Making Your Comp Calendar Work for You

Camie Bailey

Senior Customer Training Specialist

Laura Richardson

Customer Success Manager II

www.payscale.com

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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Why It Matters

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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

Fundamentals of a Comp Calendar

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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

Transitioning to a schedule

www.payscale.comwww.payscale.com

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

Comp Calendar Examples

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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Increase Cycle Timeline

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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

Q&A

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Efforts

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