HR and the Holidays, Part Two: Holiday Bonuses

FingerCheck

Holiday bonuses can be tricky. While not every employee expects a holiday bonus, depending on the corporate culture, the practice may presumably be a standard part of the job. According to one recent poll, two thirds of HR and Hiring Managers say they plan to offer holiday bonuses.

Is Your Annual Incentive Pay Plan the Right Fit for Your Business?

Insperity

You need to develop an effective incentive plan. Overall, the most common strategy is an annual incentive pay plan. In 2014, 90 percent of publicly traded firms offered such plans, according to a WorldatWork and Deloitte Consulting LLP report.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Is Your Annual Incentive Pay Plan the Right Fit For Your Business?

Insperity

You need to develop an effective incentive plan. Overall, the most common strategy is an annual incentive pay plan. In 2014, 90 percent of publicly traded firms offered such plans, according to a WorldatWork and Deloitte Consulting LLP report. But is an annual incentive pay plan really the best way to motivate employees? How an annual incentive pay plan works. An annual incentive pay plan should: Reward high performance.

A Day in the Life of a Payroll Professional: Cheri Greene

Namely

In her new role, Cheri works closely with the HR department to process the company’s payroll. The first thing I do is check my three email inboxes—personal, payroll, and accounts payable. I often get emails from employees with payroll questions. Time to process payroll!

Where Have All the Raises Gone?

Compensation Cafe

Last month The New York Times ran an article bemoaning the loss of pay raises in favor of one-time bonuses and non-monetary rewards. The share of payroll budgets devoted to straight salary increases sank to a low of 1.8 percent of payrolls.

Rewards Matter: 4 great ways to recognize employees

HR Morning

But for any good employee worth having on your payroll, being recognized for their efforts is as important to them as their paycheck – with the added bonus that a well-planned employee recognition program boosts retention. Rewards matter. Sure, salary and benefits are key factors, too.

Why Must Employers Teach Employees About Total Rewards?

NGA Human Resources

It groups together the total value of base pay, bonuses and equity with any benefits (monetary and other) plus and additional employee perks. Anything above can cost more in administrating than any results the incentives can deliver. . Featured Payrollby Anita Lettink.

DOL issues final OT rule: It’s more good news than bad

HR Morning

Nondiscretionary bonuses count toward the threshold. Other than for highly compensated individuals, nondiscretionary bonuses haven’t counted toward an individual’s salary and, therefore, couldn’t help employers push workers over the exemption threshold.

Attract Top Candidates With the Pay and Benefits They Actually Want

Tsheets

To even the playing field between small business Davids and corporate Goliaths, TSheets and QuickBooks Payroll sought out what employees want from a pay and benefits package, to learn how small businesses can best compete for top talent.

Let’s Talk About the Trend Away From Base Pay Increases Towards Short Term Rewards

Something Different

Namely; the percent of annual payroll budgets dedicated to salary increases has shrunk from a high of 10% to a current level of 2.9%, and short-term incentives as a percent of payroll has skyrocketed from 3.9% (when Aon first started tracking the metric in 1988) to a record 12.7%

Trends 169

How to Talk About Pay At Work

Zenefits

But the company has merit and incentive programs in place to reward the teams who are already here and keep their pay competitive too; Make them feel valued – Listen more than you talk; give them a space to share their frustrations; it might have nothing to do with pay after all; Follow-up with their manager – Let them know the conversation happened; encourage them to address any pay concerns that are legitimate through the merit process. HR Tips & Trends Payroll

How to Grow Part 2: Compensation Motivation

Reviewsnap

Here’s Your Bonus Typically a lump sum (year-end bonuses) are one tool that makes up total compensation. of payroll budgets last year. Year-end bonuses are more easily tailored to the specific job role compared to some other compensation rewards.

The New #FLSA Overtime Changes: Make Sure Company Policies Are Aligned

HR Bartender

Employers will be allowed to use nondiscretionary bonuses and incentive payments (including commissions) to satisfy up to 10 percent of the new salary threshold. They’re also having internal discussions about how to manage overtime pay and payroll expenses.

What is Compensation Management?

Zenefits

Compensation management is the process of ensuring that an organization’s salaries and bonuses remain competitive, appropriate, and equitable. If salary, bonuses, and benefits aren’t managed properly, employees might find much better comp packages elsewhere, performance and job satisfaction could decline, and several other factors could negatively impact the business. Wellness incentive programs, in particular, are having a major impact on employee compensation packages.”

What is an ERISA Qualified Plan?

Zenefits

Non-ERISA qualified plans include tax-deferred compensation and bonus plans. Incorrect classification or reporting errors could result in costly correction fines. A Savings Incentive Match Plan for Employees (SIMPLE) is another employer-sponsored IRA plan. Payroll ComplianceERISA is an acronym frequently thrown around in the world of HR, but what does it mean? ERISA stands for the Employee Retirement Income Security Act.

Construction Companies Hurry Up and Wait … to Get Paid

Tsheets

How useful are incentives and penalties? In an effort to get paid on time, more than a third of construction companies (39 percent) say they incentivize early payments or penalize late payments or both (57 percent say they don’t use any incentives or penalties). The effect on payroll.

Growing a Healthy Compensation Program

Compensation Cafe

If you're an HR office of one, busily juggling everything from beneficiary forms to incentive awards, it's hard to believe that you share any pressures with other HR managers. An annual bonus may be offered to all employees, but is often based on vague measures that drive short-term results.

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

Genesis HR Solutions

This includes gross wages and extra financial compensation, such as bonuses or commissions, as well as the employer-paid portion of retirement plan contributions, insurance premiums, and paid time off benefits. Bonuses. Commission/bonuses/incentive pay.

2 Critical Budget Considerations for Employee Social Recognition Programs

RecognizeThis!

WorldatWork’s semi-regular Trends in Employee Recognition reports tell us t he average continues to be about 2% of payroll. By Derek Irvine. Recognize This! Budgets must be appropriately established to reach all employees in a differentiated and calibrated way.

The Small Business Guide to 401(k) Matching

Guideline

Between the tax advantages and this year’s higher contribution limits, employees have plenty of incentive to put money aside for retirement. So how does this important incentive work? We all want to find our perfect match—especially one we can retire with.

Business Growth: 3 Suggestions to Help You Boost Your Business

Effortless HR

However, not all card providers actually report good card behaviour to the business credit bureaus (Experian, Equifax, and Dun & Bradstreet). When shopping for a card, make sure to ask potential providers on whether they report back to the bureaus.

Recognition & Inclusion

Unipos

McKinsey & Company provided the following statistics from their Diversity Matters report : Companies in the top quartile for racial and ethnic diversity are 35 percent more likely to have financial returns above their respective national industry medians.

Why Must Employers Teach Employees About Total Rewards?

NGA Human Resources

It groups together the total value of base pay, bonuses and equity with any benefits (monetary and other) plus and additional employee perks. Anything above can cost more in administrating than any results the incentives can deliver. . Payrollby Anita Lettink.

Top 10 HR Best Practices to build Better Workplaces in 2020

CuteHR

These areas include employment and selection, training for better skills and development, transparency, benefits for employees, employee incentives, compensation and evaluations, and terminations. Performance-based bonuses.

Benefits and Rewards – Why Employees Want More

NGA Human Resources

We recently partnered with Benify , to round out our integrated payroll benefits solutions and services portfolio. Companies with online, self-service options, where employees manage their own rewards packages, report more than financial returns. Spot bonuses or cash incentives.

Benefits and Rewards – Why Employees Want More

NGA Human Resources

We recently partnered with Benify , to round out our integrated payroll benefits solutions and services portfolio. Companies with online, self-service options, where employees manage their own rewards packages, report more than financial returns. Spot bonuses or cash incentives.

Merit Pay Raises: Why They're More Popular and How to Get One

45 Things

of payroll is targeted for incentive and bonus pay in 2018. Two-thirds of the employers surveyed report they will use merit pay to reward workers who are doing a good job or those who need to improve. Further, some companies are going to raise the bar for high performance, with 15% of organizations say they will set higher targets for bonuses and incentive pay. If you're counting on a pay raise for next year, you might be in for an unpleasant surprise.

Paycor Receives WorldatWork 2017 Seal of Distinction

Paycor

Bonus programs. Short-term incentives. Long-term incentives. Known for delivering modern, intuitive recruiting, HR and payroll solutions, Paycor partners with businesses to optimize the management of their most valuable asset—their people. Paycor’s personalized support and user-friendly technology ensure that key business processes, including recruiting, onboarding, reporting, timekeeping, compliance and payroll, run smoothly. 17, 2017 — WASHINGTON , D.C.

Sales Job Offer Letter template

Workable

Compensation packages for salespeople often include performance-based commission or standard bonuses (when the entire sales team achieves quotas, or when the entire company achieves its goals.) Bonuses. Motivate potential sales hires to go beyond targets by offering incentives when they outperform their established goals. Bonus: [ Mention any bonus options you offer, e.g. X% of your base salary based on annual team target. ]. Bonus options. Bonus options.

Why HR is Important – Even for Startups

marenated HR

Lauren Weber ( @laurenweberWSJ ), workplace Reporter for the Wall Street Journal, said: “Startups can be especially fraught HR terrain because founders often hire friends and acquaintances in a company’s early stages, turning personal issues into professional ones, and vice versa.”.

Types of HR Software: A Guide

Capterra

These systems let you track and automate compensation plans for employees including bonuses, incentive programs and commissions, and salary planning. Payroll. Many include options for employees to trade shifts, report overtime, and more.

Developer Job Offer Letter template

Workable

Here’s an overview of terms and conditions for your anticipated employment with us: Position: [ e.g. You will be working as a [Job_title] and reporting to the [e.g. Bonus: [ If applicable, mention any bonus options you offer, e.g. $X sign-on bonus.]. Bonus potential. Your title will be [ Job_title ], and you will report to the Company’s [ Manager’s job_title ]. Bonus potential. Your target bonus will be equal to [ % ] of your annual base salary.

Outsmart Unplanned (and Costly) Employee Overtime

Insperity

When overtime creeps into your payroll and company culture haphazardly: Your C-suite may see it eating away at profits. Is overtime being used as an incentive or bonus without strategic oversight?

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

HR Daily Advisor

Today, we present some advice on crafting these reports from Consultant John Rubino. Next to direct pay, benefit expenditures represent the second largest payroll expense. Check out the free best practices report, Attack of the Out-of-Date Comp Plan.

How to Hire for Long-Term Success

FingerCheck

Creating a great referral program can add incentive, such as awarding a bonus to the employee whose referred hire makes it past 90 days on-the-job. .