An overview of approaches that tie rewards to performance, this course provides an understanding of the different strategies deployed by leading companies and how these programs are designed. Participants will come away with an understanding of the elements that lead to pay for performance program success and how and when to utilize specific programs to achieve desired outcomes.
We will share the basics of effective performance management programs – goal-setting, coaching, and assessing performance as well as how performance assessment is linked to pay delivery – in terms of base cash, short term incentives, long term incentives, and other forms of financial and non-financial rewards.
You'll learn:
- Learn about the key motivation/psychological theories behind pay for performance.
- Learn the benefits, risks and trade-offs in different pay for performance methodologies.
- Understand popular program designs and best practices in aligning compensation and performance management systems with business goals.
- Understand the elements that lead to pay for performance success.
- Ask questions and receive answers from industry experts
Originally recorded on December 08, 2018.
As the leader in the North America Total Rewards expertise group, Mr. McMullen is accountable for a wide variety of solution design, thought leadership, innovation, and capability development initiatives.
His consulting work focuses on developing organization effectiveness and total reward programs including reward strategy, incentive and performance management systems, work measurement, organization structure design, and organization effectiveness programs.
Mr. McMullen has worked with organizations in a broad range of engagements over the past two decades in a number of industries, including restaurants, retail, consumer products, education, healthcare, life sciences, financial services, government, not for profit, and manufacturing.
Mr. McMullen has been quoted widely in the media around the world and he is a leading national speaker on reward and human resource issues. He recently authored articles that include Differentiating Pay without Performance Ratings (Workspan), Three Secrets to Finding and Keeping the Best Millennial Employees (Chief Executive), Rewarding Great Ideas: Can Incentives Encourage Organizational Innovation? (WorldatWork Journal), Global Trends in Pay for Performance (Journal of Compensation and Benefits), The Talent Management Handbook (McGraw-Hill).
Mr. McMullen holds a bachelor’s of science in mathematics and an master’s of business administration from the University of Louisville. Previously, Mr. McMullen held senior compensation roles with KFC Corp. and Humana, Inc. He currently serves on the Chicago Compensation Association Board and has been a previous member for the WorldatWork Compensation Advisory Board and the Advisory Board for the Compensation and Benefits Review.
