Turetsky - Money Talks: Corporate Policies, Communication and Compensation
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This document summarizes a presentation on corporate policies around compensation communication. The presentation discusses appropriate ways for companies to communicate with employees about compensation to create a culture of productivity. It provides guidance on legal and governance issues surrounding compensation discussions and explores the major touch points in an employee's career where compensation is usually discussed. The presentation concludes with five tenants of good compensation and rewards communications: honesty, hope, coaching, linkage to performance, and ownership.
Turetsky - Money Talks: Corporate Policies, Communication and Compensation
- 1. Money Talks: Corporate Policies, Communication and Compensation David B. Turetsky 31 August 2010 4:15PM to 5:15PM
- 2. Rules: 1. Enjoy, sit back and relax. 2. Have some more coffee! 3. Please turn off/mute all cell phones, communicators and other wireless devices!
- 3. Real-Time Pay for Performance • Our goal is to have a good discussion • Share ideas, stories • What went right, wrong • Be mindful of others wanting to share their stories • My goal is to facilitate the discussion • When someone starts a good discussion, they will receive a prize!
- 4. Description: Creating a culture of productivity and success requires appropriate communication around compensation. Inappropriate compensation conversations can be detrimental to the psyche of employees and may have legal or governance ramifications. This session will explore corporate policies around compensation communication. ROIs 1. Do's and don'ts of compensation communication 2. Understand the prevailing laws and corporate governance issues 3. How decisions can be communicated in the most productive way
- 5. My Employers: • TPF&C/Towers Perrin • Watson Wyatt • Morgan Stanley • Becton Dickinson • Bankers Trust • Deutsche Bank • DoubleClick • MarketDataNow • Aon Consulting • Workscape
- 6. When do we usually talk to employees about Compensation? • Pre-hire • Hire • Paychecks/Direct Deposit • Benefits Enrollment • Merit Review • Total Compensation Statements • Problems
- 7. Why do we usually talk to employees about Compensation? • Pre-hire – The Advertisement • Hire – Negotiation • Paychecks/Direct Deposit – Payment Logistics • Benefits Enrollment – Personal Employee Decisions • Merit Review – Good News/Bad News • Total Compensation Statements – Value Proposition • Problems – Resolved Quickly
- 8. Employment Cycle of Life Candidate Alumni • Term New Hire • Retiree Employee • LOA/ Sabbatical • Promotions
- 11. Major Touch Points Cycle Beginning Middle End Candidate The Job Ad Initial Probing The Offer Discussions New Hire First Day First Paycheck Discussion Logistics around pay reviews/ increases Employee Goals discussion Check-ins on Pay Review Goals Alumni Exit Interview Discussions with How the other current and employee is former staff, remembered candidates
- 12. What other opportunities are there and why managers should care? EVERY DAY: • Hallways • Before/After meetings • While traveling together • Over lunch (WITH CAVEATS)
- 15. Do’s and Don’ts • Positivity • Crankiness • Honesty • Make up stuff • Understanding • Empathy • Short and to-the-point • Waxing • Facts • Speculation
- 18. Legalities This is not intended to be legal advice, David B. Turetsky is not The prevailing laws and corporate television. issues that are a lawyer and does not play one on governanceAll descriptions top-of-mind for shareholders and corporate of Workscape. and facts contained herein are the property boards that your managers, HR partners should care about: Any reproduction, description, or accounts of this presentation without the express written consent of Workscape, Inc. are 1. Pay for Performance – Executives and Employees prohibited. All rights reserved. Copyright 2010. Service mark 2010. 2. Reporting requirements under TARP 3. Lilly Ledbetter Act of 2010 – Fairness 4. Healthcare Reform
- 21. Five Tenants to Good Compensation/Rewards Communications 1. Honesty 2. Hope or a Positive Tone 3. Coaching 4. Linkage to Performance 5. Ownership
- 24. Parting thoughts • Don’t talk on an empty head • Ensure that all parties are ready for the discussion, especially emotionally • Make the environment comfortable • Provide lots of notice, if changes are necessary • Don’t rush • No matter what happens during the meeting, shake hands at the end
- 25. Acknowledgements • To my Parents for having me • To HR Florida for inviting me • To Workscape for paying for the trip • To Director: Jonathan Corke • To Actors: Kathleen, Jeff, John, Robert, Nancy, and Elise • To you for prioritizing a few precious minutes of your life to share with us
- 26. Speaker Bio: David Turetsky is the Director of Talent Management Strategy at Workscape. A sought after writer and speaker on the topic of compensation planning, Turetsky shares actionable best practices with his audiences that enable them to drive organizational change. He has more than twenty years of experience including a wide variety of technology related projects designed to assist clients with the management of compensation and HR programs, such as the design and implementation of job evaluation programs, broad-based employee incentive plans, statistical evaluation of pay programs and a wide range of related human resources issues.
- 27. Contact Details David B. Turetsky Director, Product Management, Talent Management Strategy Workscape 123 Felton Street Marlborough, MA 01752 (office) 508-573-9474 (eMail) David.Turetsky@Workscape.com http://blogs.workscape.com/