3 Innovative Compensation Ideas Ready for Prime Time

Compensation Cafe

A few innovative companies implement compensation practices that others quickly dismiss as (at best) “good for them but it will never work for us” or (at worst) “crazy, impractical and unsustainable.” Gravity Payments’ $70,000 minimum salary is another innovative compensation approach many dismiss as an unsustainable socialist experiment. I would argue this is the first step in closing the dramatic gap that’s grown between productivity and compensation since the 1970s.

The Best Workday Integration You Never Knew About

WorkHuman

Learn more about Globoforce’s pre-packed integration for social recognition in our webinar this Wednesday. Globoforce is the only certified Workday partner offering pre-packed integration for social recognition. Rob Schmitter and Dan Fiore from Globoforce will do a live demo in our webinar this Wednesday, Nov. 5 Reasons to Integrate Globoforce’s Social Recognition with Workday. What value does the Globoforce/Workday integration bring?

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Say Goodbye to the Annual Bonus

WorkHuman

Few people, however, are offering a real solution to the compensation piece of the annual review. The video below features a snippet of Globoforce CEO Eric Mosley’s keynote from WorkHuman 2017. At the other end of the spectrum are companies like Hilcorp which gave every employee a $100,000 bonus … The common problem with each of these compensation strategies approaches is they don’t recognize individual contribution to the business.

How to Find Budget Dollars for Employee Recognition

HR Bartender

I thought about this as I was planning my agenda for this year’s WorkHuman Conference , pioneered by Globoforce. I saw that one of the sessions this year was titled “Show Me the Money: 5 Unexpected Places to Find Recognition Budget” and reached out to the speaker Rob Schmitter , solutions architect at Globoforce, to see if he would give us a sneak peek. Compensation. Payroll. Just like you have a compensation strategy, you should have a recognition one too.

Major Studies Detail Correlation Between Employee Engagement and Retention

Hoops

The most serious challenge facing Human Resources is not benefits, compensation, or performance management. SHRM/GloboForce Employee Experience Survey. The revelation about HR challenges comes from the 2016 SHRM/Globoforce Employee Experience Survey (sent to nearly 800 HR professionals). In companies that spend 1% or more of payroll on such recognition programs, employees are nearly 3X as likely to rate their program as excellent.

Where Have All the Raises Gone?

Compensation Cafe

Cited in the article, analyst firm Aon Hewitt calls this a “drastic shift” based on the firm’s annual survey on salaried employee compensation. The share of payroll budgets devoted to straight salary increases sank to a low of 1.8 Aon Hewitt did not even start tracking short-term rewards and bonuses — known as variable compensation — until 1988, when they accounted for an average of 3.9 percent of payrolls.

Getting Crowdsourced Pay Right

Compensation Cafe

Crowdsourced compensation is one of those terms that can send people running in the other direction, or at least just look at you with a smirk. The immediate image in most peoples’ heads is of a company run amok, employees having free rein over payroll decisions, perhaps even an unsustainable utopia of giant paychecks for all. Typically, a relatively small portion of the overall payroll budget is devoted to crowdsourced methods, like social recognition.

Recognition & Inclusion

Unipos

SHRM/Globoforce Survey. As a matter of fact, employees who receive regular small rewards, in the form of money, points, or thanks, are a staggering 8x more engaged than those who receive compensation and bonus increases once a year. SHRM/Globoforce survey results reported that. As the worksphere experiences a cultural shift and diversity trends gain momentum, it’s important to remember that ever-changing corporate environments require nurturing.

Using Performance Feedback to Calculate Pay?

Impraise

The key question that many of them face is how they can continue to make compensation decisions, without inhibiting the feedback process. Keeping one annual review for compensation decisions The most commonly used method is to introduce more continuous informal feedback and quarterly performance reviews, but continue to keep one annual review specifically for making compensation decisions. A joint study by SHRM and Globoforce found: “Peer-to-peer is 35.7%

Conference Twitter Primer #SHRM18

Advos

BerkshireHR : (BETH RONNENBURG) Berkshire provides solutions for applicant management, compensation management, affirmative action, workforce planning, diversity, and professional training. ElliotDofCowden : working with employers who want to be certain that their compensation, benefits, and retirement plans are compliant, competitive and cost-effective. GregoryWStevens : I/O Research Consultant, @Globoforce.

HR TechStack – Employee Engagement Software

WhoKnows

This moves beyond perks, benefits, and payroll. Globoforce. Globoforce gives you insight on your company culture and provides means for you to encourage and regulate proper behavior. Supporting the new world of work, Saba delivers learning, performance, succession, career development, workforce planning and compensation solutions that incorporate modern technologies such as social, collaboration, mobile and gamification. Employee Engagement Software Definition.

Saba 40

300+ Women Leaders in HR! These Women in HR Bring a Unique Blend of People & Strategic Skills.

CakeHR

Ann Bares , Compensation Consultant. Jennifer Reimert , VP, Solutions Consulting at Globoforce. Lori Winters , Founder/CEO, Thread (formerly Choice Payroll). Marnie Larson , CEO at StarGarden Corporation, an HCM, Payroll and Time and Attendance Software Solution provider. Pamela Webb , Global HCM & Payroll Strategist – Collaborating with Clients on Strategies to Support Its People Worldwide.