What’s an Employee Worth? Not Compensation! But Value?

Nobscot

HR professionals often discuss the cost of turnover. Some say that the cost is equal to 150% of the employee''s salary. The American Management Association uses the figure of 30% of salary. When I''m doing ROI calculations, I usually use a very conservative 25% so as not to oversell my case. But can you really come up with an average value of what an employee brings to a company based on their

Pay for performance doesn’t apply – to the boss

SuccessFactors

Over the weekend, the NYT (again) tackled the subject of top executive compensation. But this time, they added some cool charts and graphs to illustrate how utterly out of synch pay has become with corporate results. My favorite is this one which contrasts some of the worst offending companies (where pay went up when a company’s […]. Strategic HR Talent Management Thinking About HR

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No, there aren’t any robots

SuccessFactors

Dubs has it right – there aren’t really any robots hiding in our software, manipulating our performance reviews and messing with your compensation – despite the word and its implications being bandied about recently. Just a way for managers to select from recommended text and then, ideally, customize it to the particular situation and employee […]. Talent Management Performance Evaluations SuccessFactors News

Walmart $1 Billion Investment Reaffirms Importance of Total Compensation

Compensation Today

By Tess Taylor, PayScale Senior Blogger and Mykkah Herner, PayScale Director of Compensation Everywhere you turn, there’s more news about big companies like Target, McDonald’s and TJ Maxx raising the minimum wage. But as any savvy professional knows, wages are only a piece of the total compensation puzzle. What we like about this move Walmart is moving from a focus on pure base wages to a more sophisticated, modern approach to total compensation.

The Great Executive Pay Debate

Astron Solutions

In the 1970s, management theorist Peter Drucker suggested that top executive compensation should be 20 times the amount of the average worker’s pay. Executive compensation is a concern to many individuals, and has been for some time.

The PayScale Index Q3 2016 – Steady Growth and a Few Happy Surprises

Compensation Today

We track quarterly changes in total cash compensation for: The United States. above what it was pre-recession in 2006. Despite ranking second-to-last in growth since we began tracking wages in 2006, this industry’s wages grew remarkably fast over the last 18 months, so much so that this industry was a top performer in both quarterly and annual growth at 3.6% since 2006. since 2006.

Top Industries with the Greatest Pay Increases Postrecession

HR Daily Advisor

with most of the growth taking place between 2006 and 2007. Compensation 2015 EMSIWage growth—or lack thereof—continues to be a major issue plaguing the U.S. market, but are some industries faring better than others? New findings from CareerBuilder and Economic Modeling Specialists Intl. EMSI) reveal which industries have experienced some of the biggest increases—and biggest declines—in postrecession wage growth.

Cafe Classic: Geographic Pay for Executives

Compensation Cafe

Location does make a difference, even in top executive compensation. 76, Oct 2006): pg. James (Jim) Brennan is an independent compensation advisor with extensive total rewards experience in most industries. A prolific writer (author of the Performance Management Workbook ), speaker and frequent expert witness in reasonable executive compensation court cases, Jim also serves on the Advisory Board of the Compensation and Benefits Review.

Sample Reward Programs for Long-Term Employees

HRsoft

While many employers must enforce pay caps to take an economical approach to compensation, reward programs can be structured in a way that supports engagement and retention in this group. Under the Pension Protection Act of 2006 (PPA), the payment of benefits to in-service workers who are 62 or older is allowed, but new regulations are still pending. Blog Compensation Management Planning Compensation Management Software Long-Term Employees

Paying Attention?

Compensation Cafe

It seems like we have some competing notions floating around, guiding our "cutting-edge" compensation decision-making. The most talked-about shift in compensation strategy in the last three or so years has been the allocation of resources to the "highest performers." Now the "democratization" of the workplace is accelerating, as Ann Bares pointed out in her recent Compensation Cafe post , "Ready for the Uber-ification of Work, Performance and Pay?"

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PayScale Index: U.S. Wages Grow for 8th Consecutive Quarter

Compensation Today

percent lower than they were in 2006, so the price of goods is growing faster than most employees’ wages.”. Learn More About Our Compensation Software. Wages in sales jobs were hit hardest by the financial crisis and even last quarter’s growth still leaves these jobs at the bottom of the list in growth since 2006. percent growth since 2006. Since 2006, Toronto, ON has experienced the least wage growth while the oil city of Edmonton, AB has experienced the most.

No Gender Pay Gap?

hrpockets

Recruiter A gets hired in 2006. A glaring reason is lack of a compensation strategy (though some companies strategy is to hire women because they will work harder for less money, but that’s not the kind of strategy I want to encourage). Someone needs to ask questions like, but not limited to, the following: “What is the goal of our compensation strategy and is this in line with it?” Uncategorized compensation gender pay gap Recruiting salary Strategy wages

Promotions on the Rise

HRExecutive

This is according to a new survey titled “Promotional Guidelines” conducted by WorldatWork , a nonprofit human resources association and leading compensation authority based in Scottsdale, Ariz. WorldatWork conducted similar compensation practices surveys in 2012, 2010 and 2006. career development compensation HR profession retention rewards and recognition talent management

Equal Pay Act Case Gets New Life from 4th Circuit Court of Appeals

HR Daily Advisor

It is subject to the state personnel management system, a merit-based system that establishes job categories based on the general nature of required duties and sets corresponding levels of compensation. James Hurley was hired in November 2006. Altogether, he had about 10 years of insurance-related investigative experience when he was rehired at MIA in 2006. Compensation Employment Law Female Fraud Investigators MIA Personnel Management Tenth Amendment Constitutional

Undocumented Workers are Entitled to Limited Workers’ Comp Benefits

HR Daily Advisor

It may come as a surprise to some employers, but undocumented workers who are injured on the job are entitled to workers’ compensation benefits, at least in New Mexico. Workers’ comp laws are designed to compensate workers who are injured on the job, usually regardless of the circumstances. The Workers’ Compensation Act (WCA) tries to compensate for that scenario. Benefits New Mexico workers' compensation

CareerBuilder’s Forecast Looks Sunny for 2015 Jobseekers

HR Daily Advisor

More than one-third of employers expect to hire full-time, permanent employees in 2015, the best outlook from the survey since 2006. Compensation in 2014. Wage growth has been largely stagnant postrecession, but greater employment demand may help to boost compensation at various levels within an organization. Hiring & Recruiting best practices Compensation Information Technology survey

Looking to the Future for Total Rewards

HRExecutive

It’s been 15 years since the American Compensation Association changed its name to WorldatWork, reflecting the group’s decision to increase its footprint beyond the world of compensation and embrace a broader total-rewards approach. WorldatWork’s previous model , introduced in 2006, featured the following five elements: compensation, benefits, work/life, performance and recognition, and development and career opportunities.

Another City Tackles Paid Sick Days

HRExecutive

According to the National Partnership for Women & Families , San Francisco became the first locality in the nation to guarantee access to earned paid sick days in 2006. benefits compensation employment law Family and Medical Leave Act health HR profession The Philadelphia City Council today is debating a hot-button topic with potential HR ramifications that may reach far beyond the city’s limits: whether to enact a paid sick days bill into law.

DOL Pays Its Employees $7M to Settle Wage & Hour Claims

HR Daily Advisor

The American Federation of Government Employees (AFGE) Local 12 first filed a grievance on the workers’ behalf in 2006, alleging that they were forced to work off the clock and were not properly compensated for overtime hours. The U.S. Department of Labor (DOL)—the agency responsible for enforcing federal wage and hour law—has agreed to pay $7 million to settle claims that it failed to properly pay its own District of Columbia-area employees.

What Is the Pension Protection Act?

HR Daily Advisor

In 2006, the Pension Protection Act (PPA) was signed into law. Compensation benefits business PBGC PPAProtecting retirement benefits is a hot-button issue, especially when the news cycle periodically tells us about the risks of a shortfall in the Social Security Administration’s ability to pay out benefits over the long term. These headlines serve to highlight the fact that employees and employers alike are faced with risks in where we put our retirement savings.

Happy Equal Pay Day!

HRExecutive

Elsewhere in cyberspace, there’s an interesting piece on CNN.com titled “One Way to Close the Pay Gap for Women,” written by Mary Ellen Carter, an associate professor of accounting with the Carroll School of Management at Boston College, whose research focus is executive compensation. Maxx, Home Goods and other apparel and home goods retailers) has hovered around 30% since 2006. boards of directors compensation diversity gender diversity HR profession

Bigger Raises on the Way?

HRExecutive

The recently-released National Federation of Independent Business Small Business Optimism Survey finds overall optimism among small businesses at its highest point since 2006, with the proportion of small businesses planning to increase compensation in the next three months 17 percent higher than those that planned decreases. compensation hiring HR profession retention The numbers have been awfully similar, and awfully stagnant, for some time now. Employees in the U.S.—those

Employee satisfaction at highest point in a decade, survey says

HR Morning

Other top contributors were: compensation/pay, overall benefits, job security, opportunities to use skills and abilities, and trust between employees and senior management. Compensation has increased in importance. Sixty-three percent of respondents cited it as a contributor to satisfaction, the highest level since 2006. How satisfied are your employees? . If the answer’s anything different than “highly,” you might be out of step with the majority of U.S.

DOL agrees to pay $7M to settle claim it didn’t pay OT to thousands of workers

HR Morning

In 2006, the union filed a collective action grievance against the agency, claiming employees were being forced to work overtime without being properly compensated. This included the failure to provide compensation for “off the clock” work and “induced overtime.”. metropolitan area, a little over 3,000 people and former members of the bargaining unit who were in the national office at the time of the case from 2006 to present. Ah, sweet irony.

What Employers Need to Know About Employee Assistance Programs

Insperity

Hard costs can be measured objectively and include statistics such as employee health insurance claims, days off from work, worker’s compensation costs and on the job accidents. Seventy five percent of respondents in the 2010 SHRM Employee Benefits survey indicated that they provide EAPs to their employees, a figure that has been slowly and steadily increasing since 2006, when only 71 percent offered the benefit. Benefits and CompensationNo one exists in a vacuum.

Self-Actualization: Realizing Your Potential

Workplace Psychology

It is not merely performance but an attempt to do one’s best” (Bar-On, 2006, p. 2006). “For of all sad words of tongue or pen, The saddest are these: ‘It might have been!’” -John Greenleaf Whittier (1807-1892).

PayScale Index shows wilting wages for STEM jobs

Compensation Today

In fact, even with this decline, these jobs are still near the top for wage growth since 2006 (approximately 10 percent), due to remarkable growth for several years. Want to see the full compensation trend report? Jade Makana, Director of Content Marketing B2B Is the bloom off the STEM rose? According to the new PayScale Index , wages for previously hot performing STEM (science, technology, engineering, math) jobs grew just 1.0%

Show them the money: Economy surges, but employee wages slow

Compensation Today

Responses from PayScale’s 2015 Compensation Best Practices Report ( CBPR) are in line with BLS reports. percent since 2006. Download PayScale’s 2015 Compensation Best Practices Report TODAY for more compensation and industry trends info Crystal Spraggins, SPHR By most reports, the U.S. Economy is in better shape than it’s been in a long while.

The SECURE Act is Here—See What It Could Mean for Your Business

Guideline

With the last major piece of retirement legislation occurring in 2006 (the Pension Protection Act that enabled participant auto-enrollment into 401(k) plans), our retirement system was in desperate need of some updates.

Self-Regard: Warts & All

Workplace Psychology

You can loop around and compensate for a known weakness. 2006). I’ve been thinking a lot about emotional intelligence and the Bar-On Model of Emotional-Social Intelligence.

Celebrate the 25th Birthday of Employee Engagement

Grovo HR

Here Come the Management Gurus: Vance, 2006 ( link ). Forget trying to come up with complex models of compensation the way Wall Street does. An idea as powerful as employee engagement seems like it should have been around forever. Businesses have always employed people, after all, and people have always done their best work when they’ve cared about the outcome of their efforts.

Good News—HR Wages Are on the Rise!

Compensation Today

Here’s a little more information about the PayScale Index: since 2006, PayScale has tracked quarterly compensation trends—including changes in total cash compensation for full-time, private industry employees in the United States. In recent releases of the PayScale Index , we’ve noticed some continuous trends. As expected, IT jobs are on the rise, tech hubs as Seattle and San Francisco are thriving, the transportation industry has BOOMED.

Coffee With Wilson Silva

CIC Plus

From 2005 to 2006, Hewitt underwent major growth, and by 2007 I had become global payroll process lead, where I determined the direction for the service delivery model. Along the way, we foresaw where cloud software was heading and that helped me assume responsibility of all Alight payroll and cloud operations, along with other services like HCM and performance compensation (talent). A Virtual Conversation With Alight’s Wilson Silva.

AON 43

There’s a metaphor for the $7 million that the DOL is paying to settle its own employees’ FLSA claims…

The Employer Handbook

Department of Labor has agreed to pay $7 million to settle a grievance, which Local 12 of the American Federation of Government Employees (AFGE), AFL-CIO filed back in 2006. Mr. Penn reports that the original 2006 grievance alleged that the DOL violated the Fair Labor Standards Act. The union claimed that the DOL didn’t compensate employees for “off-the-clock” work. Wait, it’ll come to me… Please be patient.

There’s a metaphor for the $7 million that the DOL is paying to settle its own employees’ FLSA claims…

The Employer Handbook

Department of Labor has agreed to pay $7 million to settle a grievance, which Local 12 of the American Federation of Government Employees (AFGE), AFL-CIO filed back in 2006. Mr. Penn reports that the original 2006 grievance alleged that the DOL violated the Fair Labor Standards Act. The union claimed that the DOL didn’t compensate employees for “off-the-clock” work. Wait, it’ll come to me… Please be patient.

Cafe Classic: Why Working Less Helps Us Work More

Compensation Cafe

How do we compensate people? Vastly oversimplifying (and discounting benefits entirely for the moment), we compensate people based on: Time worked. In 2006, the accounting firm Ernst & Young did an internal study of its employees and found that for each additional 10 hours of vacation employees took, their year-end performance ratings from supervisors (on a scale of one to five) improved by 8 percent.

How HR Can Tackle Diversity Using the Rooney Rule

Visier

The results were impressive – minority head coaching hires in the NFL increased from 6% to 22% in 2006 – and as the White House strives to show, the implications of the rule can be far-reaching. Consequences of this can range from reduced competitiveness and productivity to increased employee turnover to higher compensation costs.