Promotions, Bonuses, Raises, Recognition - When They Work (and When They Don't)

Compensation Cafe

You can’t give all employees promotions, bonuses, or raises. The driving force behind this is often budgetary: “I can’t give Susie a raise, and there’s no career development path in the department right now. Bonuses. Compensation Philosophy Incentives/Bonuses Recognition

Thinking about Strategy for the New Year

Compensation Cafe

The online Business Dictionary defines business strategy as: -A method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem. Can you develop these business insights on your own?

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Cafe Classic: A Few Things Economists Would Like Compensation to Know

Compensation Cafe

concepts like performance appraisal practices, bonus allocation, merit increase awards, high potential selection and, well, most of the things that we spend our time on. Incentives/Bonuses Pay for Performance Performance Management Sales Compensation

What's Going On Out There?

Compensation Cafe

This "point in time" report is called "Adjusting Total Rewards Programs, Workforce Strategies and Sales Force Effectiveness Practices in Response to COVID-19" and it has some valuable insights into how companies are (or are not) adjusting their people strategies to the current environment.

AON 63

Plan Design Laid Bare!

Compensation Cafe

Connecting business strategy with an employee's work, so the reasons for their rewards are plain as day. Singing, Dancing and Posing: Aligning Incentives, Performance Metrics and Strategic Objectives by Stephanie Thomas. Best practices for plan design?

How to Make Headway on Pay Transparency

Compensation Cafe

It's time to accept that your job has changed from gatekeeper (limiting access to pay knowledge until employees are "ready") to educator (describing the nuts and bolts of salaries and incentives). Getting uncomfortable about your pay transparency efforts or looking to create a strategy?

3 Ways to Improve This Year's Compensation Communications

Compensation Cafe

Here are three tips you can use any time during the year, but most of all during merit increase and incentive award periods. Margaret O'Hanlon, CCP brings deep expertise to discussions on employee pay, performance management, career development and communications at the Café.

Maximizing the Impact of Your Internal Mobility Strategy

Avature

Given its importance we wanted to shed some light on some of the possible barriers of internal mobility and how to overcome them to maximize the effectiveness of your strategy. Key Considerations When Implementing an Internal Mobility Strategy.

Is Pay Transparency a Gift? Agree, No Opinion, Disagree

Compensation Cafe

For example, it will just frustrate employees if you include the question, "I am well informed as to how my job fits into our company's business strategy" with no plans of improving that dimension of communication. I know what I can do to influence the size of my incentive.

At Some Point, You Have to Talk with the Executive Team

Compensation Cafe

This "war story" is the one about the Compensation Director who hired a firm to develop a new compensation program. Margaret O'Hanlon, CCP brings deep expertise to discussions on employee pay, performance management, career development and communications at the Café.

Quick Reminder on Performance Management Effectiveness

Compensation Cafe

A clear line of sight is both a business strategy and a people strategy that gives employees a sense of meaning and purpose. ). Margaret O'Hanlon, CCP brings deep expertise to discussions on employee pay, performance management, career development and communications at the Café.

Solid Reasons to Start Communication Planning in August

Compensation Cafe

If you are going to make sure your compensation and performance management programs are procedurally fair , you've got research, analysis and strategy development to complete. Base Salaries Compensation Communication Incentives/Bonuses Pay for Performance Performance Management

6 Collaboration Techniques to Improve Team Performance

Synergita

Apart from the above-mentioned points, also make sure that your employees are well paid, they get yearly bonuses and incentives, their leaves are accepted and also, they love your company. Managing team collaboration in the workplace is a real challenge that every organization faces.

5 Ways to Fight the "Peanut Butter" Syndrome

Compensation Cafe

One approach is to take into account whether the job is critical to the bottom line, to ongoing innovation or to strategy upgrades. Remember, some companies have begun to put their differentiation efforts into incentive payments rather than salary increases.

Cafe Classic: Chaos Theory

Compensation Cafe

Consistent, strategic pay practices are not simply a recruiting or overhead issue for a small, dynamic organization, they are part of an operating strategy designed to keep the company healthy and focussed. .

You've Got to Start Somewhere!

Compensation Cafe

Market tested your incentive rates? No matter how enthusiastic (or panicked) you are about introducing your new program, design a communication strategy that has stages. Base Salaries Compensation Communication Compensation Philosophy Incentives/Bonuses

5 Simple Wins Benefits Strategies Often Miss out on

Bonusly

Are your benefits strategies evolving quickly enough to stay competitive? Employee benefit strategies are one area many organizations are working to modernize, and cash in on some of the opportunities they present. Professional Development.

Cafe Classic: 3 Ways to Meet – and Exceed – Expectations

Compensation Cafe

Let’s say, a year when there will be layoffs and no bonuses. Would they face up to the consequences if the communication strategy didn't meet its goals? Incentives/Bonuses Pay for Performance Performance Management

Clearing Away the Cobwebs

Compensation Cafe

During the Recession, we were just hanging on for our lives, so overall strategy couldn't be a priority. In the wider world think merit pay, incentives, equity awards, sales compensation, wellness, medical cost management, training and you've only touched on the most obvious examples.

Cafe Classic: Making the CFO Your New BFF

Compensation Cafe

And Finance may want to have a bit more input into HR strategies than we currently want them to have. Margaret O'Hanlon, CCP brings deep expertise to discussions on employee pay, performance management, career development and communications at the Café.

Should Employee Compensation Practitioners Care about the Economy?

Compensation Cafe

As the economy goes, so goes your merit and bonus budget. jobs if we have to adjust to new production strategies. It will help you advance in your career. Your HR executive needs to make expensive financial decisions influenced by business strategy, too.

The Elusive CBPP -- Certified Best Practices Professional

Compensation Cafe

How many CBPPs have yo u met in your career? FIRST, and I mean it in big letters, Twitter's CEO Jack Dorsey gave back one-third of his Twitter stock late in October -- about 7 million shares -- to be used for employee bonus pools.

7 Amazing Facts that Could Change Your Mind

Compensation Cafe

The essence of strategy is in the activities -- choosing to perform activities differently or to perform different activities than rivals. Otherwise, a strategy is nothing more than a marketing slogan." It could really help your career, too. She brings deep expertise in compensation, career development and communications to the dialog at the Café. Change your mind about what? About what really matters in our work, of course.

Implementation Matters

Compensation Cafe

When your company''s strategy shifts each year, employees'' objectives and decision-making should shift, too, as well as what it takes to earn rewards. She brings deep expertise in compensation, career development and communications to the dialog at the Café.

The CEO Pay Ratio: More Great (Gift) Ideas

Compensation Cafe

In short, Dry Run #2 is about strategy not just words. Strategy includes events as well as messaging -- and a rollout schedule. Time to sharpen your pencil and look for places to edit and/or upgrade your strategy and messaging.

5 Ways To Recognize Employees in the Transportation & Logistics Industry

CoreCentive

This article will examine strategies companies can use to address this problem head on and boost employee engagement. This is especially true among millennials , who do not understand the benefits of a career in transportation. Employee Recognition Safety Incentives

12 Powerful Tips to Build an Employee Recognition Culture

EmployeeConnect

HR departments, which are challenged to recruit and retain the best people, are the prime movers for implementing a recognition culture that motivates and rewards employees them with essential psychological rewards that extend far beyond material incentives. This is proven by organisations with the most effective recognition strategies have 31 percent lower turnover rates due to voluntary migration of staff members.

6 Employee Rewards Ideas for Blue Collar Workers

Fond

Offering incentives will boost morale, performance, and retention. . Career Development Opportunities. In reality, this assumption is untrue and many blue collar workers are focused on career advancement. Blue-collar workers are the backbone of America.

The Primary Goals of Compensation Management

HRsoft

Compensation also fulfills this goal; incentives like raises and bonuses can keep even long-term employees committed to your organization. Compensation strategies like pay-for-performance models can also help to reward the desired behaviors that drive progress in your company.

The 7 Elements of an Unforgettable Employee Experience

EmployeeConnect

Before computers, employees developed personal relationships with customers. Today, the lines have blurred, and companies understand that handling customer service issues can’t be limited to seconds or minutes because it’s a big part of marketing and customer-loyalty strategies. Attraction Attracting top talent requires an organised strategy, but making a lot of empty promises quickly backfires in today’s environment of instant communications.

Cafe Classic: Do Employees Yawn When You Talk Total Rewards?

Compensation Cafe

There are opportunities to move up in almost every setting, whether or not the company has a formal career development strategy. It also didn't mean that I was always happy with the career opportunities, but I was always thrilled with what I was learning.

eBook 52

Tackling the Barriers, Myths and Fears of Internal Mobility

Avature

Primarily because employees that are looking for a new challenge, will be encouraged to look at their current organization as the preferred place to grow their career if they know they will be supported. Why Isn’t Everyone Building an Internal Mobility Strategy?

Is now the time for employers to close the gap with base pay market competitiveness?

Bersin with Deloitte

Compensation Strategy Services. Analysts see the use of the tax reduction as an indicator of firms’ priorities and strategy, underscoring even further the importance of real and perceived impact that will be compared and contrasted across peer firms in each industry. In recent years, compensation trends have focused on increasing annual incentives or bonuses because they don’t add to the organization’s fixed costs and can adjust to annual firm financial performance.

What is employee retention?

Workable

To measure it, use the following employee retention rate formula: Employee retention rate formula: What is an employee retention strategy? Employee retention strategies are practices an organization follows to retain its staff (e.g.

Growing a Healthy Compensation Program -- Part Two

Compensation Cafe

Managers are also noticing that their "founding" employees are getting a bit antsy about their pay since they still don't have any real evidence that they are being paid competitively -- even if Healthy Gadgets' compensation strategy has been to overpay.