Human Capital, human resources management, Human Resources Policies

Building Salary Budgets and Merit Matrices in Today’s Economy

businessman-calculating

TrainHR, a leading provider of professional training for all the areas of human resources, is organizing a webinar on the topic, “Building Salary Budgets and Merit Matrices in Today’s Economy”, on March 6. Teri Morning, founder and President of Hindsight Human Resources, will be the speaker at this 60-minute session.

Please log on to http://bit.ly/2DuSdnN to enroll for this webinar.

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The rationale for salary raises is that the employee must have performed to expectations or exceeded them. Another criterion that triggers and justifies a raise is the employee’s exemplary attitude, work ethic, skill, and integrity at work. HR and management should decide the quantum of raise for an employee based on these criteria, plus the other important one, which takes the budgetary allocation for this exercise, into consideration.

Since the salary outlay is often the biggest chunk of expense for most companies, they need to use this resource very adeptly and wisely. The extra budgetary allocation for salaries should lead to more results by bringing about increased efficiency and improved skills from the employees.

This is the result that the concept of Merit Based Compensation (MBC) should bring about in the company. So, it is imperative for management and HR to understand how to make MBC work for the company in a just and effective manner.

Clarity on how to make Merit Based Compensation and Merit-based Performance Matrix work

This is the learning this webinar will impart. Teri will show how linking performance or other parameters mentioned above, or not linking, will drive home the message to employees about what management expects from them and what kind of work or attitude gets rewarded and what doesn’t.

Teri will also show what role a Merit-based Performance Matrix (MBM) can play in this process. Its full definition, namely merit-based, pay-for-performance matrix, should give an idea of what this concept means: MBM can be seen as an indicator for managers, HR and supervisors, using which they could suggest pay increases that are both fair and are supportive of the organization’s business objectives. The Merit-based Performance Matrix links performance with the market rate for pay in a particular sector.

This session is particularly useful for personnel that deal with performance and pay, such as CFO’s, HR Managers, HR Generalists, Plant Managers, Business Owners and CEO’s, Compensation Professionals and Benefit Professionals.

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About the speaker:

Teri Morning is the founder and President of Hindsight Human Resources. An SHRM-certified Senior Certified Professional, Teri has consulted with employers on their problems and trained managers and employees for over 20 years, during which she has met and worked with employees from all types of businesses.

During these two decades and more, Teri has acquired human resource and training experience in a variety of fields, including retail, distribution, architectural, engineering, consulting, manufacturing, public sector and both profit and non-profit companies.

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