Compensation Benchmarking Software

HRsoft

Compensation plays a major role in the retention and attraction of talent in an organization. There are many tactics enterprises can use to ensure they’re paying fairly and competitively, one of the most effective of which is compensation benchmarking.

Industry Verticals, Organizational Cultures, and Benchmarking

ClaimVantage

Before I landed at ClaimVantage, I worked in the insurance industry for over 15 years, selling employee benefits (group insurance) to employers of all types and sizes. That’s the business case for offering employee benefits and other types of non-cash compensation and perks.

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Benchmarking Pay for the US National Soccer Teams

Compensation Today

While we know that compensation for both the women’s and men’s teams is set by collective bargaining agreements, play along with us as we look at the process of conducting a salary market study through the lens of this situation. Learn More About Our Compensation Software.

3 Ways to Approach Benchmarking Hybrid Jobs

Compensation Today

Have you ever found yourself staring at lines of market data, wondering how you are going to benchmark your HR/Accounting Assistant, Recruiter/Front Desk Receptionist or Medical Coder/Billing Specialist? Benchmarking hybrid jobs is more complicated than simply “splitting the difference.'

Un”comp”licating Compensation - Building a Brand People Want to Work for

Speaker: Kathy Steele, CEO, Red Caffeine

Are people your greatest asset? Then fair and transparent compensation and benefits are the way to affirm your organization is dedicated to this pillar of the business. However, having a strategic comp philosophy is only one part of becoming an employer of choice. It is critical to showcase your company culture, establish an employer brand foundation, and modernize your talent strategy. With unemployment levels nearing all-time lows, it’s time to get started and embed your comp practices into a part of your overall employee experience. Join Kathy Steele, an accomplished serial entrepreneur, employer branding expert, and CEO of Inc. 5000 winner Red Caffeine, as she tackles the common business challenge of setting a compensation strategy that aligns with your culture to help you build a brand to attract, engage and retain top talent in a job seeker’s market.

A Full Guide to Compensation and Benefits

Digital HR Tech

Compensation and benefits refer to the benefits a firm provides to its employees in exchange for their labor. Compensation and benefits are thus a key part of Human Resource Management. In this article, we will provide you with a full guide about compensation and benefits.

Compensation Management: Salary Benchmarking and Beyond

Zenefits

Many small businesses assume they don’t need to worry about compensation management. The Bureau of Labor and Statistics offers years of comparative wage data for many occupations at the national, state and metropolitan level. This process is called compensation benchmarking. How is compensation benchmarking done? The first step in compensation benchmarking is to build a list of salary ranges for current and future job roles.

Sales Compensation Strategy 101

HR Daily Advisor

Setting the compensation strategy for the entire organization is no small task, especially when certain groups may warrant their own separate compensation strategy, as they have differing goals and objectives. Sales compensation strategy 101.

Compensation Cafe: Chasing Best Practices

RecognizeThis!

Benchmarks and best practices can give company leaders insight into what those around them are doing, how much they are spending, and how well they are performing. Bonus & Incentives Best Practices compensation performanceBy Derek Irvine. Recognize This!

The Compensation Odyssey: It’s not a destination

Compensation Today

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. Benchmarking Bypass.

Nuances of Nonprofit Compensation: 2017 Compensation Best Practices

Compensation Today

In a prior life, I did compensation and HR for a nonprofit. Every year, the age-old question would come up when it came time to benchmark our fundraising and programmatic jobs. Our programmatic staff were at the heart of the organization.

5 Must-Have Elements for Every Compensation Management Process

HRsoft

The compensation management process lays the foundation for a company culture that recognizes and rewards strong performance. To achieve these goals, compensation management must encompass the following elements.

Cafe Classic: Your Compensation Philosophy is Not What You Say, It's What You Do

Compensation Cafe

We'd be wise to keep this in mind when considering our organizations' compensation philosophies. I have to smile when someone says: "We've never had a compensation philosophy." Even better is this: "We've never communicated our compensation philosophy to employees."

How to structure employee compensation

Workable

Pay structures define employee compensation for different jobs or groups of jobs. Here’s our guide on why and how to set up a pay structure: Why you need structured employee compensation. Determine the form of your employee compensation structure.

Use Agile to Make Compensation Changes Manageable

Compensation Today

You may ask, how is product management like compensation management? Building a product and managing compensation for an organization are not projects — they’re ongoing endeavors that are continuously improving and delivering. How Agile Facilitates Easier Compensation Planning.

How To Benchmark an Elf's Job

Compensation Today

PayScale's Mykkah Herner, MA, CCP, Modern Compensation Evangelist and Paige Hanley, CCP, Compensation Professional It’s that time of year and all of Santa’s Elves have been working overtime. Busy himself, Santa turned to PayScale to determine the best way to handle his elf compensation.

Be a Compensation Paleontologist

Compensation Cafe

Is your compensation structure a Payalotasaur? No matter your approach to pay, you are probably acting as a Compensation Paleontologist to get things done. The best compensation pros do much the same thing. Only compensation professionals can prevent this.

The Objectives of Compensation Management

HRsoft

Compensation happens to be the largest expense that an organization can directly control. Why Is Compensation Management So Complicated? With so many requirements and criteria to juggle, there is no doubt that compensation planning is a complicated area to manage.

Hiring a Compensation Consultant: 7 Steps for Nonprofits

Astron Solutions

Your nonprofit organization might find that it needs some outside guidance around compensation for any number of reasons. For these organizations, hiring a nonprofit compensation consultant is the best choice. Nonprofit compensation consulting services FAQ. Compensation

5 Steps to Creating An Effective Employee Compensation Strategy

Career Metis

Do you have any idea about the employee compensation strategy? And here, effective compensation can help. Therefore, getting an employee compensation strategy in the first place has become a crucial step. An Effective Compensation Management Strategy.

3 Ways Compensation Policies Can Cause Employee Turnover

Lighthouse

Did you realize that the way your company approaches compensation policy can actually create (or reduce) employee turnover? If keeping your people is a priority in today’s tight talent market, you need to look at whether your pay practices are competitive enough to keep workers from heading for greener pastures. employers underestimate the percentage increase in compensation it would take to prompt an employee to change jobs.

How well are you managing workers’ compensation claims?

Bersin with Deloitte

The “80/20” rule is commonly applied to workers’ compensation claims: namely, that 80 percent of the cost comes from 20 percent of the claims. At Deloitte, we’ve done studies with insurance companies looking retrospectively at their closed claims that fell in that worst 20 percent.

Cafe Classic: The Break-Up - When Staffing and Compensation Practices Split

Compensation Cafe

Editor's Note: In this labor market, attracting and keeping the right talent depends on Staffing and Compensation working in sync. What can you do when your compensation survey data is wrong? I hear this question at increasingly regular intervals.

New Benchmarking Analysis Identifies Recent Trends in Balancing Benefit Costs and Attracting Top Talent

HR Daily Advisor

When employers have a sense of how their peers’ benefits and compensation approaches measure up to their own, they can more confidently identify opportunities for improvement. The Best-in-Class Benchmarking Analysis produced by Arthur J.

The Immutable Laws of Compensation (Part 2)

Compensation Cafe

The Third Immutable Law of Compensation: Compensation is always done for, and by, people. Second Corollary: Compensation strategies, decisions, and execution will always contain errors or assumptions that cause them to go awry. (See See Dan’s Third Law of Compensation Motion.).

Know When to Ask for Help With Your Compensation Project

Compensation Today

Every day, PayScale products and services help compensation and HR pros ideate, create, roll out and manage forward-thinking comp plans. Feel like you're in over your head with compensation strategy? Learn More About Our Compensation Software. Benchmarking Jobs to Market.

Executive Compensation 101: What to Consider

HR Daily Advisor

How do you decide the appropriate level of compensation? How do you align executive compensation goals with the overall company compensation philosophy? Let’s take a look at some of the key considerations. Executive Compensation–Consider the Angles.

Developing a Compensation Plan, Step 5: Create Policies and Processes

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. Make clear choices about what you plan to share about each aspect of your compensation plan, including your philosophy, strategy, market data, pay ranges, policies and processes.

The Compensation “Off-Season”

Decusoft

5 ways to win at recruiting and retaining top talent. Having recently watched the NFL draft and listening to sports broadcasters discussing the upcoming NBA draft, it reminded me that it’s not only the sports industry that has “off-season” activities, but compensation professionals as well. Compensation professionals need to do the same. You are taking a step back to assess what new or revised compensation programs should be reviewed for implementation or updating.

Align Your Compensation Strategy with Business Priorities

Compensation Today

Taylor, PHR, SHRM-CP, PayScale Senior Blogger At the intersection of business objectives and recruitment is a strong compensation strategy. It’s clear that human resource pros are increasingly taking their seat at the decision-making table , and for good reason. Tess C.

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?

Demystifying Compensation for Everyone

Namely

Scene 1, Take 1: A Compensation Conversation—Without the Proper Rehearsal You’re a people manager walking into a one-on-one meeting about compensation. As you begin to share the news—a pay raise you thought would be well-received—you’re having difficulty explaining how the compensation decision was made, and answering all of your employee’s questions as well. Discussions about compensation tend to be among the most difficult in the workplace.

Developing a Compensation Plan, Step 7: Keeping It Updated

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. One of the tricks of compensation planning is that it’s never truly done. One of the tricks of compensation planning is that it’s never truly done. Learn More About Our Compensation Software.

Total Compensation Statements: Considerations, Best Practices And FAQs

PlanSource

We’ve got the perfect solution: total compensation statements. What is a total compensation statement? That’s exactly what a total compensation statement is! Think of total compensation statements like a swiss army knife for HR. Why produce a total compensation statement?

Demystifying Compensation for Everyone

Namely

Scene 1, Take 1: A Compensation Conversation—Without the Proper Rehearsal You’re a people manager walking into a one-on-one meeting about compensation. As you begin to share the news—a pay raise you thought would be well-received—you’re having difficulty explaining how the compensation decision was made, and answering all of your employee’s questions as well. Discussions about compensation tend to be among the most difficult in the workplace.