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Performance Management 2.0: Improving Your Employee Motivation Strategy

15Five

How do you address employees who aren’t performing? I joined 15Five’s Director of People Science, Courtney Bigony and Chief Culture Officer, Shane Metcalf, in a recent webinar where we addressed ratings and compensation as they relate to performance reviews.

Progressive Performance Management: Why Your Employee Compensation Strategy Is Holding You Back

15Five

The Annual Performance Review is Dead! One of the main issues that HR leaders face when considering a progressive performance management program is how to revamp their employee compensation strategy. and Performance Management 2.0. (PM

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Quick Reminder on Performance Management Effectiveness

Compensation Cafe

I recently ran into a study on effective performance management practices that I want to share with you. Not because it says anything really new, but because it does a great job on focus and insight, attributes we can all use when it comes to performance management.

The Real Cost of Mismanaged Incentives: Wells Fargo

Compensation Cafe

Well, so much for the warm-hearted caffeinated, pick-me-up from the Comp Café. Today is a steaming jolt of quadruple espresso in response to the Wells Fargo incentive pay mess. I answered that if I had been asked a few weeks ago, Wells Fargo would have been on the list.

6 Ways Incentive Plans are Like COVID-19 Planning

Compensation Cafe

Comparing incentive plans to a pandemic response seems like a stretch, but great incentive plans are all about stretching. Stretching company performance. Every good incentive plan project starts with a simple question. Stay well and reach out if you need help.

The Dark Side of Incentives

Compensation Cafe

When describing their annual incentive plan (STI) most organizations will highlight to eligible employees the upside reward opportunities provided by the plan. That is, the better your personal performance the greater the reward.

When Incentive Pay Goes Rogue!

Compensation Cafe

A friend of mine likes to say: “It’s not that incentive pay doesn’t work well, it’s that it works TOO well. Wells Fargo just paid $185M in fines and penalties because its employees fraudulently opened additional accounting for people who were already customers.

5 Lessons from Glittery Smelly Incentive Plan Mistakes

Compensation Cafe

It turns out that incentive compensation doesn’t just work, it can work too well at motivating the wrong behaviors. Make sure you design your incentive plan to reduce the possibility and rewards for cheating. Incentive plans are difficult to get perfect.

A New Grad Schools Us on Performance Management

Compensation Cafe

The video below shows the valedictorian speech at the high school graduation of a friend's kid. It’s five minutes well spent, but here’s s snippet if you are in a hurry. “No Lately it seems like many companies are considering getting rid of performance review scores altogether.

Cafe Classic: Don't Blame Incentives

Compensation Cafe

Editor's Note: Incentives are a tool. Incentives are not the cause of bad reinforcement programs, any more than forests should be blamed for the existence of warfare. The instrument is not at fault if the application is misused. Incentives/Bonuses Pay for Performance

Rewarding Today's Unsung Heroes: Could a "Viral" Bonus Plan Work for You?

Compensation Force

While the details on the ground at IGN Entertainment may have changed since then, their inspired peer-to-peer bonus plan brings us a great example of how we might engage employees in rewarding the heroic actions of their peers during our challenging times today.

An Unpopular Sales Incentive Plan Design Fiasco

Compensation Cafe

The new sales incentive plan was not well received. All the worldwide regional managers in the audience spoke up in loud protest when it was announced at the global sales conference. Sometimes they expose weaknesses in data used to make important management decisions.

3 Performance Management Best Practices for Healthcare

Precheck

3 Performance Management Best Practices for Healthcare Sep. Too often healthcare workers are simply told “you need to do the following 25 things,” says John Lutz, Principal at ECG Management Consultants , consistently rated as one of the top healthcare consultancies in the U.S.

Excessively Successful Incentives

Compensation Cafe

The only thing worse than an incentive that doesn’t work is one that works all too well. Wells Fargo is just the latest company to be ethically embarrassed and financially distressed by a fiasco involving excessively motivational incentives.

Money for Motivation: How Incentive Based Pay Works

UpstartHR

Even small companies ( I’m looking at you, Mr/Ms HR Manager of a company with less than 250 employees ) can incorporate these elements into their compensation planning without too much stress. Here are a few: Bonuses. Group incentives. This Hinges on Performance.

The Time is Now. Compensation Pros Must Rise to the Challenge.

Compensation Cafe

For at least a few decades, this has been the way of things in the world of compensation. Most of us thought summer vacation would be a long three-months, but here we are experiencing some weird version of a six-month vacation, and we're mostly surviving it pretty well. Change is hard.

17 Words About Incentive Pay

Compensation Cafe

The 17 words listed align incredibly well with common incentive plan designs. A quick review of incentive pay basics. The following seem to align well with Minimum levels of achievement: Almost Certainly. That leaves three that don’t fit our normal incentive models.

Cafe Classic: A Few Things Economists Would Like Compensation to Know

Compensation Cafe

concepts like performance appraisal practices, bonus allocation, merit increase awards, high potential selection and, well, most of the things that we spend our time on. Performance management is the first thing that comes to mind.

Update: Employee Compensation at Wells Fargo

Compensation Cafe

Compensation Cafe has covered Wells Fargo's pay practices since 2009, when the Bank canceled prefunded employee recognition and rewards events in the midst of the Recession, blaming it on federal government restrictions on bank practices following the subprime mortgage crisis.

Cafe Classic: Scenario Planning and Reward Design in an Uncertain World

Compensation Cafe

From the article: Trying to gain a better understanding of the trends shaping the competitive environment has always been critical for managers. Since then, however, companies of all sizes and in many industries have picked up the practice, particularly at times of crisis or dramatic change.

Performance Management In The Post-Rating Era – Quo Vadis?

SuccessFactors

If this culture is to remain intact – in the form of pay-for-performance, for example – how will salary and career development decisions be taken if ratings are no longer used? Delegating these decisions to individual managers or to some machine-based algorithms is not the answer.

Why the Best Employee Incentive Programs Succeed

Kazoo

If you want to put one of best employee incentive programs in your workplace, you might need to step out of your own comfort zone and move away from cash rewards. Traditionally, employee incentives programs use cash rewards tied to a specific individual achievement. A bonus.

Cafe Classic: Crisis Can Open Door to New & Improved Programs, But Mind the Gap!

Compensation Cafe

While today's economic environment certainly brings a host of challenges to those of us in the rewards field, it may bring opportunities as well. Switching from a central city cube farm to a distributed at-home workforce? Follow her on Twitter at @annbares.

Talent and Performance Management Survey Summary

HR Daily Advisor

The HR Daily Advisor research team conducted the 2016 Talent and Performance Management Survey in January, 2016. Talent and performance management are some of the most important and rigorous tasks any HR professional has to deal with. Managing Shortages. HR manager.

Heed These 5 Performance Management Realities—Before It’s Too Late!

Reviewsnap

Previously, we wrote about the pressing need to solve the performance management puzzle that baffles so many of our organizations. To “solve” performance management, we not only need to address each piece of the puzzle but we also must come to terms with a new set of realities. Here are five of the most critical new realities that, once embraced, will help us all solve the performance management puzzle: 1.

Spring Cleaning Checklist!

Compensation Cafe

Looking at clear skies these days? Bonuses are paid, last year's results are old news and grand plans for this year have been signed, sealed and delivered. Run your bonus plan(s)through the washer periodically. Take a look at Ann Bares' suggestions.

Cafe Classic: Putting on Your Explorer Cap via Appreciative Inquiry for the Compensation Pro

Compensation Cafe

Editor's Note: More than a few of us number nerds populating the field of compensation have a Classic deficit in the soft skills required to constructively explore and understand the territory and circumstances surrounding employee and organizational performance. .

Compensation Dentistry (part 1)

Compensation Cafe

Annual and long-term incentive plans are often not as well cared for. They just exist and perform as designed and we may not dig back into them more than every couple or three years. Other times we have been warned by managers or staff that a program is ineffective, or worse.

A Matter of Optics

Compensation Cafe

Who are they, those critics who question the pay-for-performance rationale for executive pay? I like the idea of measuring performance to gauge the amount of reward. He lives in Central Florida (near The Mouse) and enjoys growing fruit and managing (?)

How Well Do Numbers Speak for Themselves?

Compensation Cafe

Base pay $750,000; bonus $100,000; non taxable pay $10,198. The number of students at the various Big Ten Campuses would be a place to start. Same thing at the end of year. Earlier, she was a Principal at Willis Towers Watson.

Solid Reasons to Start Communication Planning in August

Compensation Cafe

If you are going to make sure your compensation and performance management programs are procedurally fair , you've got research, analysis and strategy development to complete. Managers are more likely to support employee focus groups when they are in an August frame of mind, as well.

Mid-Career Hires Are Tricky

Compensation Cafe

At the same time, mid-career hires are tricky. Let's face it, the job switch is a life event for most of your candidates, involving substantial change and readjustment as well as career promise. And whose performance is -- yes -- being watched closely by your team. Incentives.

Can Employee Retention Be a Double Edged Sword?

Compensation Force

Because the retention programs work too well. Base Salary Management Bonus/Incentives Compensation Philosophy Performance Management - GeneralCan employee retention be a double edged sword?

Are HR and Employees in a Dysfunctional, Codependent Relationship?

Compensation Cafe

Cafe friend Paul Hebert has written an intriguing article at the HR Examiner (where he serves on the Editorial Advisory Board) in which he puts forth a very interesting assertion. HR feels like their job is to solve the problems of employees and managers.

5 Ways to Fight the "Peanut Butter" Syndrome

Compensation Cafe

When it's time to link salary increases to performance ratings, the famous "peanut butter" syndrome comes to mind. You know, the one where you give managers a merit budget to allocate. These are often the same managers who are paying employees more than range maximum.