Developing a Compensation Plan, Step 2: Define Your Strategy

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. 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. Learn More About Our Compensation Software.

Cafe Classic: Rethinking Compensation Training

Compensation Cafe

Editor's Note: Is your manager training on compensation failing to get the job done? After all, that's what all the work that we've been doing on pay-for-performance and total rewards strategy is meant to accomplish. Compensation Communication

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Communicating Pay the Right Way: Why It Matters and How to Do It [New Ebook]

Compensation Today

Compensation can be a tricky topic. If you can't communicate compensation, you can't drive results. We’ve just launched a new ebook to help you get pay-talk right. The strategies and tactics you can use to improve your organization’s practices.

eBook 72

How Objective Setting Can Fit Into Your Performance Management Strategy

15Five

This post includes excerpts from our latest eBook: 15Five’s Comprehensive OKR Guide: How To Launch, Track, and Achieve Your Objectives & Key Results. Below we’ll discuss specific steps you can take to leverage OKRs in your performance management strategy.

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.

Cafe Classic: A Few Things Economists Would Like Compensation to Know

Compensation Cafe

In this Classic post, Margaret O'Hanlon introduces us to a couple of "laws" touted in Economics that offer lessons we'd be wise to add to our compensation (and broader HR) toolkits! Incentives/Bonuses Pay for Performance Performance Management Sales Compensation

3 Ways to Improve This Year's Compensation Communications

Compensation Cafe

The compensation communication cycle takes many weeks -- too long to be disconnected from your audiences. Treat compensation as part of the business cycle. The purpose of each element of your compensation program.

Growing a Healthy Compensation Program -- Part Two

Compensation Cafe

We'll identify some of their missteps -- common to companies their size -- then discuss what they can do to achieve healthy compensation habits. Common compensation practices when a company is growing quickly to at least 500 employees. This is the second article in a series. "If

Building a Compensation Plan: An Exercise in Collaboration

Compensation Today

Building a compensation plan from scratch can be intimidating if you don’t know where to start. Together we collaborated on the eBook, The Definitive Guide to Creating a Comp Plan. What’s your biggest compensation planning challenge?

Compensation Linked To Performance, Feedback, and Engagement

LAROCQUE

Compensation Practices Driving Cultural Shifts In Performance Management Explored In New #HRWins eBook. Free eBook Download. Data that give employees an idea of their fair market value for total compensation. Free eBook Download.

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.

Growing a Healthy Compensation Program -- DIY Communications Guide

Compensation Cafe

And really, is there any other way a Human Resource professional could manage compensation communications when they are running an overwhelmed one-person office? So many companies sour on compensation communications early, thinking they are having no influence on employees.

Cafe Classic: Why Do Some Approaches to Compensation Communication Work Better than Others?

Compensation Cafe

Editor's Note: It doesn't take magic to create memorable and impactful compensation communication. We want our compensation communications to inspire employees to be all of these and more. When it comes to the compensation community, some of the patterns are straightforward.

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.

Why Do We Love Urban Legends About Compensation Communications?

Compensation Cafe

That's the theme of most HR conversations about compensation communications. Think our compensation communication urban legends get in the way? Why not apply the microtargeting approach to compensation communications, especially with managers? Despair.

Thinking about Strategy for the New Year

Compensation Cafe

The online Business Dictionary defines business strategy as: -A method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem. Will the executives tell you what the HR strategy needs to be?

Cafe Classic: Frustrated? Here's How Compensation Practices Can Change for the Better

Compensation Cafe

I just ran into a classic that can change the way we work and make our compensation design decisions far more effective. It's a must read for most of us as we struggle with incentive, recognition, merit and executive compensation designs that fail to live up to their promise. Here's one that should influence compensation program design. You hear this a lot on the Compensation Cafe! Editor's Note: Yes they can!

What's Going On Out There?

Compensation Cafe

This "point in time" report is called "Adjusting Total Rewards Programs, Workforce Strategies and Sales Force Effectiveness Practices in Response to COVID-19" and it has some valuable insights into how companies are (or are not) adjusting their people strategies to the current environment.

AON 63

Should Employee Compensation Practitioners Care about the Economy?

Compensation Cafe

The Bay Area Compensation Association ( BACA ) is celebrating the holidays with a keynote speech previewing the 2018 economy. Taking a look around, many other compensation groups offer similar presentations on the economy during the year.

Cafe Classic - Boost Your Chances of Having a Happy, Healthy Attitude Toward Compensation Communications!

Compensation Cafe

One particularly important lesson she has illuminated for me is the importance of looking at compensation communication through the lens of business investments and returns. What's the secret to happiness and satisfaction with compensation communications?

Compensation Whack-A-Mole: Dealing with That Problem Plan

Compensation Cafe

The compensation plan that simply isn't working. Not infrequently, we HR and compensation pros can get enamored with a particular idea or approach. Begin this time with strategy and problem definition. This is true for compensation programs as well.

‘Tis the Season to Evaluate Your Total Rewards Strategy

WorkHuman

‘Tis the season for holiday parties, gift swaps, and … budgets, if you’re in compensation and total rewards. During times when employees have greater opportunities to seek employment elsewhere, employers need to evaluate their total rewards strategies and programs to ensure their top employees don’t take their skills elsewhere. Have you looked at the ROI of your current total rewards strategy? Read the eBook and learn: A brief history of the annual bonus.

To Succeed In Business, Managers Need More Visibility

15Five

We have found the following questions to be phenomenally well-suited for leaders to gain visibility, for employees to be heard and recognized, and to re-calibrate your team: Are you clear on the overall company strategy and how you fit into it?

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11 Employee Retention Strategies That Work

Workbright

It’s frustrating and expensive, but it can be avoided when the right employee retention strategies are properly implemented. Offer Competitive Compensation Packages – Money isn’t the most important thing, but it definitely matters. Download the eBook here.

4 Strategies to Make Coveted Employee Perks Cost Less for Your Company

Get Hppy

However, companies lacking the financial resources to afford employee perks can get innovative with their compensation plan. Download the eBook and get practical ideas on designing employee engagement activities for your team!

Plan Design Laid Bare!

Compensation Cafe

Most compensation practitioners can tick off the obvious ones on their fingers. Connecting business strategy with an employee's work, so the reasons for their rewards are plain as day. Title the first column, "The compensation plan will be considered successful if it achieves."

How to Make Headway on Pay Transparency

Compensation Cafe

What I'm talking about is giving employees enough information to understand how compensation decisions are made in your culture. Getting uncomfortable about your pay transparency efforts or looking to create a strategy? Determining objectives for your strategy.

How Managers Should Respond to ‘I Found a Salary Report Online’

Compensation Today

This is an excerpt from our recent ebook collaboration with BambooHR entitled Everything You Need to Know About Communicating Pay. Download the full ebook here. Much of the online salary info is packaged for business use and has a compensation strategy applied to it.

At Some Point, You Have to Talk with the Executive Team

Compensation Cafe

This "war story" is the one about the Compensation Director who hired a firm to develop a new compensation program. Her idea was to address a number of problems that she believed were obvious obstacles to the compensation plan's effectiveness.

Can the "Median Employee" Become a Useful Measure?

Compensation Cafe

Insights that would be valuable to your compensation strategy development. Is there a clear alignment between talent strategy and pay in each of the organizational structures that you identify? How will your pay strategies affect this evolution?

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How Low Unemployment Rates Affect Recruiting/Retaining Employment Strategies

Unicorn HRO

These same requirements play sharply into holding on to employees since the best retention strategy is often a strong recruiting strategy. With that in mind, following are a few key points that make up a strong recruiting/retention strategy. Organizations with a solid strategy are more likely to succeed in matching the best people to the right jobs – and in keeping them on board. Learn more about creating a positive culture at work in our free ebook!

Cafe Classic: Chaos Theory

Compensation Cafe

Perhaps that's why, in my experience, both start-ups and non-profits are the organizations that most often report that they have neither salary structures nor systematic compensation practices. But when it comes to employee compensation, time is not on their side.

Is Pay Transparency a Gift? Agree, No Opinion, Disagree

Compensation Cafe

For example, it will just frustrate employees if you include the question, "I am well informed as to how my job fits into our company's business strategy" with no plans of improving that dimension of communication. My manager is the best source for answers to compensation questions.

Ripped from Today's Global Headlines: Lessons on Executive Pay Ratio Communications

Compensation Cafe

Another compensation story hit the global media today. And its particular set of events should give Compensation Cafe readers a lot to think about and discuss, given the Executive Pay Ratio work that has most everyone scrambling right now.

CEOs Still Cool to HR as Strategic Partner

Compensation Cafe

The thing is, CEOs still have misgivings about HR's ability to design and execute a strategic talent strategy, according to McKinsey's research. Compensation, of course, is in a better position than most of HR to develop financial insights.