By Popular Demand, We’re Making The Q&A And Resources From Salary Talk During Turbulent Times Webinar Available!
Gary addressed most questions during the webinar, but we made a note of the ones that hadn’t been tackled in the content. Did you miss the webinar? Interested in checking that out? Click Here to request limited time access to the recording.
Webinar Q&A
Q: What resources do you recommend for obtaining current job descriptions and salary information to compare to the market?
A: There are two things to keep in mind: quality of data and types of data.
David Smith recommends doing yearly surveys to gather information about cost of living changes, what competitors are offering taking into consideration company size and not just industry type, where your employees are coming from and going to, what opportunities and benefits aside from salary do you offer,
To get quality data, David recommends seeking out an employer association based in your region or state. You can try gathering information from Google searches or similar efforts, but be wary. That data is often unverified, grossly out of date, or not applicable for your area.
Get on a call with David to find solutions to your compensation pains. Don’t forget you can take advantage of some nice savings, if you decide to use his services. Just click the button to the right.
Q: How do you handle when you realize you've over-increased for a few years and now the highest paid (but not necessarily highest performers) are way above market value? I guess I’m asking about a 'salary adjustment' to reduce it - is that possible or not done?
A: Avoid reductions, if at all possible. That would not only demotivate that employee, but could have a negative impact on the morale of your workforce as a whole. It’s not that employee’s fault that they’ve been overpaid.
Instead, freeze their salary where it is. Be sure you communicate the factors involved, including Compa-Ratio. The freeze can be revisited if they take on additional job duties and climb into another salary bracket.
Q: How do you answer an employee that pushes back with “it’s been a long time since I’ve had an increase”?
A: This is a red flag that communication has broken down somewhere. If this employee hasn’t received an increase in a long time, what was the reason? Poor performance? Organization’s budget? Identify those factors and let the employee know what’s going on. Explain the current situation and give them a timeline for when they can expect the compensation conversation to be revisited. Webinar attendees were given complimentary copies of the Salary Talk Templates. Those scripts help managers steer a tricky conversation. If you’d like a copy, send us an email to answers@catalyticcoaching.com
To improve things moving forward, find out where the communication can be improved and what system you need in place to be sure conversations are happening between managers and employees.
Q: My company is actually doing fairly well this year, however raises will not be significant due to other circumstances. Any additional insight for tackling those conversations?
A: The first thing to consider is what your competition is doing. Are other companies in your industry or region giving increases? If they are, why aren’t you?
Be honest and talk openly with your employees. They’ll appreciate the transparency. For example, if your company is being cautious and wants to save up for a rainy day, let your employees know you’re trying to protect the longevity of their job.
Webinar attendees were given complimentary copies of the Salary Talk Templates. Those scripts help managers steer a tricky conversation. If you’d like a copy, send us an email to answers@catalyticcoaching.com.
