A Guide to Compensation Analysis

Analytics in HR

Compensation analysis is vital to providing fair, equitable compensation. Smart organizations know that providing the right compensation is one of the key pillars to attract and retain the best talent. Contents What is a compensation analysis?

Pre-IPO Equity Compensation: Refresh or Change Course?

Compensation Cafe

It’s getting harder to know exactly what to do about equity compensation at pre-IPO companies. All of this is challenging long-used models for equity compensation. Annual refresher grants pale in comparison to some of those original grants or new hire grants.

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Hiring a Compensation Consultant: 7 Steps for Nonprofits

Astron Solutions

Your nonprofit organization might find that it needs some outside guidance around compensation for any number of reasons. Lowering turnover , strengthening your recruitment strategies , and conducting custom sector surveys are all common reasons for nonprofits to hire a compensation consultant. For these organizations, hiring a nonprofit compensation consultant is the best choice. Here’s what we’ll cover: Steps for hiring a compensation consultant.

Benefits of Compensation Analysis

Decusoft

It is important to conduct compensation data audits frequently in order to produce an equitable and appropriate compensation plan. Compensation benefits research is necessary to ensure fair working conditions and helps improve employee retention plans.

Best Practices for Compensation Comparison

Zenefits

For employers, compensation comparison can feel a bit intimidating. Let’s take a look at some best practices for compensation comparison and determining compensation for employees. In this article, we’re going to discuss 5 best practices for compensation comparison and salary determination. Usually, the base salary will be the most significant component of your compensation package.

2022 Compensation Budgeting Forecast Part 3: What’s Hot in Nonprofit Executive Compensation

Astron Solutions

2020 Observation: “While executive compensation is a concern in terms of visibility to employees and the public, it is important that we retain critical executive talent as we navigate through 2020. Now is not the time to reduce compensation levels.”.

How to Create an Effective Compensation Philosophy

Analytics in HR

A compensation philosophy guides your organization in creating fair, transparent compensation programs and helps you attract and retain employees. Contents What is a compensation philosophy? Why does your organization need a compensation philosophy? Peer group comparisons.

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. It’s important for business owners and HR leaders to know how compensation management works, the benefits, and what to consider before investing in an appropriate system. . What is compensation management? What are the objectives of compensation management?

How to evaluate the compensation plan?

HR Digest

Before you accept that new job, it is important to carefully evaluate the compensation plan. Here is a guide on what to look for in an ideal total compensation package. Your compensation package plays a monumental role in where you end up working in the future.

Tips for Developing a Powerful Compensation Philosophy

HRsoft

A compensation philosophy aims to ensure pay is market-competitive and aligned to the business strategy. To support these two factors, there are six components, or goals, of compensation philosophy: Attract top talent from the market. Compensation Philosophy Examples.

2021 Compensation Budgeting Forecast Part 3: Trends in Nonprofit Executive Compensation

Astron Solutions

As we plan for 2021, we need to consider COVID-19’s impact on 2020 compensation decisions for nonprofit executives. For the most part, nonprofit executive compensation came to a halt. Many organizations froze, or in some cases reduced, current compensation levels.

COLA Compensation: When is it the right choice for my company? 

Runzheimer

So what is a COLA compensation? COLA Compensation . COLA compensation, or cost-of-living allowance compensation, is a stipend that helps moving employees adjust to life in a place where costs are higher than their previous location. Compensating Correctly .

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.

Harnessing the Power of Pay Comparisons to Drive Productivity?

Compensation Cafe

The fact that our behavior is shaped by the constant comparisons we make between ourselves and those in our reference group has been well established in sociology, psychology and economics. With respect to differences in compensation, much of the research has focused on how these differences lead to feelings of discontent and envy. Base Salaries Pay for Performance Total Rewards pay disclosure pay gaps Pay transparency social comparison

PayScale’s Annual Top Tech Employers Comparison Is Here!

Compensation Today

We included 52 organizations in this year’s review — up considerably from last year’s total of 18 — for a more comprehensive look into what’s going on in the tech industry from a compensation and employee-outlook perspective. Learn More About Our Compensation Software. Employee Retention compensation planning employee retention tech employers

Should You Use OKRs To Determine Compensation?

15Five

You’ve likely already heard that OKRs should not be tightly coupled with employee evaluation and compensation. Once compensation or promotion enters the picture, motivations shift towards less-effective extrinsic goals, like status, money, and self-preservation. Because coupling OKRs with compensation conversations can quickly become counter-productive if not done correctly, we’ve gathered best practices below so you can avoid potential pitfalls.

Key Tips for Saving Money on Workers’ Compensation Insurance

FingerCheck

Workers’ Compensation Insurance is a necessary expense for all-size businesses, as having a policy of some nature is ubiquitously state-mandated. First, you should do an extensive comparison of insurance providers, to find the one that’s right for your company.

Annual Incentive Compensation: A Complete Guide

Decusoft

Annual incentive compensation programs represent an enormous opportunity for motivating employees and executives to do their best work. An annual incentive plan is a plan for compensation that is earned and paid based upon the achievement of performance goals over a one-year period.

What We Wish Everyone Knew About Compensation Management!

Keka HR Blog

Companies must go beyond manual pay planning to explore the value of using compensation management software. In this post, we will take a deep look at the many moving pieces of the compensation strategy while analyzing whether companies should make use of a compensation solution and why.

What We Wish Everyone Knew About Compensation Management!

Keka HR Blog

Companies must go beyond manual pay planning to explore the value of using compensation management software. In this post, we will take a deep look at the many moving pieces of the compensation strategy while analyzing whether companies should make use of a compensation solution and why.

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 .

Rewarding Ambition: Determining Compensation Within Your OKR Process

15Five

One of the most common questions we get asked as leadership team coaches is how Objectives and Key Results (OKRs) should be used to determine salary, compensation, or bonuses. A growing number of organizations are eliminating the annual performance review altogether, but a need still remains for metrics and KPIs to determine compensation and promotions. It is also the methodology where a coupling of OKRs to compensation can quickly become counter-productive, if not done right.

Compensation Analytics Is No More Complex With Keka!

Keka HR Blog

Here’s the answer: “Based on how the compensation plan is designed, communicated, and managed, it can positively or negatively impact the organiza tional culture and performance “. . Strategically leveraging compensation?analytics Managing Compensation, the Keka Way! .

Cautious expectation: Future of tech compensation in a COVID world

HIRED

As companies create a long-term return to work plan, how will work-from-anywhere affect salaries and companies’ compensation philosophy? Compensation expectations in line with pre-COVID offerings. Compensation Remote Work

Workers’ Compensation Insurance Is Not Optional

HRWatchdog

Not properly maintaining workers’ compensation insurance coverage is costly for employers. The California Labor Commissioner’s Office reminds employers that they must maintain valid workers’ compensation insurance coverage for all workers, including part-time employees. The Labor Commissioner’s Office provides more information on workers’ compensation insurance requirements for employers, including Frequently Asked Questions.

Cafe Classic: Are Skill Shortages An Opportunity for Recruiting and Compensation to Converge?

Compensation Cafe

Consider a Classic lesson on how labor force analytics can build a bridget between recruiting and compensation to solve skill shortage problems. Where there appears to be an available and adequate pipeline of qualified workers, the EMSI analysis examines wage comparisons as well as other potential "opportunity costs" to understand the degree to which there are incentives for workers to cross occupational lines.

Employee Compensation: Everything you Need to Know

Astron Solutions

As an HR leader for your organization, you know that employee compensation is not just something you determine when you hire a new team member and then forget about. After all, without fair and enticing compensation, people may start to leave. What is Employee Compensation?

Compensation Management Vendor Selection Tip: Demo Scripts

Decusoft

If you are considering or currently going through the process of selecting a new compensation management solution, it is important to do your homework. My company recently published a Blog Post / Guide about the journey, “ Choosing a Compensation Management Solution ”.

Compensation Communications that Hit the Mark This Time

Compensation Cafe

What have data and analytics got to do with compensation communications? We'll talk about how this works in a minute, but let's start by checking out this comparison. Imagine you had to tell the Compensation Committee that the company couldn't afford one of their proposals.

Benchmarking and Executive Compensation

HRExecutive

Executive-pay packages often don’t include a comparison of company performance and its competitors are regularly approved by boards of directors, and many have wondered why. ” Schmalz, Anton, Ederer and Gine examined 20 years’ worth of data from ExecuComp, which measures the compensation of top executives of the largest 2,000 U.S. compensation corporate governance executive compensation HR profession

Cafe Classic: Re-Thinking Compensation At Professional Services Firms

Compensation Cafe

Editor's Note: As pay transparency and equity concerns draw ever more attention, it's interesting to revisit Stephanie Thomas's Classic post about black-box models of compensation and their fit, to the unique world of professional service firm partnerships or. I started thinking about this question after reading an article by Mark Herrmann about compensation of partners at professional services firms. . Partners are forbidden to discuss compensation with each other.

AI Ethics Codes: Why You Shouldn’t Make Remote Work Compensation Decisions Without One

Visier - Talent Acquisition

Indeed, hybrid work is upending traditional compensation strategies, and employers need all the decision support they can get. It can also help align the decisions of individual people managers with a broader framework for compensation that is designed for equity and fairness.

Developing a Compensation Plan, Step 3: Select Data Sources

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. Select Compensation Market Data Sources. Since there are a variety of compensation data sources available to you, it’s crucial that you choose wisely. These sources can be up-to-date, easy-to-use options for comparison. Learn More About Our Compensation Software. Start scouting around for your compensation data sources.

Developing a Compensation Plan, Step 2: Define Your Strategy

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. With your new compensation philosophy hot off the presses, it’s time to go to market to identify the value of your jobs. The next two lessons in building your compensation plan will teach you how to perform compensation benchmarking. Decide on Your Compensation Strategy. What do you want to reward with your compensation dollars? Learn More About Our Compensation Software.

Top 7 Compensation Consulting Firms for Any Sector

Astron Solutions

Issues with retention are particularly common among growing organizations, and employee compensation is often the major perceived contributor to high turnover rates. Why Employee Compensation Strategies Matter. We’ve written before on the importance of developing transparent compensation strategies : Compensation programs are a vehicle by which an organization communicates to employees its mission, vision, values, and the strategic priorities that must be focused on.