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Compensation Cafe: Why Friends at Work Matter

RecognizeThis!

– “Friendships at work” is not a soft topic. It’s a driving factor in employee productivity, retention and wellness. 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. The Globoforce Fall 2014 Workforce Mood Tracker survey found 91% of us spend more than 30 hours a week with colleagues (vs. by Derek Irvine.

With Globoforce on Social Recognition

Strategic HCM

I’ve just been attending an event with Globoforce and the Conference Board on social recognition. I’ve been a long supporter of Globoforce’s work on recognition, eg this webinar we did together, and also my support for their book – see this endorsement (which I still support) printed at the start of this: “Recognition is a hugely underused and badly misused HR and management tools. Globoforce’s Mood Tracker suggests that ‘only’ 38% of (N American?)

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Superpower-based Compensation

Compensation Cafe

By now, most everyone is familiar with the holocracy experiment at Zappos. 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. It is possible to resign from or adopt a role or set of roles at any time. What determines compensation when the foundation of the organization is so fluid? Follow Derek on Twitter at @DerekIrvine.

Cafe Classic: 3 Steps to Get Even More Value Out of Compensation

Compensation Cafe

Why does compensation matter? Yes, compensation is a contractual agreement with the employee: X amount of pay for Y amount of work. But it can (and should) be so much more – especially when we think of compensation in the broadest of terms as inclusive of the Total Rewards package.

How Much Compensation Does it Take to Make Appreciation Unnecessary?

Compensation Cafe

Thanks to this article by Nestor Ramos and this one by Nicole Yang, both from The Boston Globe, I’m now also familiar with Brady’s compensation ($41 million in NFL contracts alone) and his sense of feeling underappreciated. We all, as human beings, have a base human need to be seen and appreciated for our unique contributions, the special something only we can bring to the table, as well as acknowledgment that the group achievement overall owes something to our individual contributions.

3 Ideas to Get More Bang for Your Compensation Buck

Compensation Cafe

Stretching the compensation dollar isn’t always about cutting back. To get more from your compensation investment, consider these three approaches. Recent headlines told the story of the experiment conducted at Perpetual Guardian, a New Zealand-based financial services firm in which CEO Andrew Barnes told employees to work 32 hours per week instead of the usual 40, but with no cut in pay. What other ideas have you seen work well to address real human needs on a human level?

What’s the Point? Decoupling Performance Reviews and Compensation

Compensation Cafe

While I enjoy blogging here on the Compensation Café , my primary (selfish) benefit of doing so is the tremendous amount I learn every day from my fellow bloggers and readers who regularly share deeply insightful and thoughtful learnings, lessons and applications in the broad field of compensation. Today, I’d like to tap into your collective knowledge on the subject of performance and compensation. The image below is from my session at SHRM last month: .

A Paycheck Is Not Recognition for a Job Well Done

Compensation Cafe

But used together in a balanced way, compensation and recognition achieve goals for employee satisfaction, engagement, productivity, performance and retention. The APA recently recognized six organizations for healthy workplace practices, identifying 5 factors that employees say their organizations value most: Healthy lifestyle / well-being (92%). Psychologically healthy employees require appropriate compensation and praise for their efforts.

Meaningful Work Tops Company Culture, Compensation, and Perks as Workers’ #1 Must-Have in New Global Employee Survey

WorkHuman

& DUBLIN – September 5, 2019 – With unemployment rates at historic lows, companies are more desperate than ever to recruit and retain good talent. The report, “ The Future of Work is Human ,” surveyed more than 3,500 people in the United States, United Kingdom, Canada, and Ireland, and gives people leaders and executives a glimpse at the future of work as told from the perspectives of the humans in organizations. Data indicates frequent recognition can help here as well.

Cafe Classic: When You Can’t Differentiate Based on Compensation, What Do You Do to Stand Out?

Compensation Cafe

A highly unscientific poll method of asking colleagues and friends about their experience with or recommendations for the annual compensation increase process (by whatever name you want to call it – merit increase, raise, cost-of-living increase) shows deep dissatisfaction with the status quo. For much of that time, he’s worked with the same group of people who know each other quite well. Anyone can copy your compensation plan. Follow Derek on Twitter at @DerekIrvine.

Workplace Wellness: Is It Your Competitive Advantage for the Best Talent?

TLNT: The Business of HR

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. Workplace wellness programs help define your employer brand and set it apart from the competition.

Putting the Human Back in HR….and Our Workplaces #WorkHuman

Women of HR

I’ve noticed for some time now, at least amongst some HR professionals, and in some pockets of conversation within the HR world, that there has been a fair amount of discussion about the need to put the “human” back in human resources. Not so much implying that we’ve all become robots or total slaves to technology (at least not yet!), If you’re interested in learning more about building more human workplaces, join us in Orlando in May at WorkHuman 2016.

A New Employee Benefit: Social Justice PTO

HR Bartender

At this year’s WorkHuman Conference , pioneered by Globoforce, I learned about a new employee benefit called social justice PTO. One company that’s at the forefront of social justice PTO is retailer Patagonia. Employees might have a higher level of engagement because they feel the company shares their social values – or, at least, support them. Well…they can, the question is will it benefit them.

Asked and Answered * Decoupling Performance Reviews and Compensation

Compensation Cafe

In my last post , I tackled the topic of decoupling the traditional formal performance review from compensation, asking why we hold onto old systems we are fairly confident do not work. Indeed, one commenter, Meagan Palatino, summarized the position quite well in her comment: “Really interesting post. My team recently participated in a group discussion at the NYC HR Analytics Meet-up, and witnessed a live debate between HR professionals at companies ranging in sizes.

8 Ways To Celebrate Success At Work

Vantage Circle

The usual understanding of success at work revolves around these basic career assumptions- a six-figure salary, getting to the top of the corporate ladder- winning promotion after promotion, and having a cozy, corner office. How often do you take the opportunity to celebrate success at work?

Faith, Trust, and Pixie Dust at Total Rewards

WorkHuman

came from Colleen Burgess, director of compensation and performance at Qlik. Speaking on a panel with three other Globoforce customers titled, “Slicing Up the Total Rewards Pie to Deliver Stronger ROI,” Burgess told the audience that the key to building a great culture comes down to, “Faith, trust, and a little bit of pixie dust.”. Establishing a sense of trust at work through fairness and transparency was an idea carried throughout the three-day conference.

Why Friends at Work Matter

Compensation Cafe

Several studies have hit the blogosphere in recent months on the importance of friends at work. It seems a “soft” topic, yet it’s friendships and deep relationships at work that drive key business factors – productivity, retention and wellness. And lately we’ve been hearing Millennials leave at an exceptionally high rate. The research also found Millennials to be much more likely to share personal details with friends at work. Wellness.

Cafe Classic: Appreciating the Runners as well as the Winners

Compensation Cafe

The sales team through various compensation and incentive structures? As Globoforce’s Vice President of Client Strategy and Consulting, Derek Irvine is an internationally minded management professional with over 20 years of experience helping global companies set a higher ambition for global strategic employee recognition , leading workshops, strategy meetings and industry sessions around the world. Follow Derek on Twitter at @DerekIrvine.

Insights from the CHRO Panel at #WorkHuman 2017

Lighthouse

This week I’m honored to be at the WorkHuman conference put on by Globoforce. The session this morning was chock full of great insights from an all star panel of HR executives, featuring: Rahul Varma, Global Head of Talent and Learning at Accenture. Kimberly Bors, SVP of HR at Schneider Electric. Vicki Williams, SVP of Compensation, Benefits, and HRIS at NBCUniversal.

CHRO 62

The Best Workday Integration You Never Knew About

WorkHuman

Learn more about Globoforce’s pre-packed integration for social recognition in our webinar this Wednesday. Globoforce is the only certified Workday partner offering pre-packed integration for social recognition. Rob Schmitter and Dan Fiore from Globoforce will do a live demo in our webinar this Wednesday, Nov. 2, at 1 p.m. 5 Reasons to Integrate Globoforce’s Social Recognition with Workday. What value does the Globoforce/Workday integration bring?

5 Human Truths in the Modern Workplace and How to Address Them

RecognizeThis!

I had the pleasure and honor of speaking again this year at SHRM’s 2015 annual conference. My topic – “The Power of Thanks: Bringing Workplace Gratitude to the Next Level” – involved a wide range through the history of humans at work, most of which was hard labor. For the majority of our history at work, we’ve mostly relied on our muscle for hard, physical labor. Now, we are finally moving into a whole body experience at work, involving our hearts, too.

3 Ways to Help Employees Understand Their Worth

Cornerstone On Demand

" The lack of communication around compensation leads employees to make their own assumptions about their worth — and how their paychecks stack up to their peers. A recent study from compensation software company PayScale found that among 71,000 people surveyed, an incredible 83 percent believed they were paid below market rate — even though 66 percent actually earned at or above market value. Always Pair Compensation With Explanation.

Employee Engagement Is a Financial Strategy

HR Bartender

This research is supported in the Globoforce white paper “ The Financial Impact of a Positive Employee Experience.” Their research reported that organizations that score in the top 25 percent on employee experience have nearly three times the return on assets compared to organizations at the bottom of the list. Organizations need to create compensation and benefit programs that are internally fair and externally competitive.

Cafe Classic: 3 Lessons for Truly Global Employee Recognition & Rewards Programs

Compensation Cafe

This post is inspired by Jim Brennan’s “Travel, Currency Issues and Compensation” post last week. This is a very broad example of unintended consequences from artificially controlling currency, but there are lessons we can learn about globalization of programs, especially those that impact compensation, recognition and rewards. 1) Recognition and rewards are not compensation. Recognition (and any related rewards) are always the icing on the cake of compensation.

Cafe Classic: Empowerment is Great, But Make Sure You Have These Things First

Compensation Cafe

The results from that experiment were perhaps novel for that company’s leadership, but should not have been entirely unexpected : productivity only increased among the sales people that were already performing at high levels. Follow Derek on Twitter at @DerekIrvine.

Driving Employee Engagement Requires Baseline of Competitive, Fair Pay

Compensation Cafe

Key findings of the report include (quoting): Employees who receive recognition are more likely to be engaged at work. Broadening this look at the drivers of employee engagement is Josh Bersin’s article “Becoming irresistible: A new model for employee engagement” from Issue 16 of the Deloitte Review. Interestingly, Bersin took the time to explain why this model does not include what we all know is a very important element of employee satisfaction – compensation.

Solving Pay Differentials between Executives and Staff; Men and Women

Compensation Cafe

Charlize Theron] demanded to be paid the same as her male costar, Chris Hemsworth… An insider added: ‘One knock-on effect from the Sony hacking scandal is that there will be more sensitivity about equal pay for actresses and hiring practices at movie studios.’”. In a post on LinkedIn , Jon Ingham dug into the challenges of excessive executive pay at the expense of employees, highlighting the impact to employee engagement. “I d like to hear from the compensation experts.

Win a VIP Meet And Greet With Rob Lowe or Arianna Huffington

WorkHuman

You probably know that Arianna Huffington and Rob Lowe are speaking at WorkHuman 2015. You’re also probably looking forward to seeing them speak on the topics you care so much about, like work culture, well-being and meaning. Meet Rob Lowe or Arianna Huffington at WorkHuman 2015! You must be eighteen (18) years or older at the time of entry to be eligible for this Contest. Employees of Globoforce and their immediate family members are not eligible to enter the Contest.

Female Empowerment Movements and Record Low Unemployment are Rapidly Shifting Workplace Power Dynamics

WorkHuman

October 31, 2018 | Globoforce Press Release. October 31, 2018 – Heightened social activism and hot-button trends have employees reconsidering how they think and feel about their employers, according to a new global survey released today by Globoforce’s WorkHuman Analytics & Research Institute. It is simply unacceptable to treat men and women differently at work. Traditional compensation can present pay equity risks. percentage points at a 95% level of confidence.

Cafe Classic: 3 Reasons Valentine’s Day (and Poorly Designed Employee Rewards) Often Goes Badly

Compensation Cafe

Employee recognition should be a natural part of the daily workflow – something employees at every level “just do” when they see a colleague demonstrate superior performance reflective of your core organization values. Follow Derek on Twitter at @DerekIrvine.

Connecting People: How Cisco Used Social Recognition to Transform Its Culture

WorkHuman

While at HR Tech in October, Claire Gray, senior director of global compensation at Cisco Systems (a Globoforce customer), presented a session titled, “How Cisco Fuels a Culture of Innovation for Employees.”. Tell me about your role and responsibilities at Cisco. I lead the compensation team, which is responsible for all of our compensation, bonus, stock, and recognition programs globally. Why did you choose to partner with Globoforce?

Relational Rewards for Transactional Employees

Compensation Cafe

This post on Forbes.com explains it well: “More and more, employees define loyalty as it pertains to the job at hand. New and increasing challenges (and commensurate compensation) – Don’t give employees a chance to get bored. Specific social recognition helps people understand both the deeper meaning of their own work as well as how their colleagues are contributing, too. Follow Derek on Twitter at @DerekIrvine. Millennials catch a lot of unwarranted flak.

Why We Work

Compensation Cafe

Yet at the end of the day, our work needs to pay the bills. What does that mean for compensation pros? How do you view the balance between employer and personal responsibility to ensuring security and well being for employees? Follow Derek on Twitter at @DerekIrvine. Compensation Philosophy Total RewardsWhy do we work? We all have many reasons, but ultimately we work because we have bills to pay. Work funds our lives.

He Who Dies with the Most Toys Wins

Compensation Cafe

Life is about the fleeting moments we have in deep connection with others and a practice of gratitude – that’s where the real meaning and happiness lies in a life well lived. What triggered this outburst of philosophy on a compensation-oriented blog? At our closing share price of $207.39, the stock market now values Apple at more than $1 trillion. Follow Derek on Twitter at @DerekIrvine. Compensation Philosophy RecognitionHave you heard that aphorism?

Career, Community, Cause – Growth, Relationships, Meaning

Compensation Cafe

Facebook people leaders and Wharton professor and author Adam Grant recently collaborated on analysis of surveys of Facebook employees and their thoughts on what really matters to them – at work and in life. It’s at the heart of intrinsic motivation. This mirrors findings of 23,000 employees from more than 15 industries and 45 countries around the world in research conducted by the IBM Smarter Workforce Institute and the Globoforce WorkHuman Research Institute.

Are Employee Servcie Awards really necessary today?

OmegaHR Solutions

He further referenced a study by SHRM and Globoforce that said “ 90 percent of HR professionals surveyed said recognition programs positively impacted engagement.” Looking at the results provides us with a mixed bag, they include: 21% thought it makes employees feel valued. The reason I looked at this to begin with is that to my way of thinking service awards fly in the face of two current trends.

4 Keys to Leadership According to Jack Welch

Compensation Cafe

This article included a few nuggets well worth sharing. “To As I’ve written several times in Compensation Café, it’s this blend of recognition, opportunity and pay, in appropriate balance, that helps employees want to give their best and helps managers elicit the best from everyone. Follow Derek on Twitter at @DerekIrvine. Compensation Philosophy Incentives/Bonuses Recognition“Neutron Jack” Welch is back in the news.