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. See also: HRE ‘s Number of the Day-Benefit reductions.

Top 15 Compensation Management Tools in 2021

Vantage Circle

Companies consider several factors when deciding on a compensation planning tool. In layman’s terms, compensation management software allows an organization to plan and administer employee compensation packages in an organized manner. Payscale Marketpay.

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5 Steps to Creating An Effective Employee Compensation Strategy

Career Metis

Do you have any idea about the employee compensation strategy? Do you know how big organizations are attracting their new employees? In today’s competitive talent market, talent acquisition professionals face an increasingly daunting process of hiring the employees.

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?

A Quick And Simple Guide To Compensation Planning

Vantage Circle

As a leader, compensation planning is one of the skills you will need to master. One of the most important aspects of organizational planning is having a compensation plan that rewards employees and provides competitive pay. What is Compensation Planning?

Boese: 3 HR technologies that can help employers struggling to hire

HRExecutive

Both reports set off a frenzy of analyses and speculation about the health of the labor market, whether the extended and enhanced unemployment benefits were keeping workers out of the job market , and what employers struggling to hire can do.

The Dark Side of Total Compensation Communication

Compensation Today

Taylor, PHR, SHRM-CP, PayScale Senior Blogger The dark side of communicating total compensation doesn’t exist at all – only the resistance of change within organizations where there is no method of delivering this information. It’s not surprising that employees often have the misconception that they are underpaid, unappreciated, and that the competition has something better to offer—like Luke Skywalker being tempted by his father, Darth Vader, to join the dark force. Tess C.

Don't Miss this Summer's Hottest Compensation Events

Compensation Today

Taylor, CPC, PHR, SHRM-CP, PayScale Senior Blogger The summer months are just about to kick off and with the warmer weather comes new and exciting industry events. Each year, hundreds of thousands of organizational leaders, human resource practitioners, and compensation managers head for conferences and expos to learn about the latest in technology, best practices, and legal updates. Tess C.

Forget Happiness. Wellness Emerges as a Compensation Strategy

Compensation Today

Taylor, CPC, PHR, SHRM-CP, PayScale Senior Blogger Employee engagement has been a buzzword in the human resource world for a while. When employees are happy and engaged at work they tend to be more productive. Much of this has been focused on employee happiness as an indicator of a solid compensation program – the better employees are paid and the more perks they enjoy; the greater their happiness should be, right? Tess C.

Cash is Still King When it Comes to Compensating and Engaging Workers

Compensation Today

Taylor, CPC, PHR, SHRM-CP, PayScale Senior Blogger When I wrote Golden Carrots Don’t Produce Employee Engagement last year, little did I know just how much this would ring true for 2016. At that time, employers were just beginning to wake up to the critical nature of employee engagement, spending close to $720 million in programs and incentives. Compensation is more than just developing incentive plans and giving people small annual raises. Tess C.

Be a Unicorn. What Your Compensation Package Says About Your Business

Compensation Today

Taylor, CPC, PHR, SHRM-CP, PayScale Senior Blogger It can be impossible for Human Resource pros to see things from an objective standpoint when we are so connected to the people and processes of our organizations. However, it’s critical to take a step back once in a while to view things from the perspective of employees and future hires. Compensation plays a major role here. What one thing can you provide in your compensation package that no one else can touch? Tess C.

M&A Friday! This Week’s HR Deals

Advos

Each week, with the help of HRmarketer Insight software , our researchers compile a sampling of mergers & acquisition, funding and partnership announcements from the human resource, recruitment and employee benefits marketplace. Insurtech Startup Hixme raises $14 million to fix workplace benefits. Perkbox, an employee engagement platform, picks up £2.5M OneDigital Health and Benefits Forms Partnership with MPC Becoming Exclusive Employee Benefits Provider.

7 employee retention strategies from employee experience visionaries

Qualtrics

If employees are your source of innovation, it’s important to retain them. However, employee turnover is in many industries is high and costly in time, money, and resources. The Society of Human Resources Management (SHRM) suggests that direct replacement costs can reach as high as 50%-60% of an employee’s annual salary, and total costs associated with turnover ranging from 90% to 200% of annual salary. You can download our free employee engagement survey template here.

Total Reward Statements—Show Employees You’re Invested in Them

HR Daily Advisor

A valued employee is a retained employee. Before you start thinking about total reward statements, Rubino says that other basic compensation program objectives should be met. A compensation program must be: Internally equitable. Attractive and able to retain and motivate employees. Structured to align employee efforts and business objectives. Need to revisit your compensation plans for 2015 but don’t know where to start? Insurance benefits.

3 Practical Tips to Prepare for Salary Planning

HRsoft

Salary planning typically requires an extensive investment of time and effort for compensation professionals. According to an article in Employee Benefit News , companies can benefit from pulling data from a range of sources, such as crowd-sourced pay data from tools like PayScale as well as other outside surveys. Many employers have shifted to variable pay for a greater percentage of their employee population in recent years.

Top M&A News in the HR, Recruiting and Benefits Space | 2016

Advos

M&A Announcements in the HR, Recruiting and Benefits Space | 2016. Salary.com Founding Team Acquires Compensation Portfolio From IBM. Sign-up to get our weekly recap of funding announcements, M&A and partnership news from the HR technology, recruitment, talent management and employee benefits space. NFP Acquires Group Force Benefits, Inc. TriNet Acquires Teleborder; Expands Services for Companies Hiring International Employees.

AON 68

Companies Use Pay Alternatives to Keep Employees Around

Compensation Today

Taylor, CPC, PHR, SHRM-CP, PayScale Senior Blogger It always seems as if one company tries to be progressive in terms of it’s compensation strategy, it shakes things up for the rest of the business world. Twitter recently announced that it would be releasing previously unreleased stock shares to the employee pool. This comes on the heels of somewhat stagnant growth and the company’s efforts to retain key employees with generous bonuses. Tess C.

M&A Friday! This Week’s HR Deals

Advos

Our weekly recap of funding, mergers & acquisition, and partnership news from the human resource, recruitment and employee benefits marketplace is below. Mercer and PayScale Announce ‘Cloud and Crowd’ Strategic Alliance for Next Generation Compensation Data and Software Solutions; Mercer Makes Equity Investment in PayScale. Alera Group Acquires Group Benefits LLC. Happy Friday.

Regulatory Compliance Dictates HR Best Practices

Compensation Today

Taylor, CPC, PHR, SHRM-CP, PayScale Senior Blogger This year, we’ve seen a number of new government rules surrounding pay equity and salary transparency developing. This puts a strain on human resource compensation managers and how they must adapt compensation policies. How well HR can keep up with these changes will dictate the future of compensation planning across all organizations. What are some of the more recent rules impacting compensation? Tess C.

Get More from Performance Reviews—Use Metrics to Link Pay

Compensation Today

Taylor, CPC, PHR, SHRM-CP, PayScale Senior Blogger Old methods of measuring performance once a year just don't work anymore. Take a look at some best practices for linking pay for performance during employee reviews. Many workers don’t understand the connection between pay and performance In the Towers Watsons’ Global Workforce Study , less than half of the 32,000 employees polled reported a link between their performance and what they were paid. Tess C.

Dump Annual Staff Surveys: Real-Time Engagement is Here!

Compensation Today

Taylor, PHR, SHRM-CP, PayScale Senior Blogger In a bold move, KPMG, a global professional services firm, has opted to dump its annual employee engagement surveys for good—relying on the theory that annual employee surveys are passé and real-time data is the new way of measuring the true engagement level. David Godden of Thymometrics advises that when it comes to using real-time data to make business decisions that impact employee engagement, “It’s all about reaction times.

Quality Hires Take Front Stage. What’s the Catch? Paying Them Well

Compensation Today

Taylor, CPC, PHR, SHRM-CP, PayScale Senior Blogger You may recall PayScale’s Turnover: The Good, the Bad, and the Ugly whitepaper in which we closely examined the reasons why employees leave otherwise good workplaces, and dispelled some common myths. What matters most to employers is why employees stay, and this comes from certain generational values and desires. The debate over how closely money is tied to employee satisfaction has been brewing for eons.

How to Negotiate Salary After Receiving a Job Offer Letter?

Recruiters Lineup

Before you send a counter offer letter, you should understand the salary rates that other employees holding similar positions in various companies are receiving as compensation. For instance, online sites like Payscale work best for individuals looking for such information.

Are Standing Desks Now a Workplace Must?

Namely

Still, I would have considered the ubiquity of standing desks to be a “Seattle” or “tech” thing before reading this StarTribune article that says, according to a June report from SHRM, that standing desks have become the fastest growing employee benefit in the U.S. If you’re not offering standing desks, are you now not meeting baseline employee expectations? The Employee Take Spoiler alert: I don’t know. This post originally appeared on Payscale.

Yes! 8.8 Million Workers are Getting a Raise!

Compensation Today

Taylor, CPC, PHR, SHRM-CP, PayScale Senior Blogger Literally just hours after California’s Governor Jerry Brown announced that the state minimum wage was increasing to $15 per hour by 2022, the Governor of New York, Andrew Cuomo held a press conference to announce that the Big Apple was following suit. Nearly 73% of employers believe they are paying employees adequately, but only 36% of employees think so. Tess C.

The Pros and Cons of Focal vs. Anniversary Merit Raises

Compensation Today

Taylor, PHR, SHRM-CP, PayScale Senior Blogger Shifting merit increases from employee anniversary dates to a focal point system may be an option for companies that want to connect performance with pay. While it can raise concerns for employees initially, there are multiple advantages of changing salary increases to correspond with actual performance metrics. The problem with anniversary salary increases is that employees learn to expect a raise rather than earning one.

Are Standing Desks Now a Must for Total Rewards Packages?

Compensation Today

Still, I would have considered the ubiquity of standing desks to be a “Seattle” or “tech” thing before reading this StarTribune article that says, according to a June report from SHRM, that standing desks have become the fastest growing employee benefit in the U.S. If you’re not offering standing desks, are you now not meeting baseline employee expectations? I covered this back in June — we asked employers about their employees’ favorite benefits and perks.

9 Employee Bonus Ideas and How to Use Them Effectively

Semos Cloud

9 Employee Bonus Ideas and How to Use Them Effectively. What are different types of employee bonuses and how can you use them to increase retention and productivity in your organization? However, there is more to what employees really expect of their employers nowadays. Category.

Are You Being Paid What You're Worth?

Dr. Nadine

Rarely does a week go by without one of my executive coaching clients or prospective clients reaching out to me with reservations about his/her compensation level. Executives are, understandably, keen to ensure that their compensation is commensurate with their skills, talents, and experiences. Armed with a strong sense of conviction and much preparation, you can ensure that your compensation is reflective of your worth. Perks and benefits can quickly accumulate.

3 Key Talent Acquisition Jobs Explained

Digital HR Tech

In the Netherlands, according to PayScale, the average talent acquisition manager salary lies around €51,000. Payscale estimates the average salary for a US-based Talent Acquisition Specialist is $56,309 , as of April 2020. Talent acquisition jobs come in various shapes and sizes.

Conference Twitter Primer #HRtechConf 2018

Advos

Deloitte’s Human Capital practice digital leader and global practice leader for HR Strategy & Employee Experience. Crazy about employee engagement and culture – and off the beaten path travel, trail running, big red wines & my family. CompWonk : Human Capital Services | @BakerTillyCloud | @OracleHCM #Compensation #HCM #TotalRewards #TalentManagement | Skier | Movie Buff | Sports Nut. We help companies inspire employees and drive employee engagement.

How to Make Sure They Accept Your Job Offer

Compensation Today

You spent time and money carefully selecting your next star employee. Learn More About Our Compensation Software. You never know what little benefit or perk will strike a chord with your candidate. When developing your offer, assume that everything you do for your team is worth mentioning, from the group health benefits to the Friday morning bagels. Take a close look at your compensation. Paige Magarrey , Workopolis. You crafted an amazing job posting.

Questions for Budgeting Season

Compensation Today

For some context, in the webinar we provided some ways to sell the need for a decent compensation budget. From there we overviewed the components of what a typical compensation budget should include. Equity Adjustments – do you have any compliance or compression issues you need to fix at the employee level, or other ways that you may not be paying fairly according to your plan? Our webinar started at the point after a compensation plan exists.

The Source: Weekly Roundup – April 8th, 2019

PlanSource

Welcome to The Source, your one-stop-shop for the latest and greatest HR and benefits news. Our weekly publication highlights this week’s top stories in human resources, benefits administration, insurance, legislation and more to make sure you can stay on top of industry trends and changes. In this week's edition, we discuss how top-tier employers are managing their benefits, common misconceptions about the gender pay gap, a new study about Generation X and more!