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Setting Up a Manager’s Guide to Performance and Rewards

March 11, 2021  |   Compensation,Performance Management,Uncategorized   |     |   Comments Off on Setting Up a Manager’s Guide to Performance and Rewards

BCR-increased-productivity.jpgIt’s important for companies to have a guide to compensation for their managers and employees. They need to have a framework so they are effectively spending compensation dollars. A company should want to foster fair and consistent pay decisions through the use of compensation tools and performance processes, ultimately to link total pay with both individual and the business’s performance. It’s also equally important that employees have a greater understanding of their total pay and how it is tied to their performance and career progression.

A Guide to Performance and Rewards

Compensation policies and practices need to be aligned to support the organization’s business strategies in creating a high-performance workplace where employees can:

– Perform at high levels necessary for the company’s continued growth and success;
– Share in the success of the company; and,
– Achieve personal and professional fulfillment.

So, a Guide to Performance and Rewards should include the following elements:

  • •  Role of Manager
  • •  Goal Setting
    • Review Company Goals and Performance Process Checklist
    • Setting Objectives and Key Results (OKR)
  • •  Communicating Goals with the Team
    • Effective Communication Methods
  • •  Performance Review Process
    • Elements of Performance Reviews
    • Providing Effective Feedback
    • Preparing for Performance Reviews
    • Consolidating Feedback
    • Preparing for One-on-One Meetings
    • Leading One-on-One Meetings
  • •  Performance Improvement Planning
  • •  Compensation Philosophy
    • Turning Compensation Philosophy into Action
    • Compensation Structure
  • •  Merit Increase Planning Guidelines
    • Annual Performance Review and Merit Schedule
    • Merit Increase Effective Date
    • Proration of New Hires
    • Merit Increase Decisions
    • Retention Issues
    • Merit Increase Exceptions
  • •  Total Rewards

We are not saying that just because you have a written guide that will do the trick. Companies need to have leadership that advocates and supports great compensation and human resources planning plus ongoing training to foster excellent compensation management, along with the systems, tools and processes to support it.

Contact Us

BCR Consultants have many years of experience in helping companies assess their current compensation programs and make recommendations to retool their programs. Reach out to us if you would like our help in reviewing your benefit programs and navigating the sudden increase in remote workers. Contact Benefits and Compensation Resources (BCR) via , or phone 847.236.1208.

Written by: Barb Manny, BCR President

BCR is a local, minority-owned firm with more than 25 years experience in serving non-profit, public, and privately held entities in the key areas of Benefits and Compensation Consulting, Performance Management, Human Resource Organization Development, and Human Resource Information Systems and Processes.

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