A Clear View of the Talent Lifecycle: Compensation [Part 5]

ClearCompany HRM

The average time-to-hire is at a 5 year high, and the skill gap is widening; employers are having a harder time than ever managing the balancing act that is compensation. With 52% of employers ranking hiring and retaining talent at the top of their business challenges, it is vital to get compensation right. Talent Lifecycle Compensation

Sunday Reading: Compensation, Community, and Exit Strategies

Something Different

Tony Bergmann-Porter , Principal and Owner of Compensation Consulting firm Yale Associates LLC, has a great post up on Compensation Cafe wherein he postulates about the future of total rewards in the U.S. Linkedin Influencer and Partner at Upfront Ventures Mark Suster has a great post up on Linkedin outlining the role he believes that investors should play in creating funding opportunities for start-ups outside of communities like Silicon Valley.

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What Do Employees Want Most? Appreciation and Good Relationships at Work

RecognizeThis!

The survey primarily looked at what would make employees willing to work abroad, regardless of home country. But one particular finding struck me as most enlightening – regardless of desire to relocate, all respondents “are putting more emphasis on intrinsic rewards and less on compensation.”. The global study from BCG pointed to an additional finding on relationships at work I found fascinating. Recognize This!

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Video Saturday: Is Your Sales Compensation Plan Making Money?

Something Different

<www.howtostartablogforfree.com> David Marshall, CEO, PerformanceCentre International, provides advice on maximizing the return on your sales compensation plan including: Looking at a sales plan from a purely financial view, the importance of mindset, setting measures that can be controlled, a methodology for driving pay for performance.

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A Report Card on my HR Predictions for 2014

OmegaHR Solutions

This time last year I made the following predictions on what would happen in HR compliance in 2014. The year 2014 is a midterm election year. But not in 2014. There will continue to be legislation introduced into Congress that strives to limit executive compensation. Unlike the minimum wage, if the Republicans win the Senate, there will be no traction beyond 2014 either. I think 2014 will be an active year. How good were my grades?

Compensation Cafe: Give Your Employees the Benefit of Space

RecognizeThis!

– We spend more time at work than anywhere else (while awake). Today on Compensation Cafe I wrote about the mostly negative impact of open offices and how they actually detract from stated goals of increased collaboration, discussion and innovation. Employee Engagement compensation cafe office space open office by Derek Irvine. Recognize This! The space we work in can be a key contributor to engagement, enablement, and productivity.

How the City of Denver Hires Superstar Tech Talent

Cornerstone On Demand

Just ask the City of Denver, which hired Frank Daidone, the former CIO at Chipotle, as its new CIO in 2013. To stay competitive and attract top talent, smart public sector hiring teams are focused on fulfilling employee needs beyond compensation and benefits — emphasizing personal satisfaction and accomplishment in the recruitment process. "We made it clear that this is a job where, at the end of the day, you wish you could do more but you have to get home to your family."

The Complexity of Globalizing Compensation

Compensation Cafe

It is becoming popular to globalize compensation/benefits plans that, back in the old days, would have remained completely local. The reason is to ensure companies have a globally aligned and integrated compensation/benefits strategy and to prevent duplication of effort. It is as though Corporate Compensation/Benefits looks at each plan it has in the U.S. (or Ripple effects: “Total compensation” includes base pay, bonuses and often the value of some fringe benefits.

Tips for Preventing Fraud in Workers’ Compensation Claims

HR Daily Advisor

Most employers understand the benefits of workers’ compensation insurance. If an employee is injured on the job, the insurance kicks in to pay for the medical bills and at least a portion of the lost wages while the employee recovers. In the past, these suits were the only way for an employee to get bills covered, so they were much more common—workers’ compensation is in place to reduce this issue.). Types of Workers’ Compensation Fraud.

The Gift Cardification of Equity Compensation

Compensation Cafe

It is also true that gift cards can have more or less value in the future than they had at purchase or gift date. This time every time your read “gift card” replace that term with the type(s) of equity compensation offered by your company. As they say: ’Tis the season” to understand the impact of your compensation programs. 4 Things You Can Do to Avoid the “Gift Cardification” of Your Equity Compensation.

Weekly Must-Reads: Citi Trades Desks for Workplace "Neighborhoods"

Cornerstone On Demand

” There’s one for compensation and another for learning and development, for example. Read more at HBR. Read more at The New York Times. Read more at Fast Company. “Just finding the data can be a challenge, let alone integrating it and running sophisticated business-focused queries on it” says Sylvia Vorhauser-Smith, senior vice president of research at PeopleUp. Read more at Forbes. Read more at Fortune.

Money for Motivation: How Incentive Based Pay Works

UpstartHR

Last week I was talking with some folks about using compensation to drive employee behavior, and it occurred to me that I have never shared anything about that topic here. Even small companies ( I’m looking at you, Mr/Ms HR Manager of a company with less than 250 employees ) can incorporate these elements into their compensation planning without too much stress. While that may be the case at times, it’s also worth noting that we humans are unpredictable creatures.

HR’s Guide to Compensation Communications

GuideSpark

Helping your employees navigate through their compensation confusion creates a win-win for your company and employees! Are your employees keyed in on the finer points of your company’s employee compensation program? More than half (53%) of respondents in Payscale.com’s 2014 compensation survey felt their organization does not offer manager training to teach them how to talk to employees about compensation. Who should deliver the compensation communications?

One Way to Revive Tired Old Compensation

Compensation Cafe

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. Compensation needs to be too.

The Pros and Cons of Tying Compensation to Performance Reviews

Reviewsnap

At Reviewsnap, we''ve seen firsthand the benefits delivered by a pay-for-performance structure that closely ties compensation to the performance review process. Like most human capital challenges, tying compensation to performance reviews has its share of pros and cons. By tying reviews to compensation, performance clearly becomes the determining factor in compensation. Compensation can overshadow the importance of reviews.—When

Trust in Leadership Affects Employee Retention #EWS2014

The People Equation

I’m a sponsored blog partner with Spherion (a staffing and recruiting organization) and am participating in the release of findings from Spherion’s 2014 Emerging Workforce Study. This is the final in a series on Spherion’s research project, the Emerging Workforce Study 2014. My second post looked at the interconnection between the elements advocacy, retention and leadership. As part of this program, I received compensation for my time.

Inclined to Collaborate? You Should Be

All Things Workplace

No one at any of their worldwide locations gave him decent feedback on teamwork and collaboration. He''ll probably have a shot at being an individual contributor in a specific discipline; but upward mobility is no longer a possibility. A high IQ doesn''t compensate for low EQ. "Collaboration is a key driver of overall performance of companies around the world.

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2014’s Top 10 Posts

HRExecutive

Here at The Leader Board, it was another interesting year covering the HR arena, with issues ranging from the controversy surrounding the HR certification, to lawsuits based on a worker’s commute, to HR leaders’ efforts to ensure their organizations’ compliance with the Affordable Care Act and various other legal requirements, just to name a few. Below are links to the top 10 most-read posts of 2014, according to Google Analytics.

Everything You Do in Compensation is Communication: 3/8 of the Compensation Cafe Publishes a Book!

Compensation Force

About three years ago, a trio of cheeky compensation bloggers joined forces around an idea. The insight that started it all - that everything (and we mean everything ) we do in compensation is, in fact, communication. The reality is that we are sending messages -- inadvertently and often unintentionally -- with every step of the compensation design, implementation and management process.

Succession Planning Success: The Golden Rules for Future-Proofing Your Business

Visier

At the end of the day, you can manage this risk by ensuring you have a solid pipeline of successors and developing workforce plans for the future that take into account your business strategy and goals. A good rule of thumb is to aim to have replacements ready for 90 percent of all key positions at any time, in case the person who is currently in a critical role leaves unexpectedly. unemployment rate is nearly at pre-recession levels. What keeps your board up at night.

SuccessFactors Q1 2014 Release: Compensation, Short Retrospective, Tips & Tricks, and the Road Ahead

SuccessFactors

By Yannick Peterschmitt, Director, HCM Solutions at SAP Hi everyone! It is this time of the year again, and I’d like to share some information with you on SuccessFactors Compensation Management in 1402 as well as the broader solution evolution. Compensation HCM hr HRIZONS SuccessFactors SuccessFactors Compensation Management Talent Management

HR: Stewards of Compensation?

HRExecutive

Forbes contributor Robin Ferracone just posted this morning an interesting Q&A she conducted last month with Jerry McGrath, DHR International’s global HR practices leader, on the topic of HR’s role in determining executive compensation. If we don’t work closely together, surprises inevitably arise, and no one likes surprises – at least in this context. Shareholder Engagement: Engage with shareholders and proxy advisors, but at the right time.

Sunday Reading: Business Etiquette, Work Valuation, and Dual Career Ladders

Something Different

I’m recommending this one because of the solid, common-sense insights at the end and because this piece served as a reminder that it’s always critical to understand how you’re perceived by your audience when crafting any communication. Jacque Vilet writes about a challenge many organizations face when trying to reward their strongest individual contributors in a rock solid piece on Compensation Cafe here.

Who’s at Fault for a Lack of Perceived Value?

Compensation Cafe

ISOs offer the ability for employees to avoid nearly all of the ordinary income and associated tax withholding that are required when using Non-Qualified Stock Options (“NQSOs”) or restricted stock, RSUs, Phantom Stock, SARs and just about every other compensation instrument. This is kind of true about nearly every type of compensation. Don''t structure your compensation programs based on what you think your employee value.

Why Should You Want to Work There?

All Things Workplace

But benefits and compensation were, perhaps surprisingly, toward the bottom of the list. High GPA, Dean''s list, two semesters of study abroad in two different countries, fluent in a second language and quite conversational in a third; leadership experiences during college, worked at a real job for a government agency in her junior and senior years and had additional work experience with a professional firm.

The 2020 Workforce: Misconceptions Between Management and Employees

China Gorman

Oxford Economics and SAP recently released the report “ Workforce 2020: The Looming Talent Crisis ” aimed at understanding the opportunities and challenges of the evolving workforce. employees is competitive compensation (84%) followed by retirement plans (75%), and vacation time (62%). 39% of employees say higher compensation would increase loyalty and engagement with their current job.

Compensation Cafe: Why Friends at Work Matter

RecognizeThis!

– “Friendships at work” is not a soft topic. I couldn’t say everything I wanted to about the importance of friends at work in my post on this blog last week , so I continued the theme today on the Compensation Cafe blog. This latest post looks at several recent surveys (from LinkedIn, HRZone in the UK, and Globoforce) showing how friendships and deep relationships at work that drive key business factors – productivity, retention and wellness.

Health Care HR Week 2014: Extending a Note of Gratitude

Cielo HR Leader

Whether service involves patient wellness, managing and engaging the workforce, compensation and benefits, or hiring clinical staff, dedication is an unending demand. March 16 – 22, 2014, has been deemed Health Care HR Week , and we at Cielo would like to extend our gratitude for your continuous, often sleepless efforts. To all HR professionals who serve in the healthcare industry, Healthcare never sleeps.

3 Proven Ways to Reduce Your Workers’ Compensation Costs

Insperity

If you’re looking for ways to save on workers’ compensation insurance, you’re well aware of the direct costs that you pay in premiums. But what you may not have considered are the indirect costs of on-the-job accidents and injuries, which go beyond what you pay for workers’ compensation insurance. That’s why my first suggestion – controlling workers’ compensations costs via a safety program – is so important to your bottom line. Benefits and Compensation

Do you know what separates successful retail incentive compensation systems from failures?

HR Times

Posted on September 9, 2014. The root of the problem was that each of the three call center departments—website, card services, and collections—operated independently, using different performance metrics, compensation calculations and manual processes. As a result, pay for performance compensation was often inconsistent and inaccurate. Do you know what separates successful retail incentive compensation systems from failures?

Prevent Timesheet Fraud with Secure Time Data Entry and Collection

nettime solutions

And when I fill out a timesheet, it’s a private matter –– shared with my supervisor for authorization and the payroll department for compensation. In doing so, you are putting employee privacy at risk. With business occurring at lightning-speed these days, paper timesheets do slip through the cracks. My time is my money. It is not for all eyes to see. Yet, many businesses keep employees on a paper-based timesheet.

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View from the HR Tech Show Floor: Top 5 Workforce Trends

Visier

If I had to use one word to describe the energy on the show floor at this year’s HR Tech, it would be this: dynamic. At HR Tech, we announced our take on what will be top of mind for HR leaders in 2015. At the same time — as unemployment drops — there will be increased competition for recruiting talent and vacancy rates will increase. That it will become increasingly important to make decisions based on actual total costs rather than simply looking at headcount.

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All Decisions Are B.A.D. Decisions

Compensation Cafe

decisions, relying on the Best Available Data known at the time. Even compensation experts, supposedly the most analytical of HR types, have difficulties with data. Even in the numbers-oriented world of compensation management, Scientific Wild-Ass Guesses (SWAGs) still are required sometimes. serves on the Advisory Board of the Compensation and Benefits Review and will express his opinion on almost anything. All decisions are B.A.D.

2014 Turnover Rates by Industry

Compensation Force

In response to the many, many requests received and continuing a long tradition here at the Force, I am pleased to bring you the latest turnover rates by industry, provided to us by CompData Surveys. The information in the following charts - both voluntary and total turnover rates - has been drawn from CompData''s 2014 edition of their annual BenchmarkPro Survey, which features data submitted by nearly 30,000 organizations.

What Do Workers Everywhere Want Most? To Be Valued and Appreciated

TLNT: The Business of HR

The survey primarily looked at what would make employees willing to work abroad, regardless of home country. But one particular finding struck me as most enlightening – regardless of desire to relocate, all respondents “ are putting more emphasis on intrinsic rewards and less on compensation.” “ They are different in [insert country other than your own.] They want different things than we do.”. How true do you believe that statement to be?

Top 7 Payroll Tips for Business Owners

Effortless HR

Make it standard practice to collect the necessary information from employees and independent contractors, including proof of identification, EIN/social security numbers, and W-4/I-9 tax information, at the start of a working relationship. (If Though you may not pay an independent contractor enough to necessitate issuing a formal W-2 at the end of the year, having the required information on hand will reduce the scramble when tax season officially begins. Compensation

Passion in need of a champion

HR Times

Posted by John Hagel III on November 13, 2014. “I Passion at work. These words, and the sentiments behind them, came directly from high-performing individuals—people that I and my colleagues at the Center for the Edge identified from our personal networks as being passionate workers. We interviewed them for our recent report, Passion at Work: Cultivating worker passion as a cornerstone of talent development.

Reskilling and Upskilling Our Workforce Are Essential as Talent Gaps Expand

Reviewsnap

Surprisingly, this news comes at a time when talent pools are virtually brimming with people, and when a recent Harris Interactive study shows that 74% of workers would consider taking a new job immediately. An aging workforce, unexpected and rapid growth in specific sectors, the sudden need for entirely new types of jobs (in the technology and data niches, for example), poor training and knowledge sharing practices, and even inadequate compensation have all been blamed.

Minimum Wage Requirements 101

HR Daily Advisor

Let’s take a closer look at some minimum wage basics. At the federal level, minimum wage is regulated under the Fair Labor Standards Act (FLSA). Currently, this is set at $7.25 per hour, and has been at that level since the latest increase in 2009. Even if an employee is paid at or above minimum wage, an employer can still fall short of meeting their minimum wage obligations if that employee’s wages are deducted for certain reasons.

A Possible Direction for 21st Century Rewards

Compensation Cafe

I foresee some form of data mining of calendars, project plans and other forms of electronic communication to identify those with whom you interact, with corresponding push requirements for performance feedback, both immediate, and at one or more future points in time. 4) Because base pay for the very highest performers will not differ from the base pay of their organizational peers, there will necessarily be other ways of recognizing and “compensating” top performers.