objectives, and that takes time. More ->

 3 Compensation Strategies in a Changing World of Work

The world of work is changing – dramatically and quickly, which means new strategies for compensation. The advent and advancement of the ‘gig economy,’ where contractors and consultants work on specific projects for specific time frames, advances in technology which allow for more flexibility, and the younger generations wanting less rigidity in how they work, have forced a rethinking of the way work gets done and employee compensation is structured. More->

 How to Get Buy-in for Your Compensation Plan

A well designed plan, complete with merit and bonus strategies, goes a long way to building confidence and getting C-suite sign-off on your plan. But to get approval there is another very important element. More ->

 Need Help with Your Compensation Planning?

Don’t wait until you need to start figuring out your budgets to work through your compensation planning. Conover Consulting has worked with companies to create and refine compensation and bonus structures designed to motivate employees and align a culture. Get a compensation check-up or find out how you can motivate your employees with a bonus plan. Learn More