Pay for Performance and Performance Management - Procedures and Pitfalls
March 7, 2025
10:00 AM PST | 01:00 PM EST
60 Minutes
305903
Group Attendees: Any number of participants
Recorded Version: Unlimited viewing for 6 months ( Access information will be emailed 24 hours after the completion of live webinar)
Pay for performance is a compensation model used as part of a wider continuous performance management initiative.
The basic idea is that you pay employees based on how well they perform their duties. You do this by setting performance goals for each employee and paying them a bonus when they reach or exceed their objectives. This might be in the form of merit pay, or one of a variety of variable pay programs.Some view the pay for performance model as a fairer approach to employee salaries. With a more traditional compensation method, all employees at the same level are paid the same amount, regardless of whether they under or over-perform. There’s no real incentive to try harder. In contrast, with a pay for performance program, you motivate your employees to perform to the best of their abilities and strive for continuous improvement by offering them tangible rewards. Many argue that it can encourage engagement and boost top talent retention.
Why you should Attend: The pay for performance model and processes you implement will depend on a range of factors. To work out which model works best for you, you need to consider your organization’s budget, compensation philosophy, and organizational goals.
What are you hoping to achieve? How often will you reward employees? Do you have an established budget? Which performance-based pay plans would work best in your organization?
Ultimately, the way pay for performance works will depend on your employee performance management system, how you conduct your appraisals, and the employee performance metrics you use to track progress. Do you use a specific assessment model such as the 9 box grid? How do you calculate performance-based pay and conduct performance reviews for remote employees?
Areas Covered in the Session:
- Pay for Performance Model
- Definition
- How it works
- Model types - Merit Pay or Variable Pay
- Pros and Cons
- Bottom Line
- Performance Management
- Definition
- Possible Issues
- Models - Mgmt by Objective or 360 Degree Feedback
- PM Processes
- PM Cycle example
- Continuous PM
Definitions of terminology used. EXAMPLES AVAILABLE by email request!.
Who Will Benefit:
- Payroll and HR Staff and Management
- Executives Wanting to Learn about Team Collaboration in Project Management
Mark Schwartz is an employment tax specialist and has over 15 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California. He has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations. He is expert at defining regulatory and statutory requirements from local, State and Federal government agencies; and helping the average businessperson understand what that means to their business. He has processed weekly and bi-weekly payroll checks plus tax forms for businesses with hourly as well as exempt workers, multistate operations and a wide variety of benefits.
Mr.Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. Mark has represented both clients and the State in front of the State Appeals Board. He understands the complexities of local wage laws, unemployment and disability claims, and other wage and benefit issues affecting your employees.
Mark prides himself on his outstanding customer service skills. He listens attentively to his clientele, helping them bridge the gap between the small business world and Government bureaucracy. He eagerly assists with clients needs and feels that educating clients toward faster, accurate and more complete payroll processes provide the most value.
Mark is a participating member of the American Payroll Association. He earned his BA and MBA in Finance at Santa Clara University. He has held Certified Internal Auditor and Certified Investment and Derivatives Auditor Credentials. Mark is currently pursuing a Certified Payroll Fundamentals Credential with the American Payroll Association.