Benefits of Compensation Analysis

Decusoft

It is important to conduct compensation data audits frequently in order to produce an equitable and appropriate compensation plan. Compensation benefits research is necessary to ensure fair working conditions and helps improve employee retention plans.

Fundamentals of Executive Compensation

Decusoft

Are you new to the world of executive compensation? Do you want to make sure you have the foundational skills you’ll need to create executive compensation programs that will help you cultivate, inspire, and keep the talent you’ll need to meet your company’s goals?

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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. Employee retention/engagement – large number of retirements anticipated in 2017 as well as continued millennial job-hopping.

How to balance paying off student loans while saving for retirement

Guideline

Based on Federal Reserve data , student loan debt in the US reached about $1.68 For those paying off student debt, the idea of saving at the same time—be it for retirement, a down payment, a wedding, or an emergency fund—can seem impossible. Sources: Federal Reserve data Forbes.

7 essential retirement plan questions

Insperity

It’s no secret that current and prospective employees want their employer to offer a retirement plan. Whether your company is looking for a new retirement plan provider or reviewing your current retirement benefits, the first thing you need to understand is one size does not fit all.

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.

Indirect Compensation: a Full Guide with 11 Examples

Digital HR Tech

That’s direct compensation. But, there’s another side of compensation that’s important for employees too – their indirect compensation. What is indirect compensation? If your company does, it’s part of your indirect compensation. Retirement funds.

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?

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. A defined benefit plan is a retirement plan that uses a specific, predetermined formula to calculate the amount of an employee’s future benefit. In salary survey data, the median is the 50th percentile.

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.

How to Create a Compensation Strategy: A Complete Guide

Decusoft

What is Executive Compensation? . Executive compensation programs are influenced by a variety of factors today. As a compensation manager, your primary concern should be the alignment of pay and performance. Compensation Strategy Allocation . Other retirement plans.

Sales Compensation During Turbulent Times

SuccessFactors

Sales compensation may not be top of mind during these turbulent times, but it does affect a number of people in the front lines of business, including your sales organization. Sales compensation levers can enable established sales organizations to support and retain sales talent.

Sales Compensation During Turbulent Times

SuccessFactors

Sales compensation may not be top of mind during these turbulent times, but it does affect a number of people in the front lines of business, including your sales organization. Sales compensation levers can enable established sales organizations to support and retain sales talent.

Washington policy update: November 2019 Benefits and Compensation Bulletin

HR Times

This post provides a quick roundup of recent legislative and regulatory developments relating to employee benefits and compensation. Compensation and Rewards Washington Bulletin benefits health insurance qualified plan limits retirement plans

Aging Salary Data: Is Your Data Ready for Retirement?

HR Daily Advisor

Is your salary data a toddler, a teenager, or ready for retirement? If you’ve worked in compensation for very long you probably know all there is to know about “aging” data. If you’re new to comp, however, and aging data is a bit of a mystery, read on. Compensation

Introduction to Executive Compensation: The Fundamentals

Decusoft

Are you new to the Executive Compensation management field? Do you want to ensure that you have the fundamental knowledge necessary to establish Executive Compensation plans that will help to attract, motivate and retain the talent necessary to achieve your corporate objectives?

Washington policy update: June 2019 Benefits and Compensation Bulletin

HR Times

Here is a quick roundup of recent legislative and regulatory developments relating to employee benefits and compensation. Bipartisan Retirement Legislation : On May 23, 2019, the House of Representatives passed the Setting Every Community Up for Retirement Act (SECURE Act) in a vote of 417-3. The tables are based on data collected for 2010-2014 (with a central year of 2012) and are intended to be used with appropriate projection scales for years other than 2012.

Communicating a Compensation Plan to Your Employees

HRsoft

If you’ve developed a compensation plan that’s both competitive and equitable for your organization, your next step is to communicate the details of the plan to your employees. Retirement/pension plans. Quick and easy compensation answers mean more engaged and happier employees.

Astron’s Yearly Compensation Review Part I: Base Pay Projections

Astron Solutions

Effective organizations will explore four key areas to better understand the “best” approach when it comes to 2019 base pay compensation budgeting: The 2019 Economic Forecast and Its Impact on Employment and Wages. Salary Budget Survey Data. Let’s take a look at each of these four data sources and their impact on your organization. Retirement hasn’t happened yet for many of these individuals. Compensation costs for private industry workers increased 2.9%

The Compensation and Benefits Manager – A Full Guide

Digital HR Tech

The compensation and benefits manager plays a key role in coordinating the corporate compensation and benefits department. We dive into the core responsibilities of the compensation and benefits manager, take a look at his/her salary, and finish up with an example job description.

Prepare for Nurse Retirements and Shortage with Intelligent Workforce Planning

Visier

With baby boomers heading into retirement — by 2050 an estimated 88.5 But there is another retirement population that is perhaps even more worrying to them: nurses. This means that more than one million RN’s will reach retirement age within the next 10-15 years, leading to a drastic shortage of skilled, tenured nurses. Improving HCAHPS Scores with Data-Driven HR. Navigating Nurse Retirement with the New Workforce Planning.

Washington policy update: March 2020 Benefits and Compensation Bulletin

HR Times

GAO Issues report on Executive Retirement Plans: The Government Accountability Office issued a report in January 2020 on the oversight of Executive Retirement Plans. Some employers sponsor retirement plans covering only a select group of employees.

How to Create an Equitable Compensation Program

Trainual

This includes equitable compensation. . And by looking at compensation as an opportunity for generational wealth accumulation through a historical policy lens, it is clear why. Creating an equitable compensation program. Contributions to HSAs and retirement accounts .

Are Employee Compensation Statements Worthwhile?

HRsoft

Your employees know how much goes into their account on pay day, but do they really understand all of the ways in which they’re being compensated? Luckily, employee compensation statements can solve this challenge. What Are Total Compensation Statements? Employee compensation (or total compensation) statements break down pay to help your associates understand all of the ways in which they’re being paid, which can extend far beyond base salary alone.

Washington policy update: November 2019 Benefits and Compensation Bulletin

Bersin

This post provides a quick roundup of recent legislative and regulatory developments relating to employee benefits and compensation. The post Washington policy update: November 2019 Benefits and Compensation Bulletin appeared first on Capital H Blog.

Compensation Management is Important in Every Company

NGA Human Resources

Compensation management is vital for employee motivation. For many reasons, effective and fair compensation management is a must for every business. However, it’s important than compensation management policies are in place. What Is Compensation Management? Compensation management refers to many things, but is defined as “the act of distributing some type of monetary value to an employee for their work by means of the company’s policy or procedures”.

Health savings accounts: Not your parents’ retirement plan

HR Morning

With the rise in health savings account (HSA) enrollment among younger employees and the decline in company matching rates of 401(k)s, HSAs have emerged as a retirement account option for new employees. In this guest post, Sean Hanftm, a flexible compensation specialist with FSAstore.com / HSAstore.com , explains the many benefits of these savings vehicles and compares them to the most popular retirement accounts. A comparison of retirement savings options.

Astron’s Yearly Compensation Review Part III: Non-Profit Executive Compensation Planning for 2019

Astron Solutions

This Astronology® , the third in our three-part series, examines non-profit executive compensation. In considering non-profit executive compensation, employers and Board have two primary legal concerns. The Tax Cuts and Jobs Act of 2018 is the most impactful change to the way non-profit organizations will plan their executive compensation programs going into 2019. Any portion of compensation paid to a licensed medical professional (e.g.,

Retirement Plan Fees: Take a Closer Look at the Data

HR Daily Advisor

The retirement plan you sponsor comes along with some serious responsibilities. You may use benchmarking data to determine whether those fees are reasonable. The firm started, he says, because of the recognition of one simple truth: Two covered service providers (who each must legally report to the plan the compensation they receive) may be charging the same fees, but one may have significantly more experience and spend significantly more time on your plan than the other.

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

HR Times

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. Not only are people more open to discussing their own pay, but they also have more ways than ever to compare your organization’s compensation practices to others. Compensation may not be the only reason people work—but few would argue that it is the top reason most of us show up every day.

Washington policy update: June 2019 Benefits and Compensation Bulletin

Bersin

Here is a quick roundup of recent legislative and regulatory developments relating to employee benefits and compensation. Bipartisan Retirement Legislation : On May 23, 2019, the House of Representatives passed the Setting Every Community Up for Retirement Act (SECURE Act) in a vote of 417-3. The tables are based on data collected for 2010-2014 (with a central year of 2012) and are intended to be used with appropriate projection scales for years other than 2012.

Trends, Tools and Techniques Impacting Compensation Management [WEBCAST]

Ceridian

It’s essential that Compensation Management tools keep pace with market needs. On Tuesday, May 9 at 2 PM ET, Ceridian is partnering with The Wilson Group to discuss current Trends, Tools and Techniques Impacting Compensation Management. The Wilson Group is a consulting firm that helps companies devise strategies to assess, develop, and implement performance systems and total compensation plans. Demographic HR data. Compensation and performance trends over time.

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. It’s not simply what you pay your employees in terms of salary; rather, it encompasses all of the ways in which you compensate your employees. To learn more about our Compensation Management Software, COMPview, click the button below!

Only One in Five Workers are on Track to Retire at Age 65…

Something Different

<Forbes.com> …So this evening I came across a white paper from Aon Hewitt here that shows only 1/5th of the workforce is putting away enough earnings to retire when their parents did. And with the average employee needing an average of 11 times their final pay to retire with dignity at 65, many workers are going to need to take a more hands-on approach to saving for their future.

DOL and IRS want a closer look at your retirement plan

HR Morning

Two of the most-feared government agencies for employers — the DOL and IRS — have decided there’s a real problem with the way retirement plans are being run, and they’re ramping up their audits to find out why that is. In response to the many mistakes the agencies are seeing from retirement plan sponsors, the IRS and DOL will be increasing the frequency of their audits. We have seen a deeper dive into the operations of plans, particularly with data.