Managing Performance compensation
Continuous performance management helps managers identify when employees go above and beyond. It helps them track progress against goals and personal development and make informed decisions about additional compensation, such as pay-rises or bonuses
Performance management is the evaluation of an employee’s job-related performance with the primary objective being the improvement of the individual’s performance. It also provides justification for determining an employee’s compensation and ability to be promoted. Performance appraisals are part of a company’s performance management program and salary administration program tied to its pay-for-performance compensation philosophy. Credible performance appraisal tools enable managers to accurately and objectively measure employee performance that will then translate into compensation actions that are commensurate with that level of performance. The performance appraisal also provides managers with a means by which to document performance objectives established as part of the goal-setting process
Services:
We will gather information through interviews and data collection to determine current performance appraisal processes in place; thereafter, we will clarify the compensation philosophy based on a pay-for-performance concept. In order to develop a performance management program, we will develop new performance appraisal tools specific to your company, including separate evaluation forms for management and other levels of employees. Subsequently, we will develop a performance management handbook to address the essential elements to conduct a successful performance appraisal and evaluation procedures. Compensation Resources is also available to assist with implementation and communication, including training human resources, management and/or staff.
Compensation Resources differs from utilising a prepackaged software program in that we customise our appraisal tools based on the needs of our clients and provide supplemental documentation to develop a formal performance management program. In addition, we work with companies to facilitate the process to ensure the successful implementation of the program
