Remove Compensation Remove Data Remove Discrimination Remove Zenefits
article thumbnail

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. What is compensation management? Compensation managers are an important asset to the company’s success.

article thumbnail

Is an Open Compensation Policy a Good Idea?

Zenefits

To increase trust and improve transparency, some companies adopt an open compensation policy. Here are a few of the big advantages that come with an open compensation policy. Salary transparency can help your business avoid a lawsuit or discrimination accusations. Data for competitors. Increased equity. Reputation issues.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Is Your Compensation Fair? How to Create a Compensation Plan That Works for Everyone

Zenefits

The Society for Human Resource Management discovered that compensation and pay is the second-most contributor to job satisfaction. This means that company compensation packages, benefits and all, matter more than ever. Employees are increasingly looking for fair compensation. What is fair compensation?

article thumbnail

Should You Hire a Certified Compensation Professional?

Zenefits

Assuring staff is compensated fairly, aligned with skills, experience, and market conditions, and that payroll drives your strategic plan forward is critical to business success. For many organizations, compensation is an afterthought. What is a certified compensation professional? . Coursework includes: Job analysis.

article thumbnail

How to Conduct a Pay Audit, and Why It Matters

Zenefits

Employees expect fair compensation for the work they put in. To promote fair compensation , federal, state, and local governments have enacted equal pay laws. Pay audits matter because they enable fair compensation — which is critical to: Attracting the best people. EEO-1 pay data reporting. Decreasing turnover.

article thumbnail

Pay Secrecy is Illegal. Pay Transparency is On the Rise

Zenefits

Revelations of pay inequality have stirred up lawsuits alleging pay discrimination against a string of firms, mostly from the tech industry. To make this easier, check out compensation management software that takes into account all of the aforementioned factors. . Pay Transparency is On the Rise appeared first on Zenefits Blog.

article thumbnail

How to Build Fair Pay Grades and Salary Ranges

Zenefits

When people are looking for their next career move, compensation is a top consideration. It can reduce turnover, your employees will work harder, and transparency protects them against wage discrimination. In this article, we cover: What it means to have fair and equitable compensation. Where to find compensation data.