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.
Tom McMullen is Senior Client Partner and Global Total Rewards Leader at Korn Ferry, where he leads the firm’s global Total Rewards research, thought leadership, and go-to-market strategy. His client focus centers on Total Rewards strategy and design, work architecture, performance management and organizational effectiveness. He also leads Korn Ferry’s U.S. pay equity and transparency practice.
Tom has been a WorldatWork faculty member since 2018 and is a frequent author and speaker on Total Rewards and organization effectiveness. His insights have been featured in numerous industry forums and publications. He holds the WorldatWork Certified Compensation Professional (CCP®), Global Remuneration Professional (GRP®), Certified Sales Compensation Professional (CSCP®), Certified Executive Compensation Professional (CECP®) and Certified Benefits Professional (CBP®) credentials.
With a BS in Mathematics and an MBA from the University of Louisville, he has served on the WorldatWork Compensation Advisory Board, the Chicago Compensation Association, the HR.com Reward Advisory Board, and the editorial advisory board for Compensation and Benefits Review.
