INDUSTRY INSIGHTS YOUR PEERS ARE READING
Compensation benchmarking is a tool for supporting job design and compensation strategy. It also offers strategic value for supporting talent retention MORE
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. MORE
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.' MORE
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." MORE
This is a lesson from PayScale’s Modern Compensation Planning ecourse. With your new compensation philosophy hot off the presses, it’s time to go to market to identify the value of your jobs. Decide on Your Compensation Strategy. Learn More About Our Compensation Software. MORE
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! MORE
One intentional decision that too many companies aren’t making: establishing their compensation strategy. PayScale’s 2017 Compensation Best Practices Report (CBPR) found that just 37 percent of all organizations have a comp strategy. What is a compensation strategy? MORE
The overarching goal of the compensation strategy is to make sure an organization has the right amount of money necessary to motivate the types of performance needed to achieve the business strategy. To that end, compensation should tie into the overall performance management strategy. Your practices must therefore be understood by employees and based on hard, objective data. The post Linking Compensation & Performance Management appeared first on HRsoft. MORE
The 2018 Gallagher Benefits Strategy & Benchmarking Survey. As HR and business professionals, you know that one of the best tools to have is data. And when it comes time to make a decision, having the right, current data is of key importance. How to use data? MORE
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. This is particularly noteworthy because worker’s compensation claims costs typically mirror health care costs and rise every year. MORE
New research by University of Michigan professor Martin Schmalz and co-authors Miguel Anton and Mireia Gine of the IESE Business School and Florian Ederer of the Yale School of Management helps explain why—and why benchmarking happens more in some industries than in others. ” Schmalz, Anton, Ederer and Gine examined 20 years’ worth of data from ExecuComp, which measures the compensation of top executives of the largest 2,000 U.S. MORE
We’re excited to share the first annual PlanSource Benefits Benchmark Report. This groundbreaking annual report is based on real user data from the PlanSource benefits administration platform. MORE
“As we continue into the era of data analytics, big data, AI, and personal tracking devices every HR professional should be prepared to face data that contradicts their beliefs sooner or later. New data should allow me to re-think my position and I should be fine with that. MORE
Data, data, data. We live, love and dream about data here at PayScale, and big data is driving business and pay decisions across industries and functions. When comp data starts to look “off,” it probably means your decision should be based on other factors. MORE
But how do firms meet the challenge of benchmarking compensation to bring in (and retain) the best talent on the market Money matters. MORE
In the 2016 Retail and Hospitality benchmark report, we saw overall engagement at about the same level as other industries. Data was gathered from national and international companies with a large portion of employees directly serving customers. MORE
Taylor, PHR, SHRM-CP, PayScale Senior Blogger At the intersection of business objectives and recruitment is a strong compensation strategy. Use real-time salary surveys, webinars on compensation, and content shared by experts in this area to become educated. Tess C. MORE
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. Where useful data is available, they use it. MORE
Did you realize that the way your company approaches compensation policy can actually create (or reduce) employee turnover? employers underestimate the percentage increase in compensation it would take to prompt an employee to change jobs. In these regions employees are loyal to their jobs but move for additional experience and greater career advancement (instead of compensation alone). 3 Ways Compensation Practices Can Lead to Retention Risk. MORE
With the right strategy and tools, identifying and developing both current and future high-potential employees becomes data-driven and highly effective. The post Data-Based Strategies to Recognize, Reward, & Retain High-Potential Employees appeared first on Ultimate Software's Blog. MORE
Many small businesses assume they don’t need to worry about compensation management. Salary data surveys are a good first step to determine pay scales for a wide range of positions. Note that survey data should be collected by a third party rather than self-reported by employees to ensure accuracy. There are several salary comparison tools to help aggregate data for specific roles. This process is called compensation benchmarking. MORE
According to Willis Towers Watson’s recent Artificial Intelligence and Digital Talent Compensation Survey , in fact, nine out of 10 employers across all regions surveyed have issues attracting and retaining digital talent. MORE
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. MORE
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. MORE
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. MORE
The right compensation strategy and structure can help us both hire and retain great talent. The challenge with developing the right compensation strategy is that there is no “one size fits all.” Help employees understand the concept of total compensation. MORE
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. MORE
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. That is, during the “off-season,” when high speed focused tasks are completed, plan for being winners in recruiting and retaining high quality talent through effective compensation programs. MORE
This is a lesson from PayScale’s Modern Compensation Planning ecourse. Now that you’ve spent some time thinking about the different parts of your workforce and where you compete for talent in each segment, you can apply that strategy when seeking out your data sources. MORE
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? MORE
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. MORE
That’s the business case for offering employee benefits and other types of non-cash compensation and perks. Institutional curiosity is still rampant, certainly, and big companies still want to know how their results stack up against their peer’s data. MORE
HRsoft
JUNE 25, 2018
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.
HRExecutive
OCTOBER 18, 2016
New research by University of Michigan professor Martin Schmalz and co-authors Miguel Anton and Mireia Gine of the IESE Business School and Florian Ederer of the Yale School of Management helps explain why—and why benchmarking happens more in some industries than in others. ” Schmalz, Anton, Ederer and Gine examined 20 years’ worth of data from ExecuComp, which measures the compensation of top executives of the largest 2,000 U.S.
ClaimVantage
JANUARY 24, 2018
That’s the business case for offering employee benefits and other types of non-cash compensation and perks. Institutional curiosity is still rampant, certainly, and big companies still want to know how their results stack up against their peer’s data.
Zenefits
MAY 9, 2019
Many small businesses assume they don’t need to worry about compensation management. Salary data surveys are a good first step to determine pay scales for a wide range of positions. Note that survey data should be collected by a third party rather than self-reported by employees to ensure accuracy. There are several salary comparison tools to help aggregate data for specific roles. This process is called compensation benchmarking.
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This is your crash course in the compensation. master any compensation conversation. compensation plan. address what you plan to reward with compensation (performance, tenure, acquisition of skills, etc.). importantly, that compensation is administered fairly.
Compensation Today
FEBRUARY 27, 2017
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.'
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Compensation Today
SEPTEMBER 11, 2017
This is a lesson from PayScale’s Modern Compensation Planning ecourse. Now that you’ve spent some time thinking about the different parts of your workforce and where you compete for talent in each segment, you can apply that strategy when seeking out your data sources.
RecognizeThis!
APRIL 18, 2016
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!
Compensation Today
JULY 22, 2016
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.
Compensation Today
AUGUST 17, 2017
Data, data, data. We live, love and dream about data here at PayScale, and big data is driving business and pay decisions across industries and functions. When comp data starts to look “off,” it probably means your decision should be based on other factors.
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Compensation. Benchmarking Intro These days, employment candidates are more informed than ever about the market value. The concept of pay fairness doesn’t mean compensating everyone the same. Use the following steps to benchmark your jobs and develop pay guidelines in.
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HRExecutive
JUNE 27, 2019
According to Willis Towers Watson’s recent Artificial Intelligence and Digital Talent Compensation Survey , in fact, nine out of 10 employers across all regions surveyed have issues attracting and retaining digital talent.
Compensation Today
JULY 5, 2017
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.
PlanSource
MAY 16, 2019
We’re excited to share the first annual PlanSource Benefits Benchmark Report. This groundbreaking annual report is based on real user data from the PlanSource benefits administration platform.
Compensation Today
MARCH 20, 2017
One intentional decision that too many companies aren’t making: establishing their compensation strategy. PayScale’s 2017 Compensation Best Practices Report (CBPR) found that just 37 percent of all organizations have a comp strategy. What is a compensation strategy?
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compensation management Comp 101 www.payscale.com2 By now, it’s well-accepted that a comprehensive, up-to-date compensation. are focusing more than ever on strategies to retain and hire top employees, compensation being a big one. compensation plan is no easy task.
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HRsoft
DECEMBER 17, 2018
The overarching goal of the compensation strategy is to make sure an organization has the right amount of money necessary to motivate the types of performance needed to achieve the business strategy. To that end, compensation should tie into the overall performance management strategy. Your practices must therefore be understood by employees and based on hard, objective data. The post Linking Compensation & Performance Management appeared first on HRsoft.
Compensation Cafe
MAY 6, 2019
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."
ADP
MAY 30, 2017
Compensation benchmarking is a tool for supporting job design and compensation strategy. It also offers strategic value for supporting talent retention
Bersin with Deloitte
MAY 17, 2018
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. This is particularly noteworthy because worker’s compensation claims costs typically mirror health care costs and rise every year.
Speaker: Jennifer Ferris CCP & Paige Hanley CCP
Join PayScale’s compensation experts as they show you how to build ranges from a market-centered midpoint, and how to use market data to update or create market-based pay ranges. Choose benchmark positions and slot non-benchmark positions into your pay structure.
HR Examiner
AUGUST 6, 2019
“As we continue into the era of data analytics, big data, AI, and personal tracking devices every HR professional should be prepared to face data that contradicts their beliefs sooner or later. New data should allow me to re-think my position and I should be fine with that.
Ultimate Software
AUGUST 31, 2018
With the right strategy and tools, identifying and developing both current and future high-potential employees becomes data-driven and highly effective. The post Data-Based Strategies to Recognize, Reward, & Retain High-Potential Employees appeared first on Ultimate Software's Blog.
HR Daily Advisor
MARCH 7, 2017
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.
Compensation Today
SEPTEMBER 8, 2017
This is a lesson from PayScale’s Modern Compensation Planning ecourse. With your new compensation philosophy hot off the presses, it’s time to go to market to identify the value of your jobs. Decide on Your Compensation Strategy. Learn More About Our Compensation Software.
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and employers discover salary data to align. include Cloud, Big Data and Process Management. Wild West with outsized compensation and lavish. salaries based on more than 600,000 data points. benchmarks for tech pay across the U.S., compensation.
HR Ringleader
AUGUST 29, 2018
The 2018 Gallagher Benefits Strategy & Benchmarking Survey. As HR and business professionals, you know that one of the best tools to have is data. And when it comes time to make a decision, having the right, current data is of key importance. How to use data?
Compensation Today
JUNE 20, 2017
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.
Compensation Today
SEPTEMBER 13, 2017
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.
Oracle HCM - Modern HR in the Cloud
OCTOBER 10, 2019
The right compensation strategy and structure can help us both hire and retain great talent. The challenge with developing the right compensation strategy is that there is no “one size fits all.” Help employees understand the concept of total compensation.
Decusoft
MAY 17, 2017
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. That is, during the “off-season,” when high speed focused tasks are completed, plan for being winners in recruiting and retaining high quality talent through effective compensation programs.
Compensation Cafe
DECEMBER 19, 2017
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. Where useful data is available, they use it.
Lighthouse
JULY 30, 2018
Did you realize that the way your company approaches compensation policy can actually create (or reduce) employee turnover? employers underestimate the percentage increase in compensation it would take to prompt an employee to change jobs. In these regions employees are loyal to their jobs but move for additional experience and greater career advancement (instead of compensation alone). 3 Ways Compensation Practices Can Lead to Retention Risk.
Compensation Today
JULY 23, 2015
Taylor, PHR, SHRM-CP, PayScale Senior Blogger At the intersection of business objectives and recruitment is a strong compensation strategy. Use real-time salary surveys, webinars on compensation, and content shared by experts in this area to become educated. Tess C.
PlanSource
DECEMBER 6, 2018
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?
CultureAmp
OCTOBER 5, 2016
In the 2016 Retail and Hospitality benchmark report, we saw overall engagement at about the same level as other industries. Data was gathered from national and international companies with a large portion of employees directly serving customers.
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