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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HR compliance, Human Resources Training

What is the Main role of HR compliance?

Common-HR-Compliance-Issues

Knowing what to do in increasingly complicated employee situations can be difficult for even seasoned managers, especially if a manager has never had training. For a new manager these problems are intensified.

Further exacerbating the problem is that managers often inherit a dysfunctional department and/or are promoted to supervise those with whom they once were coworkers. In an increasingly complicated world of employee compliance in which HR struggles just to keep abreast of new developments not teaching managers the basics can be costly. After all it’s the managers who interact with employees on a day to day basis and every day is an opportunity for problems to arise that a manger was never trained how to address. Even routine situations such as denying a seemingly simple request for a few days off can blow up into claims of a denied request for protected leave.

 

From a business perspective, training managers in the basics of HR compliance basics of employment law, how to write documentation and how to use the tools of employee development is the cheapest thing an employer can do to stave off unwarranted employment claims.

From a manager’s perspective managing from Day One is the most important thing a manager can do for productivity purposes, compliance reasons, employee development and engagement and also to safeguard their own career.

From an HR perspective, training managers of the basics of HR compliance can help to defend against a whole host of unwarranted employment claims, including those that often begin from miscommunication, misinformation, and mismanagement.

 

important role of HR Compliance:

  • Dealing with employee complaints
  • Preventing harassment, bullying and general dysfunction

Know more about HR Compliance  https://www.trainhr.com/control/w_product/~product_id=702306LIVE/