Objectives of a Compensation Management System
FEBRUARY 10, 2016
Compensation was and always will be one of the biggest factors influencing employee engagement and thus retention. Not only is compensation critical to boosting employee morale it is also the largest expense in an organization that can be directly controlled. This eliminates the risk of compensation related disputes that are expensive and damaging to company reputation.
Who Cares About Compensation?
OCTOBER 12, 2016
What if you worked in an organization where the Head of Human Resources didn't view the Compensation function as vitally important to the organization? We weren't invited to critical HR planning sessions, my boss was never a member of the inner HR circle, and the department's list of annual objectives never included a compensation project. So What's Wrong With Compensation?
Get Me a Compensation Strategy, STAT!
MARCH 20, 2017
One intentional decision that too many companies aren’t making: establishing their compensation strategy. PayScale’s 2017 Compensation Best Practices Report (CBPR) found that just 37 percent of all organizations have a comp strategy. What is a compensation strategy? Coming soon: Part 2 with the steps you can take to define your company’s compensation strategy. Alignment.
Forget Happiness. Wellness Emerges as a Compensation Strategy
MARCH 11, 2016
Much of this has been focused on employee happiness as an indicator of a solid compensation program – the better employees are paid and the more perks they enjoy; the greater their happiness should be, right? Our 2016 PayScale Compensation Best Practices Report indicates that 73 percent of employers believe they are paying fairly, but only 36 percent of employees agree. Tess C.
Compensation Linked To Performance, Feedback, and Engagement
MARCH 9, 2017
Compensation Practices Driving Cultural Shifts In Performance Management Explored In New #HRWins eBook. It’s hard not to disagree, and everyone is feeling really liberated and innovative until I ask my usual question: “What are you going to do about compensation when you throw away that performance process and move to that transparent ad hoc feedback tool?”
Compensation Planning to Retain Top Talent
JUNE 6, 2016
Consider how compensation planning and management factors into every facet of an individual business. But you can’t just give employees greater responsibility and compensation if they are not ready for it. The dangled carrot in addition to a larger role is the increased compensation. Request a Compensation Planning Demo. That’s a tenure of about three years.
What Employees Want: The Future of Compensation
SEPTEMBER 7, 2016
Not much new thinking has gone into the standard compensation package since the invention of the 401(k) plan , nearly 40 years ago. With the changes made by the Obama administration in healthcare and equal and overtime pay , employees can make more life choices outside the corporate compensation model than ever before. Until now. The game has changed. The new normal. Looking forward.
Compensation Considerations in Attracting Top Talent
MAY 23, 2016
Consider how compensation planning and management factors into every facet of an individual business. What was their target income during their tenure and how much did they make demonstrates how well the job was done. Compensation history, industry comparisons, and pay for performance are all items that should be considered before you extend and offer. Skipping Steps.
Why You Should Share Total Compensation Statements With Your Employees
MARCH 17, 2017
Last month when PayScale published the 2017 Compensation Best Practices Report (CBPR), research showed that 40 percent of all organizations provide total compensation statements. What Is a Total Compensation Statement? Most comp statements will at minimum provide information on the employee’s cash compensation and a monetary value for non-cash benefits. GET A DEMO.
EEOC Sets Limits On Wellness Program Incentives
TLNT: The Business of HR
MAY 20, 2016
( KAISER HEALTH NEWS ) — Employers seeking to get workers to join wellness programs and provide medical information can set financial rewards – or penalties – of up to 30% of the cost for an individual in the company’s health insurance plan, according to controversial rules finalized by the Equal Employment Opportunity Commission this week.
Compensation’s Role In Acquisitions
JUNE 18, 2015
Much has been written about acquisitions and Compensation’s involvement in them. Regardless of whether the target company will be an autonomous operation or fully integrated into the parent company, Compensation in the acquiring company has work to do. Sometimes Compensation decides to throw out both companies’ systems and start over, building a single one from scratch.
Employee Financial Well-Being Is An HR Concern
TLNT: The Business of HR
JUNE 22, 2016
Compensation & Benefits HR Insights HR Trends Voluntary Benefits WellnessWhen it comes to financial priorities, many employees are primarily concerned with paying down debt, saving for large purchases, or affording child care and college education. Employees must figure out a plan to address these immediate expenses before they can turn their attention to saving for retirement.
JULY 12, 2016
One of the interesting implications, highlighted in a recent interview that Tony Hsieh gave at Wharton’s 2016 People Analytic conference, is for the topic of compensation. What determines compensation when the foundation of the organization is so fluid? Can typical companies leverage “superpowers” of their employees as a basis for compensation?
Total compensation statements: Don’t overlook their morale-building value
JANUARY 20, 2017
Employers across the country indirectly increased employees’ compensation recently and in many companies, it seemed like nobody noticed. The compensation increase likely took one of these forms: increasing the amount you paid for their health insurance. That’s the beauty of total compensation statements. You won’t get the most out of them, however, if you fail to take BOTH of these steps when issuing them: breaking up each element of an employee’s compensation into its own line item, rather than lumping them together (i.e., Bonus compensation paid.
Wells Fargo Is Clawing Back Executive Bonuses
SEPTEMBER 28, 2016
Earlier this month we learned that Wells Fargo fired thousands of front line bank employees for creating over 2 million “ghost accounts” for existing customers. The “ghost account” scheme allowed Wells Fargo retail bank employees, who are considered sales people not customer service reps or financial advisors, to boost their sales figures. ” have to do.”
A Small Problem for Compensation Professionals
JUNE 7, 2016
But one important family of compensation, equity, is almost completely missing from this year’s event. It is easy to see why so many compensation professionals struggle with better use of equity when one of the few industry events provides so little in the way of information. . Stock options are still a very popular form of compensation. Total Rewards is a BIG category.
Disruptive Innovation in Compensation Communication Practices
MARCH 17, 2016
Here's another article on compensation communication. Patrick's Day by getting yourself a ration of common sense from the popular ebook, Everything You Do (in Compensation) Is Communication @ www.everythingiscommunication.com. Margaret O'Hanlon, CCP collaborated with Ann Bares and Dan Walter to create this DIY guide to compensation leadership. Just nice to know?
Is Your Company Following its Compensation Philosophy?
JANUARY 18, 2017
Does your company do a good job of following and communicating its philosophy around compensation? A WorldatWork study sponsored by Aon Hewitt found that while 92 percent of companies surveyed have a formal compensation philosophy, only 63 percent have it in writing. More importantly, 53 percent of the companies surveyed indicate that most employees don’t understand their company’s compensation philosophy. Here are the three elements we believe every company should evaluate before crafting a coherent compensation philosophy or pay strategy: Growth goals.
Why Do We Love Urban Legends About Compensation Communications?
MARCH 30, 2016
That's the theme of most HR conversations about compensation communications. Think our compensation communication urban legends get in the way? While it is true that things can go horribly wrong with compensation communications, if you put thought (and emotion) into your planning, the likelihood of history-making disasters can be very low. Despair. Uh oh! You bet. And so on.
Workplace Wellness: Is It Your Competitive Advantage for the Best Talent?
TLNT: The Business of HR
APRIL 13, 2016
To attract top talent, hiring professionals need more than just a well-drafted job description. Showcasing a top-notch workplace wellness program may be just the competitive advantage you need to attract, secure and retain talent. Here are just a few reasons why focusing on workplace wellness may be the right move to find talent: 1. It boosts the employer brand.
Why Provide an Employee Wellness Program?
HR Daily Advisor
JUNE 26, 2016
Does your organization offer an employee wellness program? Let’s take a look at some of the many benefits to see why: Employee wellness programs can improve overall employee health levels, thus reducing the number of employee absences due to illness. This drives down illness and injury rates, which in turn can reduce workers’ compensation insurance claims.
Compensation Cafe: Top 5 Reasons for Bad Days at Work
NOVEMBER 11, 2015
As I say in my post on Compensation Cafe: “The ROI factor involved in reducing the number of “bad days” experienced by employees is not insignificant. ” I encourage you to read my full summary post as well as the full survey results from Woohoo. by Derek Irvine. Recognize This! A lack of help and support from my boss (40%). Negative coworkers (39%).
Driving Financial Wellness For Employees
New to HR
FEBRUARY 23, 2016
The concept of wellness has long been an integral thread in the fabric of human resources. But in recent times its definition has expanded from covering solely the traditional “ emotional ” aspect of wellness to incorporate the idea of employee financial wellness as an important area of concentration for the HR function. Financial stress has a significant impact on both the physical well-being of employees and their workplace productivity ,” says a 2015 Alliant Credit Union report into employee financial wellness in the workplace. c) New To HR.
A Peek Into My Compensation Toolbox: 2016’s Compensation Reflections
DECEMBER 21, 2016
I focused on the compensation tools I consistently used to be an effective professional. What tools have I picked up and used along the way that applied to most, if not all, compensation jobs I’ve had? Here’s what I came up with: Make a compensation project plan . Leverage as much compensation software as possible. Click To Tweet. Voila – project plan! Why are you there?
Want a Better Culture? Set Compensation Strategy Accordingly
FEBRUARY 23, 2017
Compensation should be a reflection of and an extension of your culture. In PayScale’s 2017 Compensation Best Practices Report (CBPR), we found that 57 percent of organizations agree that compensation is becoming more important to their executives. We think this has to do with the increasing value placed on culture and the growing link between compensation and culture.
Managing Compensation – How to Keep Your Employees Happy & Engaged
OCTOBER 12, 2015
Proper compensation for the employee is absolutely critical in maintaining his/her happiness, motivation to work and ultimately determines if he/she will stay with the company in the long run. Managing compensation does not only include wages and bonuses, but also includes health benefits, stock options, reimbursements and other intangibles such as work-life balance. The Goals of Compensation Management. Every company has a specific set of reasons why it wants to practice compensation planning and management. Effective Compensation Management. Learn More.
Compensation Cafe: How to Develop Consistent Performers
AUGUST 4, 2016
As I write in this post on Compensation Cafe , a culture of reward and recognition can enable leaders to reach deeper into this group through smaller, more frequent moments. Doing so can motivate a greater proportion of that group, as well as keep the momentum of motivation high. By Derek Irvine. Recognize This! – A combination of coaching and social recognition can help consistent performers to realize their potential and reach higher levels of performance. A majority of programs tend to focus solely on high performers, as those who can bring the most value to the organization.
Donald Trump Wins. What Are the Implications for Compensation?
NOVEMBER 9, 2016
How will Trump’s office impact compensation as we know it? While there is no overt statement on Trump’s issues pages, we know he does not support policy action regarding pay equity laws as well. It’s official: Donald Trump is the new president. As we prepare for Trump to enter Office mid-January, what changes might his administration bring? Or will it be a brand new day in comp?
Does Compensation Need an Intervention?
MARCH 21, 2016
The intervention I’m talking about is Compensation’s addiction to market surveys. Jacque has the following certifications: CCP, GPHR, HCS and SWP as well as a B.S. Intervention as defined in Wikipedia: “An intervention is an orchestrated attempt by one or many people – usually family and friends – to get someone to seek professional help with an addiction. “. It's just not true.
Employee Compensation: How the Pros Do It
JUNE 21, 2016
Compensation should be more than a strategy, it should be a shared philosophy where every member of an organization is considered. Whether you’re an executive, an HR compensation decision-maker, or a one-man HR department, one thing is for sure. Well, actually three. Pay for Performance is a Must “Tie pay raises … Continue reading Employee Compensation: How the Pros Do It. The post Employee Compensation: How the Pros Do It appeared first on Reviewsnap. Pay Increases Uncategorized Employee CompensationHere they are… 1.
The Compensation Odyssey: It’s not a destination
JULY 22, 2016
Compensation planning and administration can be an odyssey. Traversing your way through the trials and tribulations of benchmarking jobs, analyzing market data, and building then communicating a compensation structure can feel like quite the expedition. The strategy and structure seashore is a nice place to enjoy an extended layover during your compensation journey.
5 Reasons Your Corporate Wellness Program Will Fail in 2016 (If Nothing Changes)
TLNT: The Business of HR
FEBRUARY 15, 2016
More and more employers are implementing corporate wellness initiatives with lofty goals in mind. Compensation & Benefits Healthcare HR Insights HR Management HR Trends Wellness Featured
Equity Compensation: I Have the Cure You Seek!
MARCH 15, 2016
Like the snake oil salesmen of yesteryear there is always someone pitching some unique feature or approach that will solve all of equity compensation’s potential problems without having any side effects. Equity compensation drives these types of “search for a cure” every three to five years. It sounds great and actually can work well for some companies.
One Way to Revive Tired Old Compensation
DECEMBER 19, 2014
I’ve been reading a lot lately about what Compensation will look like in the future and I remembered a project that I had once worked on. Yes, some companies offered flex benefits but this situation included cash compensation as well. What if they handed over control to employees to configure the amount of their own benefits, perks, and cash compensation creating a package unique to their own personal situations. Employees then drew their own pie charts reconfigured to show components they wanted in the future as well as the percentages of each to the total package.