WorldatWork
Certification Seminar C12
Variable Pay - Improving
Performance with Variable Pay
Designing for Results
This course presents the fundamentals of variable pay. The course focuses on
compensation strategy and variable pay, definitions and the design and
implementation of incentive, recognition and bonus plans.
- Learn about the three categories of variable pay.
- Identify common business strategies and objectives for achieving them.
- Examine internal and external factors.
- Discuss the activities for designing the structure of the plan.
- Find out aspects to consider in establishing target performance and
payouts.
- Learn about funding and distribution of plan earnings.
- Discover how to implement, communicate and evaluate the success of your
plan.
Who Should Attend
This course is designed for HR professionals
responsible for designing, assessing or maintaining
variable pay programs.
What You Will Learn
Total Rewards and Variable Pay
- Elements of compensation
- Categories of variable pay
Supporting Business Objectives through Variable Pay
- Business strategy
- Business strategy drives business objectives
- Business lifecycle
- Variable pay helps achieve business objectives
Types of Variable Pay
- Incentive plans
- Short-term incentive plans
- Profit-sharing plans
- Performance-sharing plans
- Individual performance based plans
- Long-term incentive plans
- Equity- and non-equity based plans
- Bonus plans
- Referral
- Hiring (sign-on) bonus
- Retention (stay) bonus
- Project completion bonus
- Recognition plans
- Spot awards
- Managerial recognition
- Nominations
- Organization wide recognition
Developing a Variable Pay Plan — Phases 1 and 2
- Phase 1: Pre-Design
- Considering internal and external factors
- Obtaining management support
- Identifying the design team
- Phase 2: Design
- Determining plan objectives and plan type
- Defining eligibility
- Selecting performance measures
Developing a Variable Pay Plan — Phase 3
- Phase 3: Funding and distribution
- Determining performance targets and payouts
- Funding the plan
- Distributing plan earnings
- Final approval
Implementation and Evaluation
- Plan implementation
- Selecting the implementation team
- Developing the communication plan
- Introducing the plan
- Coordinating plan administration
- Plan evaluation
- Determining plan effectiveness
- Why plans fail
- Potential evaluation outcomes
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