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. Of course, it’s important that your pay range is feasible as well. The post Best Practices for Compensation Comparison appeared first on Zenefits Blog.

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.

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Consider, Connect, Craft: 3 ways to improve compensation communication

Bersin with Deloitte

By leading the compensation conversation, you can help foster engagement and forge stronger relationships with your people. The days of squelching conversation about compensation are over. What can your organization do to better communicate about compensation?

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.

Developing a Compensation Plan, Step 3: Select Data Sources

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. Sign up for the course! Select Compensation Market Data Sources. Since there are a variety of compensation data sources available to you, it’s crucial that you choose wisely.

Developing a Compensation Plan, Step 2: Define Your Strategy

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. Sign up for the course! 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.

A Crash Course in Job Descriptions

HR Daily Advisor

Create a point of comparison between different roles within the organization, which can help to determine the appropriate salary level and salary structure within the organization. Good compensation practices keep them there. Developing your compensation strategy.

Will Employee Compensation Beat Out the Kardashians for Celebrity Status?

Compensation Cafe

Employee compensation was a lead story in The New York Times on Tuesday. The increase in variable pay practices is no surprise to the readers of Compensation Cafe, but the editors of The New York Times have determined it's hot stuff for their readers.

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. Workforce Intelligence 101 compensation cost management workforce analytics

Strategy Not Part of Your Rep? Here's How to Change Their Minds

Compensation Cafe

In my last blog article , I explained how you can cut and paste your way to a compensation philosophy. In comparison, strategic insights occur when you put your compensation practices and philosophy in a new light, where the illumination falls on the challenges your company will face tomorrow.

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. In addition, an employer may select different peer comparison groups for each work group and address them differently.

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

Managing Internal Equity While Appropriately Rewarding Top Performers

Something Different

Much of this stuff has been visited in many other pieces across the web over the years, but the following quote on the Company’s approach to compensation was new to me: Once someone actually gets into Google, Bock said his department also looks at compensation differently.

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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. Of course, our predictions are based on experience but they can just as easily be incorrect.

Counter-Offers: Know When to Hold’em or Fold’em

Visier

Instead of accepting an intuition-based decision, consider taking an analytical approach: by accessing the employee’s detailed work records and performing comparisons against like employees and employee groups, you can make better decisions based on evidence.

Prejudice Perpetuated by Prior Pay Pattern

Compensation Cafe

For the most effective/efficient screening, of course, to weed out "the obviously unqualified" candidates. Compensation professionals could supply more flexibility in job pay classification and entry rates, too, as employers learn the true full range of talent qualified for their work.

Internal Equity Trumps External Competitiveness

Compensation Cafe

In fact, most experienced compensation professional are able to craft apparently objective survey comparisons to produce any number they want; that is one of the reasons compensation is as much art as science.

Pay Transparency – Is it Really a Spectrum or Just a Series of Options?

Compensation Cafe

The answer lay in something I recalled from taking my WorldatWork T3 course, Quantitative Methods , on the difference between nominal and ordinal scales. . I think that pay transparency options are actually nominal options about how you can choose to design your compensation program.

Not Your Grandma’s Mid-Year Performance Review (No Offense Grandma)

15Five

They don’t give the employee an opportunity to course-correct a problem until perhaps months later. 2) Avoid comparisons to peers. Forced ranking, or social comparisons, make it more difficult for employees to accept feedback. 3) Separate compensation from the review process.

Cafe Classic: Compare for Success

Compensation Cafe

Comparisons drive behavior. Making the right comparisons can set you up for success. Making the wrong comparisons can drive you towards failure. Of course, compensation itself can be a form of feedback , too, because all rewards don't jingle.

Cafe Classic: Is Your Pay Structure On The Level?

Compensation Cafe

Editor's Note: The compensation program reviews concluding at organizations everywhere this fall reveal a labor market where salary growth continues to be dynamic and uneven. Making comparisons across job titles or job groups is not easy - there are a variety of factors that come into play.

How to Talk About Salary—And Why

Cornerstone On Demand

Coworkers don't swap stories about their monthly paychecks; friends don't bring up money over happy hour; and even married couples aren't clear on compensation. With communication on compensation becoming the new norm, employers need to adapt — both culturally and legally.

How To 419

Three Tips on Nonprofit Job Pricing Plus a Few on Benefits, Too!

Compensation Cafe

How many of you would think of using a compensation survey that describes itself this way? A unique Mission, wide catchment area and specialized staff that make pay comparisons uncomfortable. Skipping compensation communications because it's the "soft stuff?"

Nonprofits: It's Time to Improve Your Total Rewards ROI

Compensation Cafe

Yet many of my nonprofit compensation clients have invited me to Total Reward discussions because they feel that they could be doing better in a number of employment areas. Are you acting like everything you do in compensation is communication?

The 100 HR Indicators Every Manager Needs to Know

EmployeeConnect

Offer acceptation rate Referral hire rate Re-hire rate Interviewee satisfaction rate (in relation to the recruitment process) #5 – Internal Movement Indicators Promotion Rate: the number of employees that have been promoted in comparison to the total number of employees.

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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Just How Real Are These New Benefits?

Compensation Cafe

For comparison, let’s look at how vacation, whether limited or unlimited, has worked in the past. Of course the same can be said for their salaried employees too. Benefits & Perquisites Compensation Philosophy

Adobe 75

3 ways next-generation performance management is evolving for high impact

HR Times

This antiquated, ineffective approach occurring over the course of the year does not account for changing employee development goals, evolving business strategies, and employees moving to various roles and/or teams within the organization. Posted by Terry Patterson on March 28, 2017.

Hope Reigns in the HR Suite

HRExecutive

Some of these younger professionals, however, are a bit unsure about their chances outside their current organization, at least in comparison to their more experienced colleagues. The roughly one-fifth of those pursuing other opportunities have their reasons for doing so, of course.

How Does CPI Relate to Wage Increases?

HR Daily Advisor

For example: If you generally try to base wage increases on increases in costs of living, CPI may be one gauge utilized to determine how much an individual’s cost of living has gone up in the course of a year. Specify the benchmark date so that you have a point of comparison.

Prepare Now for Upcoming FLSA Exemption Changes

HR Daily Advisor

Start making assessments for individuals and groups to determine the best course of action. This will allow a more accurate comparison against the guidelines in the future. Compensation FLSA/Wages business DOL hours worked overtime

Define: Pay Transparency

Compensation Cafe

Another Compensation Cafe post about pay transparency?". But you, as a compensation professional, may be using a definition that differs markedly from the definition that your employees are using. I recently received some feedback from a continuing education course on compensation.

The (De)Motivating Effects of Relative Performance Evaluation

Compensation Cafe

As we mature, the types of comparisons we make change, but we're still making comparisons: who earns more money, who performs better in the job, and so on. In the workplace, these comparisons become formalized through the organization's performance evaluation system.

The Best Workday Integration You Never Knew About

WorkHuman

I’ve been responsible for leading global HR programs in compensation & benefits, recruitment, recognition, wellness, organizational health, talent management, and performance management. I was responsible for the implementation of both the compensation and benefit modules.

Yelp and a missing piece of HR Tech

Steve Boese

KD is quite correct of course, it doesn't make a tremendous amount of sense to attempt to locate, staff, retain, and motivate the team for a call-center or similar kind of low-wage filled business operation in one the most expensive cost of living places in the world. Assessment and comparison of the available talent/skills to the needed set of talent/skills from Step 1. HR compensation talent workforce workforce

When to Make an Executive Job Offer

Thrive TRM

During the interview process, the hiring team can offer information about the salary and benefits planned for the position and see what kind of reaction you get, while making it clear that a discussion can take place about the compensation for the position. Executive job offers can be tricky.

This Map Shows The Average Salary for Office Managers in Every State

SnackNation

average compensation for Office Managers is $39,400 per year. (By By comparison, the national average wage is $48,098.63 Not surprisingly, the issue of compensation is a vexing one for most OMs. Pay, of course, varies.