article thumbnail

HR vs. Payroll: What’s the Difference?

Zenefits

Calculate and send any employee reimbursements, bonuses, and holiday pay. Here are some of the functions HR teams need to be familiar with: Recruit and hire new team members. From there, HR can work with managers and executives to recruit and hire the right team members. Applying raises, bonuses, and extra incentives.

article thumbnail

What is Compensation Management?

Zenefits

One of the main benefits of a good compensation management system is pay equity, but there are ample other benefits, like aiding in budget creation, attracting recruits, reducing turnover, and more. Compensation management is the process of ensuring that an organization’s salaries and bonuses remain competitive, appropriate, and equitable.

Insiders

Sign Up for our Newsletter

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

article thumbnail

What’s the Best Way to Get Bonuses to Remote Employees?

Zenefits

Remote employee bonuses, in particular, can seem tricky. And how can you send these bonuses to workers who live in other states and other countries in some cases? Bonuses are a form of compensation that you give to employees in addition to their set wages. Bonuses can help keep your employees motivated and increase productivity.

article thumbnail

The 5 Primary Costs of Employee Turnover and How to Manage Them

Zenefits

A high turnover rate deals damage from multiple angles, from the expense of recruiting and training new hires to the loss of institutional knowledge and a tarnished reputation. In this article, we discuss 5 primary costs of employee turnover: Recruitment. Turnover results in recruitment costs. Recruitment agency fees.

article thumbnail

4 Steps To A Great Employee Referral Program

Zenefits

With a referral program, your employees actively recruit for your company by recommending qualified people for any new positions that become available in exchange for incentives. Why spend extra money advertising on job boards when you can easily invest in your employees – while shaving off time from the recruitment process.

article thumbnail

Employee Rewards and Recognition Strategy: Aligning HR Objectives With Organizational Goals

Empuls

A recent research by Zenefits, 63.3% of American companies with over 50-500 employees said it's harder to retain valuable staff than to recruit new ones. Customization is vital, allowing personalized rewards catering to diverse employee preferences, from monetary bonuses to professional development opportunities.

article thumbnail

How to Build Fair Pay Grades and Salary Ranges

Zenefits

What incentive strategies are required to drive intended outcomes among current employees. In that case, you might consider having a higher budget for recruiting top development and engineering talent (one of the most major HR challenges of 2021). The extent of and types of incentive strategies you can use.