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Developing a Compensation Plan, Step 3: Select Data Sources

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. Now that you’ve spent some time thinking about the different parts of your workforce and where you compete for talent in each segment, you can apply that strategy when seeking out your 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. Decide on Your Compensation Strategy. Learn More About Our Compensation Software.

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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.

Justify a Job Offer’s Salary with Data

Visier

Candidates are approaching job offer negotiations with unprecedented levels of insight and confidence: The US unemployment rate has reached a historic low, and individuals now have instant access to compensation data via websites like Glassdoor and Salary.com.

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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

Tips for Developing a Defensible & Equitable Compensation Plan Structure

HRsoft

In order to ensure a defensible and equitable compensation plan, organizations should adopt a step-by-step process to oversee equal pay processes. An equitable compensation plan begins with your organization’s job descriptions. Clearly identifying a general overview of the position, as well as specific duties, required education and experience, and necessary skills, provides an important foundation on which you can build a solid compensation plan.

Compensation Management: Salary Benchmarking and Beyond

Zenefits

Many small businesses assume they don’t need to worry about compensation management. Salary data surveys are a good first step to determine pay scales for a wide range of positions. Note that survey data should be collected by a third party rather than self-reported by employees to ensure accuracy. There are several salary comparison tools to help aggregate data for specific roles. Indeed also provides a free tool for salary comparisons.

Competitive Market Surveys Rarely Produce Identical Pay

Compensation Cafe

Compensation professionals love to cite “the open market,” while being less eager to admit that every market is different. Examination of the official weather report offers more refined data with greater credibility.

How To Use Cohort Analysis for Better Workforce Decisions

Visier

Talking compensation and promotions with your employees can be a tricky business, yet many managers make these costly (and sometimes time-sensitive) people decisions based on hallway conversations and gut feel. Recommended Read: 5 Ways Your HRMS Hinders Data-Driven Decision Making.

PayScale Tools for Today's Comp Pro! Compensation Glossary: Part 2 of 4

Compensation Today

Jenni Marquez, CCP, PayScale Compensation Professional PayScale’s Comp Glossary returns! We’ve compiled a list of fundamental compensation terms and why they’re important to know. Gather external data and evaluate that information against how you are paying internally.

Lights! Camera! Action!!

Compensation Cafe

I once worked for a CEO who thought that any compensation proposal could be reduced to a single piece of paper, including plenty of white. “If However, before you settle on the visual format best suited to sell your case you should focus on the data points necessary to make that case.

The Free Trap: Why Free Data Isn't All It's Cracked Up To Be

Compensation Today

Kari Van Hoof, CCP, PayScale Compensation Professional The internet is a great and wondrous thing, where with just a few key word searches, you can find anything and everything, including pay data. Do you know where the data is coming from? Has the data been validated?

How To Use Cohort Analysis for Better Workforce Decisions

Visier

Talking compensation and promotions with your employees can be a tricky business, yet many managers make these costly (and sometimes time-sensitive) people decisions based on hallway conversations and gut feel. Talent Management compensation cost management workforce analytics

6 Ways Insurance Companies Can Tap The Power Of Big Data

SAP Innovation

Big Data is transforming the business world. As a very people-centric industry, insurance companies have many ways to refine their business practices using Big Data. Here are six examples of how insurance companies can use Big Data to their advantage.

Santa, Where Do Best Practices Come From?

Compensation Cafe

Much as we like to believe that our compensation processes are objective, even numbers have a way of being influenced by human nature. We're likely to pay more attention to findings that support our beliefs and to ignore competing facts and patterns in our data.

The Free Trap: Why Free Data Isn't All It's Cracked Up To Be

Compensation Today

Kari Van Hoof, CCP, PayScale Compensation Professional The internet is a great and wondrous thing, where with just a few key word searches, you can find anything and everything, including pay data. Do you know where the data is coming from? Has the data been validated?

Total Rewards – Total Relationships

Bersin with Deloitte

Total Rewards leaders (Compensation & Benefits) are increasingly pressured from both inside and outside the modern organization. Driving towards a Simply Irresistible Organization demands a shift in Total Rewards. Posted by Arthur Mazor , Chad Atwell and Jason Flynn on February 2, 2018.

Cafe Classic: Reimagining Rewards and the Value of Work

Compensation Cafe

Editor's Note: This Classic appeared a few years ago when the wave of analytics was first hitting us, but its invitation to think the unthinkable remains important today as we work to extract true value from our fast-developing array of tools and data sets. Data and Analytics

Industry Verticals, Organizational Cultures, and Benchmarking

ClaimVantage

And employers compete with each other for talent just as they do for customers. That’s the business case for offering employee benefits and other types of non-cash compensation and perks.

ABC, Easy as 1, 2, 3

Compensation Cafe

I first helped develop this “market data adjustment strategy” several years ago while working on a Broad Banding and Market-Pricing project at a large public company. . Many jobs end up being a 75%-80% match to the market data.

Total Rewards – Total Relationships

HR Times

Total Rewards leaders (Compensation & Benefits) are increasingly pressured from both inside and outside the modern organization. Driving towards a Simply Irresistible Organization demands a shift in Total Rewards. Posted by Arthur Mazor , Chad Atwell and Jason Flynn on February 2, 2018.

Amazon Coming to Town? Mitigate Talent Shortfalls with People Analytics

HR Daily Advisor

A data-driven process is one smart strategy that business leaders can take to mitigate the risks—and find the opportunities—associated with Amazon’s big move. By using data and analytics, companies can create a tailored and realistic action plan aimed at retaining their employees.

Defining the Group with the Highest Selection Rate in Adverse Impact Analysis: Uniform Guidelines Methods May Mislead

Biddle Consulting

Many EEO analysts reference the federal Uniform Guidelines on Employee Selection Procedures (Guidelines) for direction: the group with the highest selection rate that also comprise a minimum of 2% of the applicant data may be defined as the Advantaged group.

Close Gender Pay Gaps by Knowing Your Talent Skill Gaps

TalentGuard

Setting aside bias with a purely objective, data-driven comparison of skills helps everyone. Career pathing technology can give companies this type of data all in one place. Technology that allows talent leaders to scientifically and quantitatively assess an employee’s skills removes the subjectivity that can lead to compensation bias. Close Gender Pay Gaps by Knowing Your Talent Skill Gaps.

TalentGuard Enhances Talent Management Suite to Help Companies Address Critical Skill and Gender Pay Gaps

TalentGuard

We’ve added efficiencies to make it easier for them to gather objective data that is both scientific and qualitative with our reporting capabilities.”. With states like Massachusetts doubling down on gender and pay laws, just checking boxes or saying someone has a skill or competence in a particular area will no longer be enough,” said Linda Ginac, CEO of TalentGuard. “If Austin, Texas – August 1 3, 201 8 – TalentGuard Inc.,

Point Factor Job Evaluation Concisely Summarized

Compensation Cafe

Good survey data might exist for Widget Apprentice and Widget Expert while no other employer might have a job equivalent to your unique Widget Generalist. Without those accommodations, the company would hemorrhage workers and close down for lack of competent personnel. Warning!

How to Use People Analytics and Recognition to Strengthen Culture

Bonusly

Data and analytics are the next big thing in HR, but do you really know how to implement your findings in meaningful ways? What’s the big deal about data? Data analytics has become a hugely valuable field supporting more informed business decisions, from operations to marketing.

6 Areas Where People Analytics Can Help HR Get Ahead

Career Metis

It’s official – the data revolution is in full swing. According to one recent report , 90% of businesses now say that data and analytics are key to their organization’s digital transformation initiatives.

Turning Employees into Talent: What is Talent Management?

TrustRadius HR

In the face of a tight job market that is impacting the compensation and benefits packages companies provide , prioritizing talent management and development has shifted from an add-on to an essential component of HR services.

Pay Fairly All Year Long

Compensation Today

I was preparing a slide deck to use in an upcoming training about modern compensation, searching for an image for CEO. The most recent US Bureau of Labor Statistics (BLS) data shows that Americans 25 and older with a four-year college degree, have an unemployment rate of 2.8%.

8 Great Job Description Management Software Tools (and Why!)

Ongig

If you’re strictly looking for grade level/pay scales type of data, the other solutions down below might be a better fit. JDXpert also acts as a central hub and source for all job data. Job description comparison allows employers to see differences.

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8 Great Job Description Management Software Tools (and Why!)

Ongig

If you’re strictly looking for grade level/pay scales type of data, the other solutions down below might be a better fit. JDXpert also acts as a central hub and source for all job data. Job description comparison allows employers to see differences.

Tools 52

To Pay For Performance Without Performance Ratings, In For A Penny, In For A Pound

SuccessFactors

These organizations are now quietly making major amendments to their new models after having realized that they have lost the data basis for subsequent compensation management decisions.

Turning Employees into Talent: What is Talent Management?

TrustRadius HR

In the face of a tight job market that is impacting the compensation and benefits packages companies provide , prioritizing talent management and development has shifted from an add-on to an essential component of HR services. Employee engagement: A newer area of talent management, employee engagement measures and manages how engaged employees are with the company culture, job satisfaction, and competencies to better inform and direct future employee development and company culture.

Performance Enablement: A Next-Generation People Practice

Workday

At the core of this mindset shift is helping managers and employees focus on what we call the Five Factors—contribution, capabilities, career, connections, and compensation—that fuel employee success and guide important conversations. As a result, employees will be more enabled to pursue their career interests, grow their capabilities and professional connections within an organization, and receive compensation and recognition based on their relative contributions to the business.