Compensation Package: A Guide For HR

Digital HR Tech

Offering an appealing and generous compensation package is an important part of your employee value proposition. To stand out from other organizations, what should your compensation package include and how do you go about assembling one? Contents What is a compensation package?

Compensation Surveys: Are They Necessary?

Astron Solutions

Finding the fairest and most motivating compensation for your team members is one of the most important jobs for HR leaders like you. A popular method of evaluating a fair employee compensation strategy is to refer to a valid compensation (or salary) survey. Compensation

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How to Create a Compensation Strategy: A Complete Guide

Decusoft

What is Executive Compensation? . Executive compensation programs are influenced by a variety of factors today. As a compensation manager, your primary concern should be the alignment of pay and performance. Compensation Strategy Allocation .

What is Compensation Management: A Complete Guide

Decusoft

Building a robust compensation management plan is critical for organizations in 2021. A well-researched compensation management plan allows you to meet goals around pay equity and other critical factors while retaining talent and rewarding employees for work well done. Legal compliance.

Introduction to Executive Compensation: The Fundamentals

Decusoft

Are you new to the Executive Compensation management field? Do you want to ensure that you have the fundamental knowledge necessary to establish Executive Compensation plans that will help to attract, motivate and retain the talent necessary to achieve your corporate objectives?

Excessively Successful Incentives

Compensation Cafe

The only thing worse than an incentive that doesn’t work is one that works all too well. Wells Fargo is just the latest company to be ethically embarrassed and financially distressed by a fiasco involving excessively motivational incentives. Thousands of employees were discharged over scandalous fraudulent practices that generated illegitimate bonuses and enriched salespeople while bilking their clients.

Astron’s Yearly Compensation Review Part III: Non-Profit Executive Compensation Planning for 2019

Astron Solutions

This Astronology® , the third in our three-part series, examines non-profit executive compensation. In considering non-profit executive compensation, employers and Board have two primary legal concerns. The Tax Cuts and Jobs Act of 2018 is the most impactful change to the way non-profit organizations will plan their executive compensation programs going into 2019. Any portion of compensation paid to a licensed medical professional (e.g.,

Employee Rewards and Recognition: 10 Examples of Incentives That Don’t Work

The Incentive Solutions News blog

Employee Rewards and Recognition: 10 Incentives that Don't Work. Incentive Rewards. Our Incentive rewards inspire motivation in your participants and produce the most ROI for your brand. Incentive Programs. Do Incentives Work? Incentives that backfire.

Two Types of Compensation People

Compensation Cafe

Compensation people seem to come in two types: employee judges and employee advocates. Another group (which I will carelessly label "advocates") prefers to ignore individual performance distinctions and instead would confer identical generous compensation rights to all employees. Advocates" consider all compensation an employee entitlement tied to membership in the group. Do compensation professionals truly display a basic preference between judging and advocating?

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. When done correctly, it ensures employees are paid fairly and have the incentives needed to either improve performance or continue producing excellent results.

Compensation’s Role In Acquisitions

Compensation Cafe

Much has been written about acquisitions and Compensation’s involvement in them. Regardless of whether the target company will be an autonomous operation or fully integrated into the parent company, Compensation in the acquiring company has work to do. Types of Acquisitions: Full integration : There is hardly an acquisition where both companies have the same overall compensation system. Compensation needs to work closely with top management on this.

Top Five Compensation Trends from 2016

Compensation Today

Between the elections, compliance changes, and the ever-increasing competitiveness of talent markets, most of us have been on our toes all year. What trends have impacted compensation the most? In the spirit of the coming new year, let’s count the top five 2016 compensation trends! Count down the top #compensation trends of 2016! Gone are the days where companies compensate with just base pay. 2016 has been anything but boring.

The Primary Goals of Compensation Management

HRsoft

For compensation professionals, the goals of designing and administering pay programs can get muddled over time. Every now and then, it can be helpful to step away from the day-to-day processes surrounding compensation management to revisit its overarching goals. Maintain Compliance.

New Year, New … Employment Laws?

HR Counselor's Corner

If you haven’t added employment law compliance to your new year’s resolution list as of yet, here’s some food for thought. . At least $684 per week ($35,568 per year) must be paid on a salary or fee basis, with no reduction for future incentive pay.

Beware of Bonus Pitfalls: Overtime and Nonexempt Employees

HR Daily Advisor

I received a call recently from an employer that wanted to know if it could exclude a newly created job category from an annual bonus program. I then asked a question the employer clearly wasn’t expecting: Are you factoring the annual bonus payments into the overtime wages of nonexempt employees who are eligible for the program? The employer told me it hadn’t thought about doing so because this bonus was paid only once, on an annual basis.

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. When done correctly, it ensures employees are paid fairly and have the incentives needed to either improve performance or continue producing excellent results. To achieve these goals, compensation management must encompass the following elements. 5 Legal Compliance.

Understanding Item 19’s “Other Compensation”

Berkshire Associates

Office of Federal Contract Compliance Programs’ (OFCCP) revised Scheduling Letter has been creating quite the buzz throughout the federal contractor community, especially because of Item 19—the request for compensation data. In fact, Item 19’s “Other Compensation” submission requirements have been throwing many contractors for a loop. Sure OFCCP tells us it is things like bonuses, incentives, commissions, etc., Compensation Compliance OFCCP Audit

Cafe Classic: The Questions We Should Not Be Answering With Market Data

Compensation Cafe

Similarly, there are questions in the world of compensation design and management that we should not be answering solely on market practice and "competitive norms." How many companies are providing incentives to their nonexempt employees?

2018 Compensation Budgeting Forecast Part 3: Trends in Non-Profit Compensation

Astron Solutions

The world of non-profit compensation continues to see radical changes from the past. Previously, it was assumed that non-profits, due to the limitations placed on their abilities to generate revenue, were in the position of compensating their employees much below the market. The following are key trends in non-profit compensation design Astronology® readers need to know. Trend #2: Compensation Philosophy Statements. Trend #3: Creative Compensation.

Tax Law Fueling Changes to Employer Benefits and Compensation Programs

HR Daily Advisor

The new tax reform law is fueling changes to corporate America’s employee benefits, compensation, total rewards, and executive pay programs, according to a survey by Willis Towers Watson, a global advisory, broking, and solutions company. Sixty-four percent of employers are planning or considering taking action on their broad-based compensation programs, or have already taken action.

Five Steps to Simplify Your Compensation Program

Astron Solutions

As compensation professionals we are often asked if there are alternatives to simplify the method by which compensation decisions are made and communicated within an organization. The following are five basic ways to simplify the complexities of compensation. Broadbanding allows for more flexibility in determining individual compensation based on the combination of individual skill & competency as well as the complexity of the job.

When Size Matters -- Basics for Early Stage and Small Companies

Compensation Cafe

Turns out that you have to take better care of Human Resources than that, especially compensation. The compliance services offered by the PEO are the turn-key stuff, but day-to-day Human Resources administration is much more complicated. Want to keep things from getting rocky and make the most of your compensation budget? Or, and maybe less costly, engage a compensation consultant who has good surveys.) Get credit for your incentives.

Compliance check from legal experts: Policy changes you need to make before 2020

HR Morning

There were a lot of new employment trends in 2019, and 2020 will bring even more compliance changes. Timekeeping and compensation practices. A major compensation change is coming in the new year. Employers are permitted to satisfy up to 10% of employees’ annual salary through non-discretionary bonuses and incentive pay — including commissions.

OSHA Clarifies Guidance on Post-Incident Drug Testing and Workplace Safety Incentive Programs

General Information Services

Post-incident drug testing policies and safety incentive programs would only violate 29 C.F.R. Drug testing under a state workers’ compensation law. Incentive programs may be used to promote workplace safety and health. OSHA’s new interpretation permits and encourages safety incentive programs for employees. Additional precautions, outlined by OSHA are highly recommended: An incentive program that rewards employees for identifying unsafe conditions in the workplace.

2019 HR & Compliance Web Summit: Executive Summary

Paycor

Industry experts like Jennifer McClure offered actionable insights and advice on all things HR, from self-care for the HR pro to in-the-news compliance issues. Maintaining compliance for the organization. They also raised the total annual compensation requirement for highly compensated employees from $100,000/ year to $107,432/ year. W-4 Changes In 2020: What You Need to Know |Speakers: Paycor Compliance Team. Metric: Actual Total Compensation vs. Budget.

Compliance check from legal experts: Policy changes you need to make before 2020

HR Morning

There were a lot of new employment trends in 2019, and 2020 will bring even more compliance changes. Timekeeping and compensation practices. A major compensation change is coming in the new year. Employers are permitted to satisfy up to 10% of employees’ annual salary through non-discretionary bonuses and incentive pay — including commissions.

The Misallocation Dilemma

Compensation Cafe

If reality is not matching theory, I would expect all sorts of ivory tower eggheads with advanced degrees in labor economics would have spoken up to enlighten us mere compensation practitioners stuck in the mud of ground-level reality. Meanwhile, we who frequent this corner of the total rewards world tend to obsess about the many challenges we face dealing with all the complexity we find behind wages, salaries, bonuses stock options and fringe benefits.

Are Contingencies in Commission Agreements Worth the Paper They’re Written On?

HR Daily Advisor

Employers that compensate employees by commission should pay attention to these two cases before withholding commission payments from departing workers. Last month, a federal trial court in Massachusetts also held that a former employee was entitled to unpaid commissions under the Wage Act despite an explicit statement in the employer’s commission policy that employees who voluntarily resigned were ineligible for incentive payments.

Cafe Classic: The Complete Job

Compensation Cafe

You'll try to be as objective as you can, considering quantifiable metrics like deadlines met, sales targets achieved, projects launched, budget compliance and products or services delivered. Chuck Csizmar CCP is founder and Principal of CMC Compensation Group, providing global compensation consulting services to a wide variety of industries and non-profit organizations. Incentives/Bonuses Pay for Performance Performance Management

When Creating the Perfect Compensation Plan Salary is Just the Beginning

Zenefits

Crafting or updating a compensation plan can be daunting for small to midsized business, but whether you have one or not, it’s important to align with prevailing conditions. To attract and retain talent in a tight applicant market, it’s crucial to create a structured compensation strategy or update your current plan to meet demand. What is a compensation strategy? We’ll start with a compensation strategy: what are your goals when determining wages and benefits for staff?

Put Some Skin in the Game

Compensation Cafe

Just Basic Incentive-Based Compensation, Right? On the face of it, some of this conforms with general-accepted incentive compensation plan design. These are the handful of the team-based incentive programs requirements that I came up with: Objectives are specific and achievable. Incentive program should be designed to elicit the desired outcomes and behaviors. Incentives/Bonuses Regulations & Public Policy

Performance Appraisal & Rewards in Response to COVID-19

HR Digest

Many organizations aren’t in a position to retain their people, let alone stimulate feelings of financial security and solidarity with bonuses and rewards. In order to accomplish this, organizations are further clarifying their employment, benefits and compensation policies.

Shaping Performance & Rewards in Response to COVID-19

HR Digest

Many organizations aren’t in a position to retain their people, let alone stimulate feelings of financial security and solidarity with bonuses and rewards. In order to accomplish this, organizations are further clarifying their employment, benefits and compensation policies.

Are Your Variable Pay Practices Factoring into the Gender Pay Gap?

HR Daily Advisor

Pay equity isn’t just a matter of “fairness” and doing the right thing—it’s also a compliance issue and a business issue. But Ryan says that even with your good intentions, there’s an area of your organization’s pay practices you’re not paying attention to that may be contributing to inequity in your employees’ total compensation—and that’s variable pay. Why Is Total Compensation Important? total compensation).

Attract And Manage Top Talent In Your Small Business

SuccessFactors

In today’s high-tech world, technology can help you save time and money with recruitment, HR management, and compliance, so you can focus your efforts on empowering your team and growing your business. Maybe you don’t have the ability to woo talent with big signing bonuses and salaries. Implement a bonus structure in addition to annual compensation to attract and incentive your employees. Take the guesswork and paperwork out of compliance.

5 Ways To Recognize Employees in the Transportation & Logistics Industry

CoreCentive

Recognition programs may include referral bonuses or non-monetary compensation such as priority for in-demand routes. A thoughtful Safety Incentives program can help reinforce those behaviors. Employee Recognition Safety Incentives

Cafe Classic: Do Generational Differences Matter For Total Rewards Strategies? Part 2

Compensation Cafe

Differences in core values between generations influence our view of ourselves, the work we perform, and how we expect to be compensated for that work. In this post, we'll talk about the implications of those differences for incentives and benefits, and how to incorporate these differences in a comprehensive total rewards strategy. Other groups - particularly the Gen Xers - view these kinds of incentives as cliche and would be turned off.