Winning the Compensation Triathlon

Compensation Cafe

Watching a few of these events (appropriately sped up) reminded me of the power of a compensation philosophy. The best compensation philosophy, supported by the best designed and executed programs, will often lose to stronger messaging and understanding.

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. Employee Retention Talent Attraction Compensation Talent Lifecylce Compensation Management Yet, all of these processes are incredibly disjointed.

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Compensation Surveys: Are They Necessary?

Astron Solutions

Finding the fairest and most motivating compensation for your team members is one of the most important jobs for HR leaders like you. A popular method of evaluating a fair employee compensation strategy is to refer to a valid compensation (or salary) survey. Compensation

What COVID means to compensation

HRExecutive

This is the second in a series on compensation during the pandemic. The coronavirus pandemic has upended scores of traditional HR structures: hiring, recruiting, onboarding and compensation. This is the second in a series on compensation during the pandemic.

Compensation Dictionary

We’ve compiled a list of fundamental compensation terms and why they’re important to know. Think of this as your comp cheat sheet—terms you need to know to put you on the fast track to becoming that cool comp kid we know you can be. Sure, you’ve heard some of the terms before, but you have no idea what they mean. Not to worry! Download this eBook and you’ll be ‘comp’letely fluent in no time.

Compensation Management Software – The Key to Strategic Compensation Planning

HRsoft

Where Do Compensation Management Systems Fit Within Your Company? A compensation software solution can reduce the tedious labor of personnel-driven analysis, tracking and planning out of the process. Compensation Software – A Building Block in Achieving Business Goals.

Compensation Air Traffic Control

Compensation Cafe

The swirl of tasks and requests can make a compensation professional feel more like they work in air traffic control. Compensation can often seem pedestrian, but in times like this, your job may be similar. He is a “Compensation Futurist” who works as Managing Consultant for FutureSense. Dan is also a leading expert on incentive plans and equity compensation issues. In the past three months, must of our businesses have experienced an upheaval of historic proportions.

Compensation Challenges for Family Businesses

Astron Solutions

Since employees are often related to each other, developing and maintaining fair & appropriate compensation plans can be difficult. In this Astronology® , we will review some compensation challenges that family-owned businesses face. Deferred compensation plans.

Remote Compensation – What About Equity?

Compensation Cafe

So far, we have just scratched the surface of compensating people in the new “remote” world. In this post we open up our Remote Compensation Master Class (it sounds more important that way.) For many, this rule extends to compensation from equity plans.

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.

Small Business Compensation Trends for 2018

We’ve developed a special edition of PayScale’s 2018 Compensation Best Practices Report (CBPR) specifically for small businesses. It covers everything from base and variable pay practices to competitive jobs, retention concerns and mergers & acquisitions.

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. With 52% of employers ranking hiring and retaining talent at the top of their business challenges, it is vital to get compensation right. Talent Lifecycle Compensation

Compensation Transparency

China Gorman

Transparency in Compensation: Trends and Best Practices , underwritten by salary.com , is a thoughtful and interesting discussion of the impact of different levels of transparency in the workplace – from too little to too much. Being more forthcoming with our employees – and not just on compensation practices – will help us win the War for Talent. Ben Eubanks China Gorman Compensation Data Point Tuesday Lighthouse Research and Advisory salary.com transparency

Compensation Intersects with Management Recruiting

Compensation Cafe

One of the multiple hats I wear as a Compensation Consultant is working with executives in transition, helping prepare them for the employment offer so eagerly sought. Compensation : Thumbs up or thumbs down? What Compensation Does. Compensation Philosophy Competencies

Workers’ compensation for remote employees: a guide

Insperity

Do you need to worry about workers’ compensation for remote employees? When your organization adopts or expands a work-from-home policy, it’s a good idea to take a fresh look at your workers’ compensation coverage and processes. What does a workers’ compensation investigation involve?

The 2019 PayScale Wage Index

No matter your industry, it's crucial that you stay up to date on the current compensation trends. The PayScale Index will let you do just that - it tracks quarterly changes in total cash compensation for full-time, private industry employees in 19 job categories. Get the report today, and start taking advantage of these crucial insights.

5 Urgent Equity Compensation Considerations

Compensation Cafe

The last quarter of every year is when people start paying closer attention to equity compensation. If your plan is meant to be a sweetener on top of very competitive cash compensation, are the values higher than need be? Most importantly, you will be ensuring your very limited equity compensation budget is being used as efficiently as possible. He has convinced himself he is a “Compensation Futurist” and works as Managing Consultant for FutureSense.

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. So, that $30,000 salary might be more in the realm of $44,000+ in total costs to the organization. As the highest and most impactful expense in business, it’s vital for leaders to have a true understanding of the real price tag on your workforce.

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 EmploymentPeople of all ages and from all generations spend their days working. From the very beginning stages of a career to the golden days nearing retirement, (most) people work for a living. They may work the same, but they’re at different steps in their lives.

2021 Compensation Budgeting Forecast Part 2: Incentives, Bonuses, and Variable Compensation

Astron Solutions

2021 has been a year of uncertainty, especially in terms of compensation increase budgeting. As a result, organizations around the country are reexamining their variable compensation strategies and the impact on employee engagement & recognition.

Small Business Guide to Comp Benchmarking

To compete in today’s market, you must know what the market pays for certain skills so you can develop fair and competitive offers. Understanding the market, then determining guidelines for pay isn’t just a nice to have for today’s talent, it’s a must have.

Compensation Singularities

Compensation Cafe

Have you heard of the Compensation Singularity Rule? It turns out the client had applied the Compensation Singularity Rule. The Compensation Singularity Rule (CSR) states, in part: A singular compensation data point is vastly more reliable and is far more effective for determining true market rates than hundreds of thousands of compensation survey data points, provided that the singular data point is sufficiently large compared to the median survey rate.

The Origin of the Executive Compensation Industry.

The HR Capitalist

General Motors had hired Patton to do a study of executive compensation, and he did so by surveying 37 major companies. It's fair to say that this development at McKinsey created a whole segment/industry (executive compensation) that has a lot of implications for where we find ourselves today - regardless of your belief system. Communications Compensation Innovation

Compensation Planning During a Pandemic

Affinity HR Group

The varying impacts of 2020 and all the unknowns of 2021 make compensation planning more important than ever. States and municipalities have enacted legislation that impacts compensation at breakneck speed. Review Compensation and Related Policies and Procedures.

Educating Your Employees About Their Compensation

HR Bartender

I’d like to think if an employee doesn’t understand their compensation, it can be resolved with education. There’s more to compensation than the amount of money in an employee’s paycheck. It’s important to speak in terms of total compensation and let employees know how that is determined. One way that employees can advance their careers (and their compensation) is by accepting a promotion or transfer. I recently heard a speaker talk about employee pay and engagement.

Charting Your Course Through Changing Regulations

Speaker: Bonnie Treichel, Senior Consultant & CCO, Multnomah Group

The world of work is changing. Today it is easier than ever to have employees in multiple cities across several states. Multistate offices used to be reserved for very large employers, but with today’s technology, even smaller employers can embrace this game changer. For employers, the multistate workforce allows the opportunity to cast a broader net to attract the best and brightest talent to the workplace. At the same time, it comes with challenges, including compliance with a variety of rules and regulations across different states and municipalities – some of which may conflict with federal law – and failure to comply could be quite costly.

Cafe Classic: Life Cycles and Compensation

Compensation Cafe

Compensation programs need to adapt to these different stages as companies grow and evolve. For example, compensation plans needed for start-ups are very different compared to those needed for mature companies. Let’s see how the various stages impact compensation. .

Total Compensation Statements

PlanSource

Implement Total Compensation Statements. The purpose of a total compensation statement is to show employees the total value of their rewards package. Top Advantages to Total Compensation Statements. Total compensation statements can spark a great conversation at home.

How to Improve Your Compensation Communications

Compensation Cafe

You'll find a long list of articles in Compensation Cafe recommending that you create a "message platform" to build your Compensation communications. (It Of course, anyone in Compensation can list a set of messages describing the value proposition of working for your company.

The Compensation Philosophy Conversation

Compensation Cafe

There is nothing quite like getting leaders around a table (literally, if you can manage, virtually if not) to debate what they intend the organization to accomplish with its compensation dollars - and then documenting the points of their agreement in writing - to bring clarity to reward design and administration. . Given the priorities suggested from the above, what should our top objectives for compensation - and/or total rewards - be?

Compensation 101: A Beginner's Guide to Compensation Management

In a tight labor market it’s critical that you get compensation right. That’s why we created the ebook, Compensation 101: A Beginner's Guide to Compensation Management.

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. Pay-for-performance in particular is a tempting model because it promises maximum pay for minimum investment. You’d pay for good work, and not pay for bad work.

Cafe Classic: Compensation in Context

Compensation Cafe

I always thought there was a strong connection between compensation and organizational design. I couldn’t “do” compensation unless I had organization charts. I’m going to tell a story that I hope will make you see a parallel to compensation. . I think this example may be reflective of a problem in Compensation today. Is Compensation in the same state of denial? I always thought there was a strong connection between compensation and organizational design.

Does Compensation Motivate Employees?

HRsoft

Many employers believe that an excellent compensation package holds the key to employee engagement and motivation. Effects of Compensation on Employees. According to studies, compensation packages have a huge impact on an employees’ level of engagement. High compensation provides employees with a sense of satisfaction from their job and incentivizes them to perform better (especially when compensation is directly related to job performance).

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.

Compensation Strategies for Fast Growing Companies

Speaker: Rusty Lindquist, VP Strategic HR Insights at Bamboo HR & Mykkah Herner, Modern Comp Evangelist at PayScale

Compensation is a critical piece of the puzzle that you must get right as you scale quickly. Neglecting to think about compensation planning can cost you top talent, slow down recruiting, and create internal inequities down the line. When organizations get into a high growth phase, everything starts moving faster. From recruiting to onboarding new hires, everything speeds up and becomes more challenging.

Compensation and Recruiting

TLNT: The Business of HR

Recruiting and compensation don’t typically work closely together. When recruiting teams have a full understanding of your organization’s compensation strategy, they can offer a competitive edge in the war on talent. Why not leverage a strong recruiting/compensation partnership to market price roles and offer creative compensation solutions to get top talent? The post Compensation and Recruiting appeared first on ERE Media

HR TROLLS: Thinking Unemployment on Steroids Means You Have a Compensation Problem.

The HR Capitalist

Compensation Employee Relations RecruitingShort post today, but an important one.

Compensation: Definition & Impact on Your Organization

HRsoft

Perform a quick online search for “compensation definition” and you’re bound to yield thousands of results. But is that really all compensation is? In the world of HR, compensation takes on a more significant meaning.

A Full Guide to Compensation and Benefits

Digital HR Tech

Compensation and benefits refer to the benefits a firm provides to its employees in exchange for their labor. Compensation and benefits are thus a key part of Human Resource Management. In this article, we will provide you with a full guide about compensation and benefits. Contents What are compensation and benefits? Why are compensation and benefits important? What are compensation and benefits? Why are compensation and benefits important?

2019 Compensation Best Practices Report

Following a record-year of job growth in 2018, employees now have the tools to research and evaluate employers, and feel empowered to make moves if they don't like what they find. Get the latest trends in compensation, and find out how your organization stacks up.