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.

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.

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.

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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 Dictionary

This is your crash course in the compensation. master any compensation conversation. Section 1: Comp 101 Pay Philosophy 5 Pay Strategy 6. compensation plan. address what you plan to reward with compensation (performance, tenure, acquisition of skills, etc.).

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?

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.

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?

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.

Small Business Guide to Comp Benchmarking

Compensation. The concept of pay fairness doesn’t mean compensating everyone the same. Step #1 - Decide on Your Compensation Strategy The first step to getting great market data is deciding on your compensation strategy. about your strategy goals.

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!

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?

‘Tis the Season to Evaluate Your Total Rewards Strategy

Globoforce

‘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.

Compensation 101: A Beginner's Guide to Compensation Management

compensation management Comp 101 www.payscale.com2 By now, it’s well-accepted that a comprehensive, up-to-date compensation. are focusing more than ever on strategies to retain and hire top employees, compensation being a big one. compensation plan is no easy task.

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.

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!

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.

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 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.

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.

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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Cafe Classic: Implementation. and Why Action Must Follow Ideas If You Actually Want Something to Happen

Compensation Cafe

Each year we step back to adjust to an updated business strategy that addresses new challenges. We plan alignment of objectives, behaviors and performance with that strategy. And then we try for effective implementation of the strategy so we can achieve the planned-for results.

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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.

Becoming Their Strategic Partner: Your Opening Act

Compensation Cafe

This scenario places compensation at the heart of business strategy development -- as well as your company's financial performance -- for the upcoming decade, at the very least. Margaret is a Board member of the Bay Area Compensation Association (BACA).

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Solid Reasons to Start Communication Planning in August

Compensation Cafe

If your compensation system works on a calendar year, you're going to be asked to start a compensation communication plan in September. Base Salaries Compensation Communication Incentives/Bonuses Pay for Performance Performance Management

Can You Believe What the CEO Pay Ratio Is Teaching Us?

Compensation Cafe

Well, the Compensation Cafe's predictions have come true. A former Board member for the Bay Area Compensation Association (BACA), Margaret coauthored the popular eBook, Everything You Do (in Compensation) Is Communications, a toolkit that all practitioners can find at [link].

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Startup Equity: In Conclusion (Part 14 of a 14 part series)

Compensation Cafe

My goal was to provide some insight into the variations, complexity, power and hurdles that come along with equity compensation focused specifically on startups and other private companies. You should know that NO ONE agrees on the value of equity compensation.

You've Got to Start Somewhere!

Compensation Cafe

Before you introduce the new, industry-standard compensation plan, how does compensation work in the company NOW? What have you been saying to employees about their compensation in the meantime? Base Salaries Compensation Communication Compensation Philosophy Incentives/Bonuses

Deepen Your Value to Your Company

Compensation Cafe

Do you want to become famous in your company for: (pick one or more) Competitive compensation knowledge, talent acquisition, strategic insight, leadership? Start by learning all you can about your organization and about our field's innovative compensation practices, but don't stop there.

Quick Reminder on Performance Management Effectiveness

Compensation Cafe

A clear line of sight is both a business strategy and a people strategy that gives employees a sense of meaning and purpose. ). Base Salaries Compensation Communication Incentives/Bonuses Performance Management

The 8 Man Rotation - 2015 Season - #8ManRotation

Steve Boese

The 8 Man Rotation: The 2015 Season is 106 pages of our best takes in 2015 on the themes of HR strategy, analytics, talent management, performance, recruiting, compensation and more - all with a connection to the wide, wide world of sports. Huge thanks go out once again to the fellas for letting me be a part of the crew and to Matty Ice in particular for doing all the hard work to bring the Ebook together each year. 8 Man Rotation HR Sports blog blog ebook sports