Developing a Performance-Based Compensation System

Event Date:

August 19, 2024

Event Time:

1:00 pm

Event Location:

Online via Zoom

Date: August 19 – 20, 2024 Time: 1:00 PM – 5:00 PM
Fee: Php 3,500.00 – Member + 12% VAT | Php 4,500.00 + 12% VAT – Non Member

Overview:

 

This two-day workshop is designed to help HR professionals, compensation managers, and organizational leaders develop and implement performance-based compensation programs that align employee rewards with organizational goals and performance outcomes. Participants will learn the principles of performance-based compensation, explore different compensation models, and gain practical skills in designing, communicating, and managing these programs. Through a combination of lectures, interactive discussions, and practical exercises, attendees will leave with a comprehensive understanding of how to create a fair and motivating compensation system.

 

Objectives:

 

This workshop aims to equip participants with the knowledge and skills necessary to design, implement, and manage performance-based compensation programs that drive employee motivation and align with organizational goals. By the end of the workshop, participants will be able to:

1. Understand the principles and benefits of performance-based compensation.
2. Identify and evaluate different performance-based compensation models.
3. Design a performance-based compensation program tailored to their organization’s needs.
4. Develop effective communication strategies for introducing and managing the program.
5. Monitor and evaluate the effectiveness of the compensation program.

 

Outline:

 

Day 1: Foundations of Performance-Based Compensation

 

1. Understanding Performance-Based Compensation

  • Definition and key concepts of performance-based compensation
  • Benefits and challenges of performance-based compensation programs
  • Overview of different compensation models (e.g. bonuses, incentives)

 

2. Aligning Compensation with Organizational Goals

  • Importance of aligning compensation with business objectives
  • Linking performance metrics to compensation
  • Case studies of successful performance-based compensation programs

 

3. Designing Performance Metrics

  • Identifying key performance indicators (KPIs) and performance metrics
  • Setting measurable and achievable performance targets
  • Balancing quantitative and qualitative performance measures

 

4. Evaluating Compensation Models

  • Overview of different performance-based compensation models
  • Pros and cons of various models (e.g., individual vs. team-based incentives)
  • Selecting the appropriate model for your organization

 

5. Legal and Ethical Considerations

  • Compliance with labor laws
  • Ensuring fairness and avoiding bias in compensation
  • Addressing ethical issues in performance-based compensation

 

6. Hands-On Exercise: Designing a Compensation Model

  • Group activity to design a performance-based compensation model
  • Defining performance metrics and setting compensation levels
  • Presentations and group discussions on proposed models

 

Day 2: Implementing and Managing Performance-Based Compensation

 

1. Developing a Communication Plan

  • Importance of clear communication in compensation programs
  • Strategies for communicating the program to employees
  • Creating transparency and trust through communication

 

2. Implementing the Compensation Program

  • Steps for rolling out the compensation program
  • Training managers and HR staff on the new system
  • Ensuring smooth implementation and addressing challenges

 

3. Managing and Adjusting the Program

  • Monitoring the effectiveness of the compensation program
  • Gathering feedback from employees and managers
  • Making adjustments to improve the program

 

4. Case Studies and Best Practices

  • Analysis of real-world examples of performance-based compensation programs
  • Lessons learned and best practices
  • Group discussions on case study insights

 

5. Addressing Common Challenges

  • Dealing with resistance to change
  • Ensuring fairness and consistency
  • Managing budget constraints and financial considerations

 

6. Hands-On Exercise: Developing an Implementation Plan

  • Group activity to develop a detailed implementation plan for the compensation program
  • Defining roles and responsibilities, timelines, and communication strategies
  • Presentations and group discussions on implementation plans

 

 

Facilitator:

TBA

 

Program Disclaimer:

– We will send a confirmation email with the details and instructions to the participant one (1) business day for online training and (3) business days for face-to-face training before the scheduled date of the program if it will push through or not. All training programs are subject to change depending on the number of confirmed participants. This will not be a liability from our end.
– For participants requiring booking flights and accommodation, please kindly wait for our confirmation if the training will push through. Again, this will not be a liability from our end.
– For cancellation three working days before the scheduled training you need to pay 50% of the total investment fee.

 

For other queries, you may contact Ms. Lalaine Benitez at laine.benitez@pmap.org.ph

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  • Online via Zoom

Event Schedule Details

  • August 19, 2024 1:00 pm   -   5:00 pm
  • August 20, 2024 1:00 pm   -   5:00 pm
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