CompX – Preparing Merit & Salary Budget Increases

Preparing Merit & Salary Budget Increases

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Presented by: Michael Sturman, Ph.D., SPHR, Professor - Cornell University

Creating a system to allocate employee raises is no easy task. You need to have a solid appraisal system in place and understand what merit system works best for your organization. Once you have implemented your merit system, strong communication is key to ensure managers and employees’ expectations are properly set. In this session, you will learn:

  • How to recognize the value of pay-for-performance practices
  • How to set your foundation before designing a merit plan
  • What types of merit matrices are available
  • How to estimate the cost of your merit plan
  • Why you should tie your merit plan to the maintenance of your base pay system

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