from aon hewitt: the secret to sustaining your recognition program

O.C. Tanner

Tanner and Aon Hewitt undertook a study with over 450 organizations identifying what makes recognition programs sustainable and successful. Not compensation, variable pay, or reward, but programs set up with the purpose of recognizing employees for their hard work. Insights Webinars aon hewitt employee recognition employee recognition program HRCI certified webinar O.C. Thank You. Just two words, but they can mean a world of difference to employees.

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Is an Aon-Willis Merger Coming?

HRExecutive

Aon confirmed in a statement on Tuesday that it is in the “early stages of considering an all-share business combination with Willis Towers Watson,” adding that there’s “no certainty that any transaction will take place nor as to the form or terms on which any transaction might be pursued.” The comment came on the heels of a Bloomberg story earlier in the day that cited unnamed sources who said Aon was considering acquiring Willis. percent at $182.04, while Aon fell 7.9

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Is Geographic-based Compensation Still Relevant?

GetFive

But another factor that is being rocked by remote work is compensation. Compensation analytics firm Aon contends that since more people are working remotely and will likely continue to do so, it’s prudent for companies to rethink their policies for geographic-based pay.

Astronology®: 2020 Compensation Budgeting Forecast Part 2: Incentives, Bonuses, and Variable Compensation

Astron Solutions

The design and implementation of variable compensation programs continue to grow throughout 2019 and it appears that this trend will continue into 2020. The large influx of millennials into the workforce are causing organizations to re-examine the mix of base to variable compensation in their total rewards programs. The following is a review of the key issues impacting variable compensation strategies in the United States: Salary.Com ( www.salary.com ) 2019-2020 U.S.

Compensation Cafe: Keeping Top Employees in an Era of Disappearing Raises

RecognizeThis!

Without directly intending it, my last two posts on Compensation Cafe addressed how to keep and reward your top performers in a compensation world where raises seem to be disappearing. ” I shared research from Aon Hewitt showing straight salary increases are near all-time lows while short-term rewards and bonus budgets (variable comp) are at an all-time high. Bonus & Incentives Social Recognition compensation cafe merit increases raisesby Derek Irvine.

Is Your Company Following its Compensation Philosophy?

Workday

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. The post Is Your Company Following its Compensation Philosophy?

The changing mix of employee compensation increases

Steve Boese

But these tax cut bonuses also draw our attention to a larger trend in employee compensation increases, one that pre-dates the recent surge in one-time tax cut bonuses - the trend of companies allocating more payroll budget towards one-time and variable awards, and relatively less budget to annual (and in theory, recurring), salary/wage increases. Compensation is a tough job for sure. HR HR Human Resources compensation wages work workforce

The New Wave of Compensation Surveys: Addressing the Gender Pay Gap

HRsoft

For decades, compensation surveys have been the leading source where employers could go to learn about pay dynamics in the marketplace. Corporate compensation departments have long been told by corporate legal departments that gender data (as well as age and ethnicity data) should not be provided in compensation surveys. Now, at least four compensation survey firms are collecting gender data in the U.S., Radford/Aon.

Join Us for Compensation Workshops in Houston June 12th and 13th!

HRsoft

For the team here at HRsoft, one of the most rewarding aspects of what we do is the ability to engage directly with like-minded compensation professionals from time to time. This June, we’ll be teaming up with Payfactors to host a special workshop titled “Creating Value Through Current Compensation Trends.”. If you’ll be in the Houston area this June and can make our complimentary compensation workshop, we look forward to seeing you there.

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Are You Planning on Giving Minimum Wage Workers a Pay Raise?

HR Daily Advisor

Despite recent reports showcasing organizations that are increasing employees’ pay above the minimum wage, new research from Aon Hewitt, the global talent, retirement, and health solutions business of Aon plc, reveals that 72% of organizations with minimum wage employees currently do not have a plan to pay those employees above the mandated rate. Aon Hewitt’s survey examined responses from 135 major U.S. Compensation Aon Hewitt FLSA HR Pay Raise

What's Going On Out There?

Compensation Cafe

Aon (including Radford ) just published data collected from April 7 to 10, 2020. Base Salaries Compensation Communication Compensation Philosophy Data and Analytics Executive Compensation Incentives/Bonuses Sales Compensation Small Company Compensation Social Media & Rewards Total Rewards

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Are Annual Raises Dead? Only If You Don’t Want to Gain a Competitive Advantage

TLNT: The Business of HR

An article last week from CNBC , with data from Towers Watson and Aon Hewitt, showed that the annual pay raise is essentially dead (and in Towers Watson’s case, bonus pools will also be underfunded). Compensation & Benefits HR Management HR News HR Trends Incentives Pay for Performance Pay Increases & Raises Retention & Engagement Talent Management Wages, Pay, & Salary Featured

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is recognition the duct tape in your talent management toolkit?

O.C. Tanner

Tanner and Aon Hewitt found that increasing engagement, improving retention, and driving employee performance are all common outcomes of recognition programs. Not engagement programs, not compensation, but recognition. What comes to mind when you hear the words ‘Talent Management’? Engagement? Retention? Employee performance? You are probably all too familiar with these words, almost as if HR has been relentlessly demanding human capital to ‘improve, increase, grow.’

Where Are We Headed After Covid in 2021?

Compensation Cafe

If you are in the group that has to improve your support for remote working or a hybrid organization, Aon|Radford's resources will be helpful for you. Base Salaries Compensation Philosophy Data and Analytics Performance ManagementWhat happens now?

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Don’t Make Your Employees ‘Prisoners’

RecognizeThis!

Motivating employees requires more than compensation, which can create “prisoners.” As I write on the Compensation Cafe , this group of employees was the subject of some recent research: A report in the Wall Street Journal highlights a study by Aon Hewitt that looked at this group of employees. Finally, a greater proportion of the overall compensation portfolio can be aligned towards real-time performance, creating more opportunity for motivation creation.

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Pros and Cons of Each Salary Data Source for Employers

Compensation Today

This is an excerpt from our forthcoming whitepaper entitled “The Compensation Data Landscape: A Review of Data Sources, Plus How to Choose.” Much as the employee data landscape is rich , there are a lot of compensation data sources and types of sources available to employers. This category includes some names you’re probably already familiar with: Mercer, Radford, Aon-Hewitt and Willis Towers Watson. Learn More About Our Compensation Software.

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A Word to the Wise, Once Again!

Compensation Cafe

That was the first sentence in the April 15, 2014 Compensation Cafe article. I've been impressed by the writers' grasp of the compensation field and their ability to help their readers (your employees) navigate your compensation practices better. . With Aon Hewitt' s assistance, The New York Times has laid it on the line. Margaret is a Board member of the Bay Area Compensation Association (BACA). "Employee pay has become a trending topic in media and online."

Let’s Talk About the Trend Away From Base Pay Increases Towards Short Term Rewards

Something Different

…So this morning I read a great piece ( here ) from the NY Times highlighting a sea change in the way compensation is being managed in the U.S. Namely; the percent of annual payroll budgets dedicated to salary increases has shrunk from a high of 10% to a current level of 2.9%, and short-term incentives as a percent of payroll has skyrocketed from 3.9% (when Aon first started tracking the metric in 1988) to a record 12.7% Compensation hr human resources

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The Future Is Us!

Compensation Cafe

Compensation specialists, what do we do well that others don't? I love working in the compensation field, in concept and in action. Virtually everyone in our compensation biz believes that companies must learn to be able to improve. And as Dan pointed out yesterday, even the august duo of Towers Watson and Aon Hewitt are admitting to what the data has actually told us for a few years, ". Let's figure out what that change means to our sense of compensation.

IN MEMORIUM: FAREWELL ANNUAL RAISE

Compensation Cafe

An article was published last week with data from Aon Hewitt and Towers Watson that showed the annual pay raise is essentially dead (and in Towers Watson’s case, bonus pools will also be underfunded). Grab a copy of Dan’s new comprehensive issue brief , Performance-Base Equity Compensation. Dan has also contributed to “ Everything You Do in COMPENSATION IS COMMUNICATION” , with Comp Café writers, Ann Bares and Margaret O’Hanlon.

Rewards and Recognition Take the Lead in Driving Global Engagement

Rallyware for Human Resources

Conventional wisdom also suggests that while compensation is a motivational factor, it is a less important driver of employee engagement. According to AON Hewitt, this may no longer be the case. . Results from the AON Hewitt study indicate that rewards and recognition may, in fact, be the most important factor driving employee engagement on the global scale today. The authors acknowledge that few organizations can significantly increase compensation across the board.

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Could coronavirus lead to workers’ comp claims? Experts say ‘yes’

HR Morning

The Washington Department of Labor & Industries announced March 5 that the state is changing its policy around workers’ compensation coverage for healthcare workers and first responders quarantined by a physician or public health officer.

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6 Types of Bonuses and Perks for Employees

HR Digest

Structured bonus programs reached record-high funding levels this year and are projected to do the same in 2020, says Ken Abosch, an employee rewards consulting leader at Aon, a global consulting firm. Compensation Featured Trends bonuses and perks Employee Perks types of bonuses

Workers on COBRA Should Consider Moving to Health Care State Exchanges

TLNT: The Business of HR

If people are going through COBRA annual enrollment this fall, I’d suggest looking into coverage on the state marketplaces,” says Craig Rosenberg, who leads the health and welfare benefits administration practice at benefits consultant Aon Hewitt. Compensation & Benefits Consolidated Omnibus Budget Reconciliation Act (COBRA) Healthcare HR Management HR News HR Trends FeaturedBy Michelle Andrews, Kaiser Health News.

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Where Have All the Raises Gone?

Compensation Cafe

Cited in the article, analyst firm Aon Hewitt calls this a “drastic shift” based on the firm’s annual survey on salaried employee compensation. Aon Hewitt did not even start tracking short-term rewards and bonuses — known as variable compensation — until 1988, when they accounted for an average of 3.9 Compensation Philosophy Incentives/Bonuses Recognition Total Rewards

Overcoming Dark Days with Appreciation

Compensation Cafe

Experts quoted in the SHRM article commented: “The pressures put on modern workers to ‘do more with less’ may be the result of business shareholders who — having grown cautious following the Great Recession — aren't willing to expand budgets to hire more people at companies or better compensate those already there, [Randstad Professionals President Jodi] Chavez and [Aon Global Culture and Engagement Practice Leader Ken] Oehler said. Dark days of winter.

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US companies are flush with cash, where does 'raise wages' fall on the priority list?

Steve Boese

Last week on the blog we noted the shift in the mix of annual employee compensation increases - companies have and are continuing to increase their use of one-time and variable comp increases like annual bonuses and lessen their use of base (and in theory, recurring), salary and wage increases. But the really small levels of internal re-investment, and commitment to improving the long-term compensation levels for employees is a little bit disconcerting.

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5 Powerful Employee Engagement Models That Leaders Should Know

Vantage Circle

Aon Hewitt Engagement Model. Aon Hewitt Engagement Model. Aon Hewitt is one of the world’s leading consultants on human capital management. According to Aon Hewitt, the process of engaging people is influenced by six major engagement drivers. Compensation/Benefits.

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Best of the Force: In a True Talent Partnership, Value Creation Should Drive Incentive Design

Compensation Force

I'm convinced that the only way to create smart, sustainable incentive compensation plans is to tie them directly to value creation. Recent research from Aon Hewitt shows that most (86% of) organizations - at least most of the large organizations covered by this kind of research - "self-fund" their variable pay efforts in this manner. Our Best of the Force series highlights some of the most popular posts from our archives.

Best of the Force: In a True Talent Partnership, Value Creation Should Drive Incentive Design

Compensation Force

I'm convinced that the only way to create smart, sustainable incentive compensation plans is to tie them directly to value creation. Recent research from Aon Hewitt shows that most (86% of) organizations - at least most of the large organizations covered by this kind of research - "self-fund" their variable pay efforts in this manner. Our Best of the Force series highlights some of the most popular posts from our archives.

Chad Atwell Podcast – What you wish someone had told you…

What is Paul Thinking

Chad is the Director, Product Strategy – Human Capital Management at Oracle leading the strategy for Oracle’s Compensation Cloud working with clients and prospects to help create future product functionality. He is also a Faculty member at WorldatWork teaching C4 Base Pay Administration, C12 Variable Pay and C17 Market Pricing and has also worked with Aon, Qwest Communications, Chipotle Grill.

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After Years of 3% Increases, Where Have All the Good Raises Gone?

TLNT: The Business of HR

Cited in the article, analyst firm Aon Hewitt calls this a “drastic shift” based on the firm’s annual survey on salaried employee compensation. Aon Hewitt did not even start tracking short-term rewards and bonuses — known as variable compensation — until 1988, when they accounted for an average of 3.9 The Aon Hewitt research showed, “91 percent of the companies surveyed have at least one broad-based reward program, up from 78 percent in 2005 and 47 percent in 1991.”.

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10 Things I Learned at Total Rewards

WorkHuman

Cesar Villa, Director of Compensation Global Functions at The Hershey Company, shared some really powerful data on their Hershey’s Smiles program. And according to Aon Hewitt, 1 out of 2 employees get too little recognition. Brenda Pohlman (Globoforce) and Cesar Villa (The Hershey Company).

The Increased Prevalence of DC Pension Plans is Going to Change the Way We Retire. How to Prepare?

Something Different

<www.forbes.com> …Okay, so this evening I was reading a white paper from Aon Hewitt (you can find it here ) that states the following: One of the key findings from this research is that there appears to be a welcome sense of realism among employees about their retirement prospects. And to this point, the implications for compensation are immense.

5 Industries that Desperately Need Financial Wellness Solutions

Best Money Moves

Stressed employees are found to be less productive, take more time off to deal with financial matters, are more likely to leave the company for higher compensation, and are more likely to cite health issues caused by financial stress,” the survey reported.

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