Compensation is so much more than pay — especially if you’re a Comp Strategist.
It’s your job to align comp with everything that happens at your business. Hiring, retention, bonus plans — and that’s only the beginning.
But I know it’s difficult to make sure everyone’s on the same page.
So we created a guide, complete with common comp crises you’ll encounter and step-by-step explanations of how to handle them.
And today, I’m unpacking the final category of these situations: how to support organizational goals with comp.
Sticky Situation — Your Organization is Mapping to a Whole New Set of Goals. Execs Ask You How Comp Can Help Accomplish These Goals.
First off, make sure you have a solid understanding of these updated goals!
Why is leadership implementing them? Why are they important to the organization?
Once you’ve done some preliminary investigating, work with hiring managers to determine which areas of the organization need more people to successfully map to these new goals.
Then, use accurate, real-time market data to price the new positions. Maybe, you’ll decide to price them more competitively — especially if they’re hot jobs in high demand.
Explain why these additional roles are needed to meet the updated business goals, and outline the talent strategy you’ve created to fill them.
The key to success? Keeping communication frequent and open, and making sure everyone understands what’s going on — and why.
Sticky Situation — Execs Want to Implement Incentive Plans and They Ask for Your Help. How Do You Create and Implement Pay Plans Strategically?
Plain and simple, no one incentive plan will work for every team — that’s why this situation is especially tricky.
You’ve got to figure out your organization’s goals (if you don’t know them already, of course!), and find areas that speak to different teams’ duties and strengths.
Then, decide what kind of incentives work best for your company.
Would you rather have your sales team pursue multiple $10k/year deals or one $100k/year deal?
Your answer will depend on your organization. Just make sure you explain your reasoning to execs.
Developing customized incentive plans based on how employees can meet business goals is an exciting task, though!
Because it gives you — and comp as a whole — a seat at the table. You’re making decisions that directly drive organizational success.
But that’s just a day in the life of a Comp Strategist.
Want more insight into how to handle comp’s sticky situations? Download our free field guide!