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Compensation Planning in 7 Actionable Steps

Analytics in HR

Thorough compensation planning allows your organization to create compensation systems that reward employees fairly and support business goals. What exactly is compensation planning, what are its objectives, and how do you go about compensation planning in practice?

10 Employee Incentive Programs to Engage Your Team

Achievers

Incentives give employees something to strive for and provide tangible acknowledgement of their great work. When an incentive is offered, 85 percent of workers feel more motivated to do their best. What are employee incentive programs? The value of employee incentive programs.

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What COVID means to compensation

HRExecutive

This is the second in a series on compensation during the pandemic. The coronavirus pandemic has upended scores of traditional HR structures: hiring, recruiting, onboarding and compensation. Related: Will other employers follow Google’s latest remote plan?

Top 15 Compensation Management Tools in 2021

Vantage Circle

Companies consider several factors when deciding on a compensation planning tool. In layman’s terms, compensation management software allows an organization to plan and administer employee compensation packages in an organized manner. Bonus pools.

Compensation Analyst: All You Need to Know About the Role

AIHR

In the competitive candidate market, organizations need to get their compensation strategy right. That’s why a compensation analyst is a fast-growing role and a career path worth considering. Let’s explore the role of a compensation analyst and how you can become one.

The 5 Elements of a Good Incentive Plan

Compensation Today

Offering incentives is a practice that has seen increased popularity over the past decade. In PayScale’s 2017 Compensation Best Practices Report , over 60 percent of organizations surveyed said they give individual incentives, and nearly a quarter of them reported giving team incentives. But what makes a good incentive plan? Like all things in compensation, it’s more complex than you’d initially think. 5 Elements of a Good Incentive Plan.

PayScale Tools for Today's Comp Pro! Compensation Glossary: Part 1 of 4

Compensation Today

Jenni Marquez, CCP, PayScale Compensation Professional Even the most seasoned HR professional might take a big gulp if approached by their CEO to take charge of anything comp. That’s because, despite being part of the HR department, compensation is like the cool kid at a party. PayScale has you covered in our new, 4-part Comp Glossary. Today’s Lesson: A Little Comp 101 Consider the comp pros at PayScale to be an extension of your team!

A Guide to Payscale Philosophy and Strategy With People Operations

Zenefits

As the workforce moves towards more freelance, contract, and part-time engagements, companies need to make sure they are compensating their employees in a way that meets today’s work style. Compensation is also a pivotal component of people operations.

Bonuses Remain the Top Priority for Raising Compensation

Compensation Today

Taylor, PHR, SHRM-CP, PayScale Senior Blogger Recently, I wrote about the sluggish state of the US economy and its impact on wages for the third quarter of 2015. While companies may not be raising salaries as progressively as desired, they are turning to other means to increase the compensation for their most-deserving employees by offering bonuses. Are employee bonuses the new compensation strategy? Will more employers offer bonuses? Tess C.

7 Things to Look for in a Compensation Package

Visier - Talent Acquisition

Quite the hot commodity, workers can afford to be a little picky and a little particular about what kind of compensation they’d like in exchange for their labor. With companies competing for workers, savvy job seekers know exactly what they’re looking for in their compensation packages.

10 Unique Employee Incentive Programs For Your Team 2021

CuteHR

Incentives give employees something to aim for and motivation to work much harder without actually telling them to work hard. According to a study by Genesis Associates , 85% of the employees feel motivated to work their best when an incentive is offered. Bonuses And Raises.

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 #1: Strategic Planning. Trend #2: Compensation Philosophy Statements.

Pay the Friendly Way: United Airlines Ties Executive Compensation to Customer Satisfaction

Compensation Today

While they have done much to repair the damage, a recent development highlights how this is not only affecting their external customer satisfaction policies but their internal compensation policies as well. United Airlines is putting their money where their mouth is to turn things around – executive compensation will be tied to customer satisfaction. Let’s examine their decision more closely to see what we can learn from their executive compensation plan change.

The Four Times You Should Be Talking About Compensation Throughout the Year

Compensation Today

We’ve written a lot at PayScale about compensation communication — especially about WHY talking about compensation is important, and WHO should be talking about pay. When’s the right time for compensation conversations — and what should you be sharing at that time? The best time to talk about compensation isn't at the annual review. – Explain the details of any bonus, incentive or variable pay plan including eligibility, measurement and payout.

3 Practical Tips to Prepare for Salary Planning

HRsoft

Salary planning typically requires an extensive investment of time and effort for compensation professionals. To help you navigate the process successfully, we’ve compiled a set of practical tips you can use for your next planning cycle. According to an article in Employee Benefit News , companies can benefit from pulling data from a range of sources, such as crowd-sourced pay data from tools like PayScale as well as other outside surveys.

What is a total compensation statement & how does it provide value?

Genesis HR Solutions

In an effort to show employees the true value of their compensation, benefits factored in, many employers are providing total compensation statements. What is a total compensation statement? A total compensation statement communicates the entire value of an employee’s compensation package, including wages, which they already see in pay stubs, along with the hidden cost of the benefits that employers provide. What’s included in a total compensation statement?

7 Tips for Moving to a Pay-for-Performance Culture

Compensation Today

In the 2017 Compensation Best Practices Report , PayScale found that 89 percent of organizations reward and/or recognize performance in some way. In the 2017 Compensation Best Practices Report, PayScale found that 89 percent of organizations reward and/or recognize performance in some way. At PayScale, we believe that your pay brand, the how and why decisions in your compensation plan, should both reinforce your culture and help accomplish business objectives.

Lessons from Gravity: Murphy’s Law of Compensation

Compensation Today

Thanks to massive publicity, we’ve all got a front-row seat for the Murphy’s Law of compensation scenarios unfolding as we speak. What started as a noble intention has spiralled into a compensation can of worms. These are both legitimate concerns and are two of the most significant issues with equitable compensation practices. It’s an unfortunate thing when your well-intentioned efforts at creating an equitable compensation system go horribly wrong.

Cash is Still King When it Comes to Compensating and Engaging Workers

Compensation Today

Taylor, CPC, PHR, SHRM-CP, PayScale Senior Blogger When I wrote Golden Carrots Don’t Produce Employee Engagement last year, little did I know just how much this would ring true for 2016. At that time, employers were just beginning to wake up to the critical nature of employee engagement, spending close to $720 million in programs and incentives. Compensation is more than just developing incentive plans and giving people small annual raises. Tess C.

Employee Rewards: From Most Popular to Most Creative

Compensation Today

In PayScale’s 2017 Compensation Best Practices survey, we asked employers what their workers’ favorite benefits and perks are. Other popular perks were bonuses, 401K options, pensions and modified schedules like Summer Fridays programs. 0 onsite and offsite massage through the medical plan with a specific clinic or $25 copay massage with the provider of their choice. Learn More About Our Compensation Software.

Meeting Your Employees Where They Are When It Comes to Pay Transparency

Compensation Today

Among discussion of customer success best practices and trends, there were also deep-dive sessions on customer education and training — my personal area of interest as the Manager of Customer Education here at PayScale. Technology Has Changed How Employees Access Information. ” When we don’t necessarily have the technology to put pay information at everyone’s fingertips, is there a way to approach the problem from a more philosophical perspective?

2020 Workforce Trends- What You Need to Know!

Affinity HR Group

An increasing number of organizations use bonus programs as a retention tool. A 2019 Payscale survey reported that 73% of respondents used some type of bonus or variable pay program. Consider developing a bonus program(s) for 2020 with an anticipated 2021 payout date.

Total Reward Statements—Show Employees You’re Invested in Them

HR Daily Advisor

Before you start thinking about total reward statements, Rubino says that other basic compensation program objectives should be met. A compensation program must be: Internally equitable. Need to revisit your compensation plans for 2015 but don’t know where to start? Help is available in the free white paper from PayScale, Attack of the Out-of-Date Comp Plan. The compensation landscape is changing—don’t be caught off guard!

Most Important Developments for 9/24

GetFive

Amid a crushing labor shortage, retail companies are dangling perks such as triple-digit sign-on bonuses, free college tuition, and record-high wages in the scramble to staff up before the busy holiday shopping season.

Do Job Analysis and Evaluation Still Apply in Today’s World

New to HR

Whether your job description is graded using a points system or factor-comparison ( e.g. the Hay Profile Method ), the result is that your pay is largely determined by your role, rather than your performance, and if you want more money and autonomy you have to advance to the next rung of the ladder. Physically, the flat organisation will usually be more open plan with various departments sitting together and, in extreme cases, even management working alongside everyone else.

Questions for Budgeting Season

Compensation Today

For some context, in the webinar we provided some ways to sell the need for a decent compensation budget. From there we overviewed the components of what a typical compensation budget should include. Then we focused in on 4 key numbers that every base comp budget should include: Range Adjustments – do you need to adjust your comp plan ranges, and if so by how much, to stay current to the market? Terms and System Capability. Incentive or Bonus Budgeting.