GuideStar Webinar (10/01/13) - Best Practices in Nonprofit Compensation
Webinar-Make Your Compensation Calendar Work for You
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Transcript of Webinar-Make Your Compensation Calendar Work for You
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Rita Patterson, CCPManager, Customer Education
https://www.linkedin.com/in/rita-patterson-ccp-5b039812
Mykkah Herner, MA, CCPModern Comp Evangelist
https://www.linkedin.com/in/mykkahherner
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Agenda
• Why it matters
• Fundamentals of a comp calendar
• Comp calendar example
• Transitioning to a schedule
• What you can do next
• Q&A
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• Allows for proactivity
• Actual opportunities to be strategic• Work with your timelines, not against them
• Creates a more inclusive process• Support internal communication and bandwidth
• Better Budgeting• Time, Energy, and Capacity
• Reduce cycle time and stress
Managing Time & Resources Effectively
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• Poor time management
• Clustered deadlines
• Not accounting for peak busy seasons
• Bottleneck effect• Not enough resources or time
• Failure to over or under communicate• Not matching transparency to culture
• Not providing training for leadership
Comp Stoppers
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Questions to ask yourself before you begin – understand your starting place:
• Do we have a comp plan in place?
• Who needs to be a part of these processes?• Leadership/BOD?
• Managers?
• Other Stakeholders?
• How transparent do we want to be?
Quick Pulse Check
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Building Blocks of a Smart Comp Calendar
• Milestones• Market Analysis/Strategy Review
• Performance Review Period
• Increase Cycle
• Tasks• Benchmarking
• Manager Training
• Admin Duties
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• Market Analysis & Strategy Evaluation • Identify Current Data• Develop or Update Comp Plan• Structure Review
• Budgeting• Fiscal Year• Board Meetings
• Updates on Communication• Manager Training
• Performance Reviews
• Compensation Review & Increases
Major Milestones and Tasks
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• Strategic Planning
• Variable Pay
• Bonus’
• Commissions
• Profit Sharing
• Implementing and roll-out comp projects
• Goals and Targets for next year
• Ad Hoc compensation questions
• Create office hours
Consider Timing for the Essentials
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• Seasonal needs • Accounting Firms – ‘busy season’
• Be considerate of other departments• Sales EOY
• Benefits Administration• Open Enrollment
• Holiday’s or peak vacation seasons• Peak summer vacation season
Other Timelines to Work With
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Rita Patterson, CCPManager, Customer Education
https://www.linkedin.com/in/rita-patterson-ccp-5b039812
Mykkah Herner, MA, CCPModern Comp Evangelist
https://www.linkedin.com/in/mykkahherner
Start high level by identifying comp milestones1
2 Break the year up by quarters and map milestones
3 Dive down and assign tasks with estimated timeline
Map Your Milestones and Tasks
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• Plan the execution date• Next quarter?
• Next Fiscal year?
• Gain/Confirm Stakeholder buy-in
• Communicate and educate• ‘Why’ and ‘when’
• Give managers tools they need
• Roll out
Rolling Out Your Calendar
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• Perform Year End Review
• What worked well?
• What should be changed/adjusted
• Great time to survey teams
• Communication Management
• Change Management
• Strategy and Structure
• Unforeseen changes to business org or market
Maintaining your Comp Calendar
2018 2018Q1 Q2 Q3 Q4
Enter/Audit Adjustments1/1/2018
Market Study5/1/2018
Develop Training7/1/2018
Budgeting7/31/2018
Performance Evaluations9/2/2018
Increases Allocated11/1/2018
Annual Incentive Payout12/2/2018
Goal Setting for Next Year12/9/2018
4/2/2018 - 4/30/2018Perform Benchmarking/Review Benchmarking
5/1/2018 - 5/15/2018Perform Market Analysis
5/16/2018 - 5/30/2018Develop or update comp plan
6/5/2018 - 6/19/2018Develop or update Performance Management
6/20/2018 - 6/29/2018Develop Training
7/15/2018Board Meeting - Budgeting
8/1/2018 - 8/15/2018Train Managers
8/15/2018 - 9/14/2018Performance Evaluations
9/16/2018 - 9/30/2018Update Insight - Run Raise Recommendations
10/1/2018 - 10/31/2018Manager Pay Decisions - Crew
11/1/2018 - 11/30/2018Executive/HR approval
12/4/2018Payroll deadline
Compensation Calendar Example
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• Know your starting place
• Identify what your working with• Stakeholders
• Resources
• Milestones
• Build your calendar
• Train & Communicate
• Roll out and test
Action Items