Money Talks: Training Managers to Communicate Compensation
Compensation and rewards drive employee engagement and satisfaction, retention, and performance. But you can’t always give big raises.
For the year ahead, data show that total compensation may be up, but wages aren’t keeping pace with inflation and raises won’t be enough to close cavernous gaps in salary satisfaction. In its 2018 Labor Day Survey, the Conference Board reported that only 43% of employees are satisfied with their wages, and a paltry 27% were satisfied with their bonus plan.
It stands to reason that if employees don’t understand the underlying compensation philosophy, they’re far more likely to be dissatisfied with their pay.
Employee understanding of your compensation structure is a product of how well your managers explain the system. Unfortunately, many managers don’t understand it themselves, and those who do may struggle to communicate it.
In this webinar, we’ll outline 5 steps that compensation teams can take to empower managers to bring your compensation philosophy to life—and to elevate employee understanding and satisfaction.
- How to close knowledge and skills gaps and correct misperceptions that affect managers’ ability to communicate effectively about compensation
- Which types of training best support retention of information.
- What to include in a toolkit so managers can understand and explain compensation decisions
- How to reach busy managers with embedded training and video microlearning.