How to Get Buy-in for Your Compensation Plan

In my previous blog, I shared six tips for compensation planning that deliver the highest ROI possible. 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.

 Communication – The Key to Getting Buy-In for Your Compensation Plan

Once you have decided what you are doing with merit and bonus budgets for 2019, you need to craft a communications strategy sure to earn buy-in for your plan. Buy-in comes via communication confidently delivered that is strategic and understandable. Complete, clear, comprehensive, communication of your compensation plan in ways that executives and employees can hear and assimilate the information is critical to the success of the plan and ensuring company-wide support.

I’ve read an excellent article, It Pays to Clearly Communicate Compensation, by Kathy Anttila and Jim Kochanski, from the February 2014 edition of World at Works’ Compensation Focus, that will provide you with insights and specific steps to take to effectively communicate your compensation plan.

Still Struggling to Create a Compensation Plan?

Conover Consulting, Inc. has worked with hundreds of organization leaders over more than two decades in setting competitive, appropriate pay structures, assessing merit increases and creating effective bonus strategies. With careful analysis and competitive market intelligence, we help you formulate a strategy that not only improves employee retention but will help with recruitment in a tight labor market. Learn more about compensation analysis and pay structures at Conover Consulting or contact me.