3 Tips to Design a Transparent Non-profit Compensation Strategy

Compensation Today

Jessica Miller-Merrell, blogging4jobs PayScale reports that a more transparent compensation policy can support the recruitment and retention of employees at many non-profit organizations, especially in a growing multi-generational environment. According to Nonprofit HR , 1 in 3 nonprofits report that hiring is the biggest staffing challenge. Without the right compensation strategy, you could be finding yourself with more than a few open positions.

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. This is the second in a series on compensation during the pandemic.

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PayScale's Compensation Glossary: Part 4 of 4

Compensation Today

Jenni Marquez, CCP, PayScale Compensation Professional Let’s review. If the external inequity is due to internal pay being higher than market, then you likely have a compensation budget problem. 2) COMPRESSION Definition: Wage compression is the phenomenon that occurs when a new hire is paid the same as or more than employees with more seniority in the same job. Why it matters: Compression is one of the more challenging issues in compensation.

Compensation Planning in 7 Actionable Steps

Analytics in HR

Thorough compensation planning allows your organization to create compensation systems that reward employees fairly and support business goals. What exactly is compensation planning, what are its objectives, and how do you go about compensation planning in practice?

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. Hiring and retaining the right employees in the face of high growth.

PayScale's Compensation Glossary: Part 3 of 4

Compensation Today

Jenni Marquez, CCP, PayScale Compensation Professional Wow! Can you believe it that we’re half way through our 4-Part Comp Glossary bringing you closer to ‘comp’lete mastery of the compensation language?! 1) PAY RANGES, PAY GRADES, and PAY BANDS Definition: A pay range is the upper and lower limits of compensation, typically including a minimum, midpoint, and maximum. Get the rest of the PayScale Compensation Glossary here: Part 1: Comp 101 Part 2: Market Pricing

7 Compensation Issues and How to Fix Them

Analytics in HR

Ignoring compensation issues at your organization can lead to unhappy workers, low morale, decreased productivity, and increased turnover. So how do you identify and fix compensation issues? Contents Examples of compensation issues Steps to identify and fix compensation issues.

Want to Become an Expert in PayScale’s Insight Product? You Can — at #Compference17

Compensation Today

You use Insight to price and track jobs and stay ahead of the curve in compensation. First, Learn the Secrets of PayScale’s Data. And why is using crowdsourced data to inform compensation decisions one of the most powerful ways to hire, engage and retain great talent? Join our VP of Data Analytics, Katie Bardaro, and our VP of Customer Success, Emily Jensen, at “Understanding the PayScale Data Set” (Tuesday, October 3 rd , 10:30 am).

HRsoft Partners With PayScale

HRsoft

HRsoft is pleased to announce a new partnership with PayScale, providers of the largest salary profile database in the world. This partnership gives our clients easy access to PayScale Market Reports on specific jobs at a discounted price. The PayScale Market Report supplies you with real-time compensation data to assist with strategic decisions about employee pay. This powerful information is helpful for compensation and workforce planning, budgeting and even hiring.

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

HRExecutive

This research shows total job openings, total hires and separations, the “quits” rate (how many people voluntarily left their jobs) and more. See also: What COVID means to compensation First, they must understand how their comp packages stand up in the market.

A Guide to Payscale Philosophy and Strategy With People Operations

Zenefits

As the workforce moves towards more freelance, contract, and part-time engagements, companies need to make sure they are compensating their employees in a way that meets today’s work style. Compensation is also a pivotal component of people operations.

PayScale's Compensation Glossary: Part 3 of 4

Compensation Today

Jenni Marquez, CCP, PayScale Compensation Professional Wow! Can you believe it that we’re half way through our 4-Part Comp Glossary bringing you closer to ‘comp’lete mastery of the compensation language?! 1) PAY RANGES, PAY GRADES, and PAY BANDS Definition: A pay range is the upper and lower limits of compensation, typically including a minimum, midpoint, and maximum. Get the rest of the PayScale Compensation Glossary here: Part 1: Comp 101 Part 2: Market Pricing

PayScale Tools for Today's Comp Pro! Compensation Glossary: Part 2 of 4

Compensation Today

Jenni Marquez, CCP, PayScale Compensation Professional PayScale’s Comp Glossary returns! Consider the comp pros at PayScale to be an extension of your team! We’ve compiled a list of fundamental compensation terms and why they’re important to know. Why it matters: Often misunderstood but a very critical part of evaluating compensation is the benchmark job. 3) COMPENSABLE FACTORS Definition: The details about a job that influence how the job is paid.

PayScale Gender Report Reveals Female Software Engineers Get Paid 12% Less

Compensation Today

How can companies encourage hiring more female engineers and close the gender wage gap for good? The PayScale Women at Work survey indicates that less than 5 percent of all software architects are women. Advances in technology have led to a huge demand for skilled professionals, however there are still gaps between the career opportunities and compensation that women and men enjoy. Get a PayScale demo now!

7 Things to Look for in a Compensation Package

Visier - Talent Acquisition

Quite the hot commodity, workers can afford to be a little picky and a little particular about what kind of compensation they’d like in exchange for their labor. With companies competing for workers, savvy job seekers know exactly what they’re looking for in their compensation packages.

Why You Should Share Total Compensation Statements With Your Employees

Compensation Today

In the last few months I have worked with over a dozen companies rolling out their annual increase cycle in PayScale’s Crew. Last month when PayScale published the 2017 Compensation Best Practices Report (CBPR), research showed that 40 percent of all organizations provide total compensation statements. What Is a Total Compensation Statement? Learn More About Our Compensation Software. The Wrong Way to Communicate Compensation.

Six Considerations When Evaluating Your Compensation Strategy

Tandem HR

While compensation is only one factor for recruiting and retaining talent, it is critical to your overall HR strategy. Whether initiating or updating your compensation strategy and philosophy, the following best practices may help guide your process and decisions.

Get Me a Compensation Strategy, STAT!

Compensation Today

One intentional decision that too many companies aren’t making: establishing their compensation strategy. PayScale’s 2017 Compensation Best Practices Report (CBPR) found that just 37 percent of all organizations have a comp strategy. What is a compensation strategy? It’s the sum of all the choices you make about how to spend your compensation dollars, including the market where you compete for talent and how competitively you plan to pay in that market.

7 Compensation Resolutions for 2017

Compensation Today

These notions of resolving are ones that I think are both difficult and necessary, especially in the field of HR and compensation in particular. Without further ado, Compensation Resolutions 2017: seven ways to start the new year right! Check out these seven compensation #resolutions 2017! 1: Develop Regular Compensation Reporting. I was working as a compensation consultant when the recession started to ease up. PayScale Crew is a good start.

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. CURO Compensation.

Healthcare Happenings: 2017 Compensation Best Practices

Compensation Today

In PayScale’s 2017 Compensation Best Practices Report we learned that about half of healthcare organizations (49 percent) will compensate more for competitive jobs. 49 percent of healthcare orgs will compensate more for competitive jobs – which usually means nurses, physicians, etc. Learn More About Our Compensation Software. It provides some insights about how medical and healthcare organizations approach compensation.

Which Compensation Structure Is Right for Your Company?

Compensation Today

Compensation structures continue to evolve, and they usually do so to help organizations keep current with both market and workforce trends. Some may wonder what compensation structures are. Loosely, “compensation structure” refers to the various ways that companies can organize their pay practices. How have compensation structures developed? Grades and Ranges: today’s compensation structure. Learn More About Our Compensation Software.

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?

How to Negotiate a Compensation Package for a New Hire

Compensation Today

Taylor, PHR, SHRM-CP, PayScale Senior Blogger Hiring great people starts with offering them a competitive work culture and compensation package. PayScale’s 2015 Compensation Best Practices Report revealed that a top concern for companies is attracting and retaining the best talent. However, the way any human resource manager handles compensation negotiations must be carefully balanced with other factors. Tess C.

Developing a Compensation Plan, Step 1: Set Pay Philosophy

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. By now, it’s well-accepted that a comprehensive, up-to-date compensation plan is a must for successful business. A tight talent market means organizations are focusing more than ever on strategies to retain and hire top employees, compensation being a big one. Unfortunately, putting together a strong compensation plan is no easy task. Learn More About Our Compensation Software.

How do we put a price on what our employees do at work?

Compensation Today

Economic recovery had resulted in sales growth and associated hiring, but competition was also fierce for an already limited labor pool. Multiple locations across the state, ranging from rural to metropolitan, added a level of complexity to compensation as part of a recruitment and retention strategy for HPM’s 300 employees. In September, Jeracah was invited to speak at PayScale’s Compference 2016 in Seattle, Washington, to a group of HR and compensation professionals.

The Role Compensation Plays in Values, Culture & Engagement Strategies

Decusoft

Getting compensation right can be tricky – that’s why businesses perform due diligence and conduct benchmarking surveys. Compensation was always important, but it’s even more critical in the aftermath of the pandemic. Compensation Specialization.

How to approach pay differences for employees doing remote work

Business Management Daily

Increased opportunities for remote work are likely to stay, opening up hiring opportunities across the country. That makes hiring and retaining employees even more competitive. Benefits of hiring remote employees. Compensation and Benefits People Management

Diversity Considerations in Compensation: Part 2 – Workplace Currency, Manager Favoritism

Compensation Today

In our first diversity and compensation post , we covered how to identify and resolve inequities within your current compensation practices, as well as the pros and cons of a self-audit. Workplace currency” is a term we’ve coined at PayScale — much like the saying “money makes the world go round,” we see workplace currency as the grease in the wheels of the workplace. We (reasonably) expect to receive some sort of compensation in exchange for our efforts.

Developing a Compensation Plan, Step 5: Create Policies and Processes

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. Make clear choices about what you plan to share about each aspect of your compensation plan, including your philosophy, strategy, market data, pay ranges, policies and processes. Sometimes information shared inconsistently with and by managers can disrupt the sense of fairness that your employees feel about their compensation. How is the hiring range determined for a position?

Seasonal Hiring Steady for 2015 Holiday Season, but is Pay Spiraling Downward?

Compensation Today

Taylor, PHR, SHRM-CP, PayScale Senior Blogger This time of year always sees an increase in hiring additional people to cover the busy holiday season, at least on a temporary basis. But, a recent survey indicated that while employers expect to hire a similar number of seasonal workers, the pay rates for these temporary employees may be decreasing. While seasonal hiring remains steady for 2015, hourly wages are disappointing at best. Tess C.

How to structure employee compensation

Workable

Pay structures define employee compensation for different jobs or groups of jobs. Here’s our guide on why and how to set up a pay structure: Why you need structured employee compensation. Pay structures (also know as salary structures or compensation structures) help companies offer equitable, competitive salaries and map out employees’ path to growth and higher pay. Competitive compensation packages play an important part in persuading candidates to accept job offers.

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. Compensation is logistical.

Developing a Compensation Plan, Step 7: Keeping It Updated

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. One of the tricks of compensation planning is that it’s never truly done. If you have an organization that involves managers, train them in what matters in defining jobs for compensation purposes, and have them review their job descriptions for accuracy. One of the tricks of compensation planning is that it’s never truly done. Learn More About Our Compensation Software.

The Four Times You Should Be Talking About Compensation Throughout the Year

Compensation Today

We’ve written a lot at PayScale about compensation communication — especially about WHY talking about compensation is important, and WHO should be talking about pay. When’s the right time for compensation conversations — and what should you be sharing at that time? The best time to talk about compensation isn't at the annual review. New Hires and Promotions: Discuss pay when employees are hired or when they move in to a new role.

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. But armed with the knowledge that the PayScale Compensation Best Practices Report gives us, it’s possible to enter into a dialogue with employees centered on facts, not fear. Tess C.

5 Ways to Handle Compensation Like a Top-Performing Company

HR Daily Advisor

There are several differences between how top-performing companies handle compensation and how typical companies approach the issue, according to the results of a recent survey. Top employers have strategies in place and keep up with market data, among other things, experts said during a recent Payscale webinar, How to Do Comp Like Top-Performing Companies. You should review the market every time you’re thinking about recruiting or hiring,” Bailey said.

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. 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? Where compensation fits into employee engagement Naturally, compensation plays a pivotal role in employee engagement in the workplace.

Total Compensation Update: Mandatory Paid Sick Leave for Contractors

Compensation Today

Taylor, PHR, SHRM-CP, PayScale Senior Blogger Last month, President Barack Obama signed an executive order granting paid sick leave to federal contractors and subcontractors. This order officially goes into effect on January 1, 2017, but companies that employ government contractors are already taking steps to better manage their total compensation programs to accommodate this requirement. 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.