Webinar: Nonprofit Compensation Planning Conference
Compensation planning can be an intimidating process for a nonprofit organization. While budgeting salary and benefits may seem objective, it is actually influenced by many factors including: philosophical considerations, competition, regulation, etc. For example, philosophically, there is the belief that nonprofit compensation levels are justifiably lower than for-profit sector salaries, and from a regulatory perspective, there are always concerns that signs of “excessive compensation” could trigger greater IRS scrutiny. There are no specific formulas for determining employee compensation. This doesn’t, however, reduce the need for an overall compensation plan which begins with your CEO/executive director and covers every other level in your organization. The risks associated with not having a well-reasoned and documented compensation plan are just too great not to take seriously. Not only do you run the practical risks of being unable to attract and retain the best qualified talent, but by following loose compensation practices you may also be inviting greater government scrutiny. You should understand the critical elements that need to be included in your compensation plan and the timeframe for developing a reality-based compensation plan.
Nonprofit Compensation Planning Is Essential for Attracting & Retaining Key Employees presented by Sidney Abrams, SPHR, director of consulting services, and Heather de la Riva, consultant, NonprofitHR Solutions, is brought to you by KNOWLEDGEConferences.
Mr. Abrams and Ms. de la Riva will cover:
- Required elements of a compensation plan including salary, benefits, and other forms of compensation both financial and nonfinancial in nature
- Developing a compensation philosophy that fits your nonprofit
- The process for approving the compensation of your CEO/executive director and certain other key executives
- The importance of conducting an independent review of compensation decisions, using objective comparative salary data, and documenting your decisions as part of your board minutes
- Understanding how to interpret comparative salary data and how to benchmark your compensation decisions
- How to effectively communicate your compensation plan with your employees
- The importance of conducting an annual review of your compensation plan