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Performance & Compensation

Performance & Compensation. Derek Hughes November/December 2012 Staff. Total Rewards. Martocchio, J. J. (2013). Strategic Compensation: A Human Resource Management Approach. Upper Saddle River, NJ: Pearson. Shared Perception. If you had a choice between Bill Gates’

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Performance & Compensation

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  1. Performance & Compensation Derek Hughes November/December 2012 Staff

  2. Total Rewards Martocchio, J. J. (2013). Strategic Compensation: A Human Resource Management Approach. Upper Saddle River, NJ: Pearson.

  3. Shared Perception If you had a choice between Bill Gates’ fortune and world peace… What color would your Lamborghini be?

  4. Performance & Compensation Compensation Model

  5. VCSU Staff Model 1.50% Across the Board (ATB) 50% 15% Market/Equity 0.45% 35% Merit 1.05%

  6. Across the Board (ATB) • ATB is indiscriminate • Employees get 50% of the legislative increase

  7. Market/Equity

  8. Market/Equity • CUPA HR & Job Service ND salary data • CUPA HR primary for higher education, industry specific positions • Job Service ND for local hire positions common to all industries • Compare all positions basis the duties in job description, and education required • Not title, not person • Compare all positions to the market median • Not mean

  9. Merit • Pay for performance • Incentive Pay • Links employee pay to measures of performance

  10. Additional Values • No employee below an 80% floor. • No ceilings • Years of Service (1%/yr.) • Credit not given for low performing year • Years merit pay earned performance (3%)

  11. Performance & Compensation Individual & Performance Model

  12. Performance Goals

  13. Measure Performance

  14. Performance & Compensation Timeline

  15. Timeline • January-March begin a new review year • Everyone on same timeline (may be some overlap) • One-year from start date • Set goals • July 1, 2014 • Merit model takes effect

  16. Questions • What is the risk of not changing? If I wait long enough, will the change just go away? • What are my choices during the change process? What are the potential consequences to me of not changing? • What are the benefits of supporting the change?

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