Incentive Compensation Management Software

HRsoft

Compensation planning on its own is a complex topic. A robust compensation framework must be internally equitable, externally competitive and compliant with pay and labor laws. Incentive compensation planning takes the concept a step further.

It’s Clear Employees REALLY Matter When They Get a $100,000 Bonus

TLNT: The Business of HR

When 1,380 employees got a $100,000 bonus each, the story should have made headlines everywhere.

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Should Your Company Use Incentive Compensation?

HRsoft

Incentive compensation is one form of the popular “pay for performance” compensation models organizations are using to foster better performance through financial rewards. To learn more about our Compensation Management Software, COMPview, click the button below!

3 Tips for Effective Incentive Compensation Management

HRsoft

Yet, while offering a higher salary may attract top talent, it won’t necessarily promote long-term performance conducive to meeting your organizational goals. That’s why so many business leaders opt for incentive compensation. The idea that money is a great motivator is timeless.

The Immutable Laws of Compensation (Part 2)

Compensation Cafe

The Third Immutable Law of Compensation: Compensation is always done for, and by, people. Second Corollary: Compensation strategies, decisions, and execution will always contain errors or assumptions that cause them to go awry. (See See Dan’s Third Law of Compensation Motion.).

3 Practices for Effective Bonus Administration

HRsoft

When executed effectively, bonus administration can incentivize improved performance. It also provides the recognition most employees seek, which can support employee engagement and help you retain your top talent. However, mastering bonus pay isn’t always easy.

The Immutable Laws of Compensation (Part 1)

Compensation Cafe

I was happy to see the repost Dan Walter’s article of the Newtonian Laws of Compensation Motion since I had been ruminating on the laws of compensation. . But here I want to discuss a few lesser-known, though equally fundamental laws: I’ll call them the Immutable Laws of Compensation.

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.

Life Cycles and Compensation

Compensation Cafe

Compensation programs need to adapt to these different stages as companies grow and evolve. For example, compensation plans needed for start-ups are very different compared to those needed for mature companies. Let’s see how the various stages impact compensation. . Compensation : Salaries are limited as companies are not flush with cash. There is no formal compensation program. Decisions on compensation-related issues are handled in a discretionary manner.

Plan Design Laid Bare!

Compensation Cafe

Most compensation practitioners can tick off the obvious ones on their fingers. I'm talking about: Requiring that the design helps your company achieve its strategic business and talent management goals. Best practices for plan design?

Employees Care More About Compensation Than Employers Think

TalentCulture

Employers can give their staff great projects to work on, but at the end of the day, there’s still a chance that employees will leave the company for their talent competitors simply for a higher paycheck. Without these incentives, employees may wane in performance or productivity.

Are Annual Raises Dead? Only If You Don’t Want to Gain a Competitive Advantage

TLNT: The Business of HR

An article last week from CNBC , with data from Towers Watson and Aon Hewitt, showed that the annual pay raise is essentially dead (and in Towers Watson’s case, bonus pools will also be underfunded).

AON 106

One Way to Revive Tired Old Compensation

Compensation Cafe

I’ve been reading a lot lately about what Compensation will look like in the future and I remembered a project that I had once worked on. Yes, some companies offered flex benefits but this situation included cash compensation as well. What if they handed over control to employees to configure the amount of their own benefits, perks, and cash compensation creating a package unique to their own personal situations. Compensation needs to be too.

Cafe Classic: To Innovate in Rewards, Get Outside the Rewards Profession

Compensation Cafe

There appears to be general agreement among reward professionals that the compensation approaches and protocols which have dominated practice for the last few decades are ripe for reinvention.

Study 60

Cafe Classic: That's The Way We Do Things Around Here

Compensation Cafe

How about in your own backyard Compensation? She has managed both local/ in-country national and expatriate programs and has been an expatriate twice during her career. Asia and Europe, and is a regular contributor to various HR and talent management publications.

Cafe Classic: Are Employees "Costs" or "Assets"?

Compensation Cafe

Such statements are usually a prelude to large executive bonuses, layoffs or plant closings. . It simply shows that initially most employees are a "cost” and that over time, with the right talent management, they become more and more valuable. Compensation, of course.

Total Employee Compensation Management Tools

HRsoft

Employee compensation is without a doubt one of the most important and significant expenses that an organization is responsible for. A business that has a workforce of motivated, productive individuals is a business that is bound to get high returns on its compensation investment.

Using Compensation Management Systems to Improve Performance

HRsoft

An important link exists between compensation management and performance management. Compensation management systems streamline and automate the comp planning process resulting in the improvement of employee performance across the board.

Is Variable Compensation the Right Choice for Your Company?

HRsoft

Variable compensation is a way of paying employees based on their individual performance or that of their team. Here, we explore more about this popular approach to compensation. Thus, it can be helpful to use compensation planning tools to support such initiatives.

Can Compensation Software Solve Performance Issues?

HRsoft

Managers today are seeking creative ways to drive performance in their companies. But in order to know how to use pay so that it affectively motivates and rewards employees while still being equitable for your company, you may need to implement a compensation software tool to help.

Cafe Classic: An Innovative "Win-Win" in Japan

Compensation Cafe

company opted for an end run around corporate management to do what they believed to be the right thing. If you know how different countries view annual bonuses or commission plans, you know that the Japanese don't feel comfortable with plans based on individual performance.

Cafe Classic: Stop Spreading the Peanut Butter and Start Feeding the Eagles

Compensation Cafe

Editor's Note: Classic insights - and some great quotes - on risk aversity versus risk leveraging in pay management via Jacque Vilet. " Just as top management finds it critical to balance the risk and reward of their strategic decisions, HR also needs to incorporate risk into their thinking.

The Breakdown of a Total Compensation Statement

HRsoft

Ask your employees about how much they receive from the company as compensation and you are likely to get answers that vary widely. Total compensation statements do just that! They are comprehensive break downs of all the components of a worker’s compensation, covering: Base Pay.

Cafe Classic: Does Self-Help Help?

Compensation Cafe

Editor's Note: With the ever present, media-fueled merry-go-round of subject matter experts out there, why haven't we yet solved our critical talent management and reward problems? He lives in Central Florida (near The Mouse) and enjoys growing fruit and managing (?)

How to Meet the New Overtime Regulation Using People Analytics

Visier

In order to achieve this, HR must find an effective solution that will help them make the right compensation and workforce changes–while balancing the needs of the workers and the bottom-line. How can we better track, report, and manage overtime? Talent Management

Cafe Classic: The Law of Unintended Consequences

Compensation Cafe

Editor's Note: Unintended consequences have become an unfortunate hallmark of too many incentive and pay-for-performance schemes. Doctors received a portion of their compensation package if they prescribed less than 50 tests a year. 2) Frank, an Engineer, had 3 goals on his bonus plan.

In the Beginning.

Compensation Cafe

In the beginning was the incentive plan. And the incentive plan was without meaningful substance. We must reveal this to management.”. And the employees went unto their managers and said, “This plan is a pile of dung and we know it will worketh not.”.

HR's Doing the Same Thing Over and Over Again, Expecting Different Results -- Managers, Not So Much

Compensation Cafe

The Willis Towers Watson Talent Management and Rewards Pulse Survey was just conducted in October and November 2015 (right when most of their survey participants were deep into performance review and merit pay decision-making).

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Time for Another Look at Wellness Programs

Compensation Cafe

Companies have used the “carrot” giving employees financial incentives to participate, such as discounts on health insurance. She is also a regular contributor to various HR and talent management publications and conducts frequent webinars. .

Today is Equal Pay Day: Can HR Technology Help Close the Gender Pay Gap?

SumTotal

Employers must look to ensuring that all employees can expand their role and proceed up the management ladder to higher-paying positions. Merle Chen , Chief Talent Officer, The Lo & Behold Group.

Cafe Classic: How I Learned to Shut Up and Listen

Compensation Cafe

I had a manager once that didn't know anything about international HR. Both of the following examples happened a long time ago when I acted more like my manager than I would like to admit. This HR manager had very little knowledge of PPO’s and HMO’s in the U.S.

Inquiring Minds Want to Know

Compensation Cafe

In the past once a deal was officially signed the acquired company was “dumped” on HR/Compensation to handle the integration. Employees had questions and HR/Compensation had no answers. And since everything we do in compensation is communication , Compensation professionals need to shine. Regardless of how compensation will be structured between the two companies after the acquisition is final, employees on both sides will be concerned about what is happening.

Attract And Manage Top Talent In Your Small Business

SuccessFactors

For a small business owner, attracting and managing these vital employees can be a source of high anxiety. How should you manage the HR process in your small company when you’re the CEO, CFO, and head of HR? Mine your network for top talent.

Lost at Sea or. No Safe Harbor

Compensation Cafe

And that is where Compensation professionals need to be knowledgeable and involved. In many companies Compensation has responsibility for overseas payroll for local nationals as well as employee benefits. So what should Compensation professionals be doing? and overseas, contributes to various HR and talent management publications and conducts frequent webinars. .

Cafe Classic: First, You Eliminate Pay as the Solution

Compensation Cafe

Most of the people I hang with are still pretty much compensation people rather than Talent Managers or Total Rewards professionals, so when they are presented with a problem, guess what gets addressed first? Base Salaries Incentives/Bonuses Pay for Performance Total Rewards