Is Pay for Performance Possible?
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- Eric Goodman
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1 Is Pay for Performance Possible?
2 Today s Speakers Ken Abosch Aon Hewitt Lincolnshire, Illinois ken.abosch@aonhewitt.com Marilu Malague Aon Hewitt The Woodlands, Texas marilu.malague@aonhewitt.com 1
3 Context Point/Counterpoint! Rethinking Pay for Performance 2
4 Context for Today s Discussion Rewards are capable of motivating performance 3
5 Rewards Are Capable of Motivating Performance High performers are attracted to companies that pay for performance and recognize their contributions High performers will leave companies that do not reward performance Low performers will self select out of organizations that emphasize high performance in rewards 4
6 Context for Today s Discussion Rewards are capable of motivating performance Every organization claims pay for performance as an objective 5
7 Our Compensation Philosophy Our Compensation Philosophy Our compensation programs should support a shortand long-term business focus, be flexible to accommodate changes in business direction, and create a performance-based culture. The compensation programs should create and reinforce strong line of sight by: Rewarding for results; Aligning risks and rewards; and Attracting and retaining valuable employees within a market competitive rewards framework. The compensation programs should be objective, defensible, and consistent with our values. Company Communications May
8 Context for Today s Discussion Rewards are capable of motivating performance Every organization claims pay for performance as an objective Employers are dissatisfied with their ability to accomplish pay for performance 7
9 Increasing Dissatisfaction With Ability to Achieve Pay for Performance How Successful Is Your Company s Program in Differentiating Pay 100% 80% 60% 40% 20% 0% Extremely Successful Very Successful Moderately Successful Partially Successful Minimally Successful Response Source: Hewitt Associates Survey Findings of Update on Compensation Planning for 2011, November
10 Context for Today s Discussion Rewards are capable of motivating performance Every organization claims pay for performance as an objective Employers are dissatisfied with their ability to accomplish pay for performance Surprisingly few organizations are truly achieving pay for performance 9
11 Differentiating Pay Based on Performance How Effective Is Your Company s Program in Differentiating Pay Based on Performance 100% 80% 60% 40% 20% 0% Very Effective Effective Not at All Effective Response Merit increases Short-term incentives Long-term incentives Source: Hewitt Associates Survey Findings of Update on Compensation Planning for 2011, November
12 Context for Today s Discussion Rewards are capable of motivating performance Every organization claims pay for performance as an objective Employers are dissatisfied with their ability to accomplish pay for performance Surprisingly few organizations are truly achieving pay for performance It is not the intent but rather the execution 11
13 What Are the Obstacles to Pay for Performance? Insufficient funding Skewed performance distributions Faulty goal setting no clear definition of performance Unrealistic employee expectations Poor modeling by executives Only strong performers remain Manager skills Reluctance to drive differentiation Lack of consequences Emphasis on the wrong components of rewards 12
14 Context Point/Counterpoint! Rethinking Pay for Performance 13
15 There Is Insufficient Funding to Differentiate Pay Based on Performance Point There is not enough money to pay for performance Counterpoint Differentiation can still occur with decreased funding 14
16 Companies View Merit Pay as the Means to Differentiate Performance Point Approaches Being Used Merit Pay 82% General Increases Carve Outs Lump Sums Variable Pay in Lieu of Base 6% 4% 2% 2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Perceived Effectiveness Not at All Effective Very Effective Merit Increases Short-Term Incentives Long-Term Incentives Source: Hewitt U.S. Salary Increases 2010/
17 U.S. Salary Increases ( ) Are at an All Time Low Point 8% 7% 6% 5% 4% 3% 2% 5.5% 5.0% 4.6%4.3% 4.0%4.0% 3.9% 4.0% 4.2% 4.2% 4.3% 4.3% 3.7% 3.7% 3.6% 3.4% 3.4% 3.6% 3.6% 2.4% 2.8% 1.8% 1% 0% Overall Salary Increase Budget Projected 2011 Source: Hewitt Salary Increase Survey and Overall Salary Increase Budgets for Salaried-Exempt Employees 16
18 Managers and Employees Are Skeptical That Pay Differentiation Is Possible Point There There is is not not enough enough money money to to truly truly differentiate differentiate performance performance Another Another 1% 1% is is not not going going to to do do much much you you can can be be more more effective effective through through bonuses bonuses Why Why should should I I bust bust my my hump hump for for.05%.05% We We have have managed managed out out all all our our low low performers performers I I am am one one of of the the high high performers performers Everyone Everyone gets gets the the same same no no matter matter how how we we perform perform Manager Employees 17
19 U.S. Salary Increases ( ) Are at an All Time Low Counterpoint 8% 7% 6% 5% 4% 3% 2% 5.5% 5.0% 4.6%4.3% 4.0%4.0% 3.9% 4.0% 4.2% 4.2% 4.3% 4.3% 3.7% 3.7% 3.6% 3.4% 3.4% 3.6% 3.6% 2.4% 2.8% 1.8% 1% 0% Overall Salary Increase Budget Projected 2011 Source: Hewitt Salary Increase Survey and Overall Salary Increase Budgets for Salaried-Exempt Employees 18
20 Merit Distribution 20 Years Ago Counterpoint Typical distribution of merit increases assuming 8.0% budget 6% 8% 9% 10% 0% 6% Low Average High Performance 19
21 Merit Distribution Today Counterpoint Typical distribution of merit increases assuming 2.8% budget 2.5% 4.5% 1.5% 2.5% 0% 1.5% Low Average High Performance 20
22 Allocation of Merit Increases by Performance Level (As a Percent of Merit Budget) Counterpoint 120% 130% 90% 90% 40% 40% Low Average High Performance Level 20 Years Ago Today 21
23 Merit Increases Granted Counterpoint 12% 10% Percent of Payroll 8% 6% 4% 2% 0% Highest Merit Increase Earned Merit Budget Lowest Merit Increase Earned Source: Hewitt U.S. Salary Increases
24 There Is Insufficient Funding to Differentiate Pay Based on Performance Point There is not enough money to pay for performance Counterpoint Differentiation can still occur with decreased funding Organizations struggle to do it Employees and Managers are skeptical Money not available Significant time investment for little reward Differentiation can always occur Organizations need discipline Managers need tools Employees need contributions valued Focus on where differentiation is possible Shift time to where it makes a difference Recognize limitations of management Do what is right; not avoid what is difficult Focus on how to allocate not what Educate and communicate how it is done 23
25 Organizations are Better Served Investing Dollars in High Performers as Opposed to Trying to Move the Middle Point Strong emphasis on rewarding top performers Counterpoint Drive improvement from the middle 24
26 Focus on High Potentials and High Performers Point Current Efforts to Address Top Talent 55% of organizations track high potentials 47% of organizations track high performers How Merit Dollars are Distributed All pay to high performers 1% Majority to high performers, some to average, and none to low performers 29% Some to each group with greatest portion going to high performers 58% Equally distributed 6% Use of separate merit budget for high potentials/top performers 5% Source: Hewitt Survey Findings of Update on Compensation Planning for 2011, November
27 Focus on High Potentials and High Performers Point Reduced High Performance Turnover 100% 80% 60% 40% 20% 0% Low Performers Average Performers High Performers No Pay for Performance Link Pay for Performance for Above Average Performers Source: Michael C. Sturman, Evaluating the Utility of Performance Based Pay, Personnel Psychology,
28 Focus on High Potentials and High Performers Point Relative Economic Service Value 200% 191.0% 180% 160% 140% 120% 100% 100.0% 80% 60% 40% 20% 8.6% 0% Below Average Performer Average Performer Above Average Performer Source: Michael C. Sturman, Evaluating the Utility of Performance Based Pay, Personnel Psychology,
29 The Middle Encompasses the Largest Part of Our Population Counterpoint Greatest Leverage on Results Comes From the Middle Average Performance Outstanding Performance Above Average Performance Below Average Performance Poor Performance The impact from a small gain in productivity or contribution from 60% of the workforce far exceeds the gain from the 25% of the workforce considered top performers 28
30 By Focusing on the Middle We Can Expect Stronger Productivity Gains Counterpoint 10% Below 10% Above Performance 29
31 Organizations Have the Opportunity to Focus Compensation Programs to Drive Middle Performers to Top Counterpoint Create a model to dissect the middle into categories and create targeted programs Performance Developing/ Below Solid/Good Amongst Highest Position at market Annual increase at or above target (depending on position) Provide opportunity for above target earnings LTI consideration Recognition consideration Position at or below market Annual increase at target (depending on position) Provide target earnings Recognition consideration Development opportunity Position below market No to limited increase Position at or above market Annual increase at or above target (depending on position) Provide opportunity for above target earnings LTI consideration Recognition eligible Pay position at or above market Annual increase at or above target (depending on position) Above target earnings LTI Consideration Recognition eligible Development access/promotion planning Position below market No to limited increase Pay position above market Annual increase above target (depending on position) Above target earnings LTI and Recognition eligible Promotion consideration Pay position above market Annual increase above target (depending on position) Above target earnings LTI and Recognition eligible Development plan Promotion consideration Position below market Limited increase Pay less than target Pay less than target Pay less than target Well Placed Typical Accelerated Growth Potential 30
32 Organizations are Better Served Investing Dollars in High Performers as Opposed to Trying to Move the Middle Point Strong emphasis on rewarding top performers Counterpoint Drive improvement from the middle Retaining top talent is critical Economic cost associated with top talent loss Retention of top talent outweighs loss of lower Difficult to be all things to all people focus Rewarding top performers is limiting Greatest improvement comes from middle Targeted programs can improve success Significant economic gain if done right Identify high potential and high performers Focus funds and programs on top first Communicate benefits and value of being top Define target middle population Prioritize priorities and build programs Set clear goals and measures results 31
33 Rewarding Company Performance Drives a Better Outcome Then Measuring at Lower Levels in the Organization Point Reinforcing Company performance aligns employees with the business Counterpoint Company performance alone cannot effectively drive individual behavior 32
34 Rewarding Company Performance Drives a Better Outcome Point Advantages of focusing on Company performance: Supports collaboration and teamwork versus competition and sabotage Difficult to cascade goals and metrics lower in the organization Avoids winners and losers Creates an enterprise-wide focus 33
35 Rewarding Company Performance Drives a Better Outcome Point Many mechanisms available to reward for company results: Cash profit sharing 15% Team awards 18% Special recognition awards 52% Gainsharing/productivity awards 10% Stock options/ownership 38% Source: Hewitt Variable Compensation Measurement Database 2010/
36 Best-in-Class Organizations Create a True Performance-Driven Culture Counterpoint Where are we going? Why are we going there Common understanding of the organization s priorities and goals Rewards & Development Performance Planning What s in it for me? Commitment based on meaningful work and rewards Performance Driven Culture Clear expectations for individual and group contributions What do I have to do? Performance Review Capability built through feedback and coaching Coaching and Feedback How will I succeed? How do I know if I am successful 35
37 Companies Can Use a Variety of Approaches to Effectively Align Goals and Measure Results Counterpoint Corporate Balanced Scorecard Financial Customer Divisional Scorecard + Individual KPIs Business Processes Learning and Growth Divisional Scorecard + Individual KPIs Financial Customer Financial Customer Financial Customer Business Processes Learning and Growth Business Processes Learning and Growth Business Processes Learning and Growth Individual Performance Goals Performance Goals 1. Performance.. Goals Performance.. Goals Performance Goals 1. Performance.. Goals Performance.. Goals Performance Goals 1. Performance.. Goals Performance.. Goals Performance Goals 1. Performance.. Goals Performance.. Goals Scorecard Adapted from Robert S. Kaplan and David P. Norton 36
38 Many of the Factors That Drive and Hinder Program Effectiveness Are Linked to Lack of Control and Impact Counterpoint Drive Success Support of executives/management Realistic Goals/Targets Employee understanding Effective communication of plan Appropriate award sizes Employee ability to impact results High employee commitment/participation High-Level Champion Hinder Success Payouts viewed as entitlement Lack of employee participation Poor communication Plan design too complex Employees little ability to impact results Source: Hewitt Variable Compensation Measurement Database 2010/
39 Rewarding Company Performance Drives a Better Outcome Then Measuring at Lower Levels in the Organization Point Reinforcing Company performance aligns employees with business Counterpoint Company performance alone can not effectively drive individual behavior Company focus creates stronger alignment Organization view unifies employees Communication is clear and straight forward Easier to define and design reward metrics Company performance one-dimensional Employee connection to results limited Clear line of sight non existent Broader view builds stronger connections Avoid having winners and losers Seek appropriate reward mechanisms Focus critical corporate measures Engage leaders in program Seek opportunities for closer line of sight Confirm appropriate levels of performance Engage managers in solution Align compensation programs 38
40 Providing Merit Increases Is the Only Meaningful Way to Provide Pay Differentiation Point Merit is the most important pay lever Counterpoint A broader view on compensation can generate greater return 39
41 Merit Is the Most Important Pay For Performance Lever Point Base Salary STI LTI Benefits 40
42 Merit Is the Most Important Pay For Performance Lever Point What Approaches Do You Use to Differentiate Rewards Based on Performance 100% 90% 80% Percent of Respondents 70% 60% 50% 40% 30% 20% 10% 0% Base Salary Increase Variable Pay Special Recognition LTI Awards Other Source: Hewitt Survey Impact on Organizational Spending for
43 Merit Is the Most Important Pay For Performance Lever Point A base salary increase is the primary means to reflect the value of the job Employees place significant value on an increase in base salary and historically have come to expect an annual bump in pay Salary levels are still the primary standard of comparison in recruiting Other employee values are calculated based on salary levels 42
44 Companies Are Shifting Investments to Other Compensation Levers Counterpoint Variable Pay Awards for Salaried Employees (as percentage of payroll) 7.6% 7.5%7.6% 9.3% 9.7% 9.3% 10.8% 10.5% 9.5% 8.8% 11.8% 12.0% 11.4% 11.3% 11.6% 11.2% 10.8% 6.4% 5.5% 5.7% 5.9% 5.1% 4.8% 4.6% 4.2% 4.1% 3.8% 4.2% 4.1% 4.0% 4.2% 4.2% 4.3% 4.3% 3.6% 3.4% 3.4% 3.6% 3.6% 3.7% 3.7% 1.8% 2.4% 2.8% Variable Pay Salary Increase Proj* Source: Hewitt U.S. Salary Increases
45 There Is a Dramatic and Ongoing Shift in Pay Mix That Has Been Taking Place Counterpoint Change in the Total Compensation Budgets and Spending for Salaried-Exempt Employees ( ) 3.8% 11.3% 5.0% 2.4% Source: Hewitt U.S. Salary Increases 2010/2011 Overall Base Salary Increase Budget Variable Pay Spending 44
46 A More Holistic View of Pay for Performance Provides Flexibility to Use Different Program Types to Reward Results Counterpoint Business Strategy Annual Incentive Equity Supplemental PTO Phased Retirement Development Advancement Opportunities Cool Coaching Training Above/Beyond Job Goal-Based Job-Based Flexible Work Arrangements Recognition Individual Employee Work Environment Continued Employment Base Salary Standard PTO Retirement Benefits Merit Increases Job Related Training Competitive Advantage 45
47 Proving Meaningful Merit Increases Is the Only Meaningful Way to Provide Pay Differentiation Point Merit is the most important pay lever Counterpoint A broader view on compensation can generate greater return Merit increase is the gold standard Employees value salary increases the most Employees expect annual salary increases Other rewards are based on salary level Focus on how to make merits meaningful Get creative Arm managers Communicate merit approach Merit only programs are limiting Not enough money for meaningful change Broader view provides flexibility Programs can work in tandem to drive results Seek broader view of compensation Create compensation strategy Get creative Test effectiveness 46
48 And the Winners Are. Pay Differentiation It is not the amount of funding but how it is allocated Leaders must commit to the effort More communication and training is needed Focus on High Performers Greatest economic value from top performers Retaining top talent outweighs turnover concerns of low performers Focusing on the middle is often too broad and not easily targeted Drive Multi-Level Accountability Line of sight is critical in focusing behavior Multi-tiered measurement and rewards yield better business results Corporate centric plans align employees but do not engage them Consider a Broader View on Compensation Line of sight dominates the pay for performance landscape Variable pay is a great tool to link pay and performance Consider monetary and non-monetary elements to motivate behavior 47
49 Context Point/Counterpoint! Rethinking Pay for Performance 48
50 Rethinking Pay for Performance Pre-requisites for achieving pay for performance: Managerial capability Comprehensive and ongoing communications Effective performance management system Leadership commitment, reinforcement, and accountability 49
51 Rethinking Pay for Performance Match type of reward approach to desired outcome: Greater variability in business results ==> less variable compensation Unstable objectives ==> significant variable compensation Need for high productivity and cost control ==> individual performance focus Need for collaboration and teaming ==> group oriented mechanisms 50
52 Rethinking Pay for Performance Re-think the roles of rewards components Merit increases based on competitive value for requisite skills Carve outs Lump sums Extended timing reward cycles Variable pay with strong line of sight Heavier reliance on individual performance elements Broaden our definition of reward Monetary and non-monetary rewards 51
53 How To Contact Today s Speakers Ken Abosch Aon Hewitt Lincolnshire, Illinois ken.abosch@aonhewitt.com Marilu Malague Aon Hewitt Woodlands, Texas marilu.malague@aonhewitt.com 52
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