How Pay Really Helps Businesses Succeed: Masterclass
Date:
8th February 2007 11.00 am – 5.00 pm
Venue:
Trinity House, Trinity Square, London, EC3N 4DH
View a map of the venue location.
Speakers:
Patricia K. Zingheim, Ph.D, Jay R. Schuster, Ph.D & Trevor Blackman
The Issue:
Paying everyone competitively is not enough - nor is merely following best or prevailing practice. Competing for a 'Best Place to Work' or 'Employer of Preference' designation is more likely to reinforce an entitlement mentality than create a performance culture.
Most company leaders know paying for performance makes good business sense, but how can pay really facilitate and support business success?
The Masterclass:
In this interactive session, Jay Schuster and Pat Zingheim helped bridge the gap between believing something adds value and actually implementing it. Here is where your organisation has a significant opportunity to win in the competition for high-performing talent as well as in creating a high performance organisation.
Ignoring convention and considering practical business solutions will help attract and retain the best people and make your business a success. Calling on their January 2007 book, High-Performance Pay: Fast Forward to Business Success, Jay and Pat stretched our thinking with discussions about the following suggestions:
- Focus pay first on the top-performing 20% of the workforce that provides about 80% of the value to the business – if this talent pool is not 'engaged,' business will suffer;
- Examine how to keep the remaining 80% motivated;
- Put everyone in the organisation on variable pay with business metrics – this communicates values and directions and fights entitlement;
- Make performance management really work – go beyond form design and make it a tool of business excellence. Create a high performance place to work;
- Make business goals the centre of total reward – if a total reward component does not add business value, change it or reject it entirely;
- Examine how the impact of this approach be evaluated.
Pay is probably the largest opportunity expense your business must manage effectively-if your company isn't going to pay for performance, what will it pay for and why?
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