Compensation Terminology 101

HR Daily Advisor

Like other professionals, compensation professionals can throw around a bunch of terms and acronyms that may or may not make a lot of sense to those not in the field. With that in mind, here’s a short overview of compensation terms that are sometimes confused with one another.

Total Compensation Definition: Understanding Compensation Communication

HRsoft

Digging deeper, the survey also found this: 66% of respondents feel that they are not being adequately compensated and do believe that basic pay is something that drives their decision to quit or stay. What is Total Compensation?

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Build a Philosophical Foundation for Your Compensation Program

HR Daily Advisor

Does your compensation program have a solid foundation? It does if you took the time and made the effort to develop a compensation philosophy. Compensation Philosophy as a Tool. When shared with managers and employees, it answers the “why” about compensation programs.

Why Compensation Doesn’t Drive Motivation

Reflektive

But will the incentive of a higher salary or compensation bonus improve their work performance? While compensation is a factor in their employee experience, it doesn’t wield as much influence as you may think — a nuance especially important for companies using a pay for performance model. As Monique Valcour wrote in the Harvard Business Review , “How employees work from day to day has a bigger influence on their motivation than their compensation and benefits package.”.

Secrets to Boost Your Offer Acceptance Rates!

an oer of compensation to a prospective employee, it is the culmination of weeks of work for employers. compensations such as bonus, commissions, equity, benefits, etc (total package). Interest level Compensation Commute issues How the job maps to.

The Objectives of Compensation Management

HRsoft

Compensation happens to be the largest expense that an organization can directly control. Why Is Compensation Management So Complicated? With so many requirements and criteria to juggle, there is no doubt that compensation planning is a complicated area to manage.

Why Your Compensation Management is Failing to Attract and Retain

ClearCompany HRM

Compensation – it is so tightly connected with performance management, attraction and retention. Ventana research revealed the top goals for compensation management among the companies they studied are to better align the workforce to strategy and goals while improving efficiency.

Top 3 Compensation Considerations for Employers

ClearCompany HRM

Payroll is commonly the highest business expense, and compensation is far from being a cut and dry number. Compensation There are so many factors that go into calculating the actual cost of each and every employee.

Objectives of a Compensation Management System

HRsoft

Compensation was and always will be one of the biggest factors influencing employee engagement and thus retention. Not only is compensation critical to boosting employee morale it is also the largest expense in an organization that can be directly controlled.

Recruiting High Performers: Compensation Out, Compassion In

ClearCompany HRM

They’re still trying to attract high performers with compensation , and this isn’t the way to go about it. Every company wants high performers.

How to Update Compensation Without Performance Ratings

Reflektive

But for many companies, removing ratings puts compensation into a black box — employees don’t know how their raises and bonuses will be decided, possibly undermining the goal of removing ratings. Here are some ways you can determine compensation without annual performance ratings. Employees who decide their own compensation are more invested in their company and have higher performance, according to Lisa White, CEO of White Andreetto.

The Future of Compensation is Crowdsourced

RecognizeThis!

Shifting a portion of compensation to the crowd is one way companies can ensure greater effectiveness and alignment to performance. Compensation practices have sometimes lagged behind these changes. What are your thoughts on the changing nature of performance and compensation?

Top Five Compensation Trends from 2016

Compensation Today

What trends have impacted compensation the most? In the spirit of the coming new year, let’s count the top five 2016 compensation trends! Count down the top #compensation trends of 2016! Gone are the days where companies compensate with just base pay.

Who Cares About Compensation?

Compensation Cafe

What if you worked in an organization where the Head of Human Resources didn't view the Compensation function as vitally important to the organization? So What's Wrong With Compensation? It is unusual for this office holder to have cut their teeth in either Benefits or Compensation.

How do Compensation Planning Tools work?

HRsoft

Compensation today has moved far beyond the mere exchange of money for talent (or time). A high quality compensation plan must be able to: Make the most of each budget allocated to each department and employee. What Makes a Compensation Plan Strategic?

Choosing The Right Compensation Planning Tools

HRsoft

Before choosing the perfect compensation management tool, it is important to understand what should be expected from such a platform. As a matter of fact, compensation planning systems do the following: Allows HR to execute the strategies they so painstakingly brainstorm.

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Culture and Compensation

China Gorman

PayScale has produced its 8 th annual in-depth report on compensation best practices: Comp is Culture. Even though I’m not an HR professional, much less a compensation professional, I found it fascinating. Especially the impact that compensation practices have on organization culture.

Communicating Compensation: Who Should Say What When

Compensation Today

Everyone in the organization has a role in the compensation conversation, but the timing is different for each job function. These should cover compensation philosophy and purpose, compensation plan changes at the highest level and next steps. Compensation plan information.

7 Compensation Resolutions for 2017

Compensation Today

These notions of resolving are ones that I think are both difficult and necessary, especially in the field of HR and compensation in particular. Without further ado, Compensation Resolutions 2017: seven ways to start the new year right! 1: Develop Regular Compensation Reporting.

A Clear View of the Talent Lifecycle: Compensation [Part 5]

ClearCompany HRM

The average time-to-hire is at a 5 year high, and the skill gap is widening; employers are having a harder time than ever managing the balancing act that is compensation. Talent Lifecycle Compensation

Surprising Statistics May Shape 2017 Compensation Programs

HR Daily Advisor

The pursuit of the right talent continues to be highly competitive and, according to the latest research from PayScale, that pursuit is shaping compensation programs and strategies. Compensation practices are increasingly being used as a way to cement relationships with employees.

The Beowulf of Compensation

Compensation Cafe

No compensation plan, philosophy or process is interesting enough to be carried down through 10 years of oral history, much less 1,000 years. We state our goal is to motivate people using equity compensation, but we really only grant to the top people right now.”

How Executive Compensation is Different from Other Compensation

HR Daily Advisor

Executive compensation differs quite a lot from other forms of compensation, and the thought process that goes into setting it must differ accordingly. Ways Executive Compensation is Unique. Setting executive compensation levels can be a complex task.

3 Reasons Not to Include Compensation Questions in Your Employee Engagement Survey - DecisionWise

Decision-Wise

Don’t A$k: 3 Reasons Not to Include Compensation Questions in Your Employee Engagement Survey. We have a complex relationship with compensation. Here are three reasons why you should not include compensation questions in your next employee engagement survey.

HR Moments Matter: 3 Compensation Challenges Solved With People Analytics

Visier

In this post, Allison talks about Compensation. Compensation is one of the key culture-definers for organizations. As analytics become more widely used in HR, I’d like to share a few ways you can use a people strategy platform to make better compensation decisions: 1.

Get Me a Compensation Strategy, STAT!

Compensation Today

One intentional decision that too many companies aren’t making: establishing their compensation strategy. PayScale’s 2017 Compensation Best Practices Report (CBPR) found that just 37 percent of all organizations have a comp strategy. What is a compensation strategy?

How Is Compensation Like Dating?

Compensation Cafe

But when, after a bit, our employee/date brings up compensation, it quickly becomes clear that the courtship is over. Show me that you've heard me by giving me more of what matters the most to me -- cash compensation." Base Salaries Compensation Communication Total Rewards

5 Steps For Compensation Across Generations

ClearCompany HRM

As such, compensating the college grad and the executive, and everyone in between means taking on few different steps in the process. Here’s how to distribute employee compensation fairly across the board: Culture Employment

Which Compensation Structure Is Right for Your Company?

Compensation Today

Compensation structures continue to evolve, and they usually do so to help organizations keep current with both market and workforce trends. Some may wonder what compensation structures are. How have compensation structures developed? Learn More About Our Compensation Software.

How Compensation Can Help Your Company Innovate

Compensation Today

When we speak with manufacturing companies, they aren’t just looking for machine operators and production workers; they’re looking for compensation data on software developers and other high-tech talent. Focus on Compensation. Compensation Is Much More Than Data.

11 Reasons Your Equity Compensation Survey Data is Wrong

Compensation Cafe

And, with equity compensation the final answer is even squishier than other types of compensation. Equity compensation really is that messy. It is (at least) variable, variable, variable, variable, variable, variable, variable, variable, variable, variable, variable compensation.

Compensation Planning to Retain Top Talent

TalentGuard

Consider how compensation planning and management factors into every facet of an individual business. But you can’t just give employees greater responsibility and compensation if they are not ready for it. The dangled carrot in addition to a larger role is the increased compensation.

Compensation Considerations in Attracting Top Talent

TalentGuard

Consider how compensation planning and management factors into every facet of an individual business. Compensation history, industry comparisons, and pay for performance are all items that should be considered before you extend and offer. Request a Compensation Planning Demo.

Why the Pay-for-Performance Compensation Strategy Fails

ClearCompany HRM

Tips Strategy Employment Workplace Compensation HR Emplyee RetentionWhen a market leader implements a model , others follow. After seeing how pay-for-performance has worked out at Apple, for example, other companies may want to follow suit.