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.

PayScale's Compensation Glossary: Part 4 of 4

Compensation Today

Jenni Marquez, CCP, PayScale Compensation Professional Let’s review. If you have external inequities and find your pay is low compared to market, you likely have flight risks, higher turnover, and difficulty recruiting. If the external inequity is due to internal pay being higher than market, then you likely have a compensation budget problem. Why it matters: Compression is one of the more challenging issues in compensation.

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Canadian Edition of PayScale’s 2017 Compensation Best Practices Report Has Arrived!

Compensation Today

The annual Compensation Best Practices Report (CBPR) you know and love now has an all-Canada edition! While the full report is in its eighth year, this is the first year we’re able to detail Canadian-specific compensation practices — we’re excited to share with our Canadian readers what other companies in their country are doing when it comes to setting pay for their employees. Learn More About Our Compensation Software.

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. It’s great to see organizations hiring again as we bounce back from the recession, but this increased competition for talent means nonprofits have to start thinking more strategically about their compensation budgets.

Beyond Compensation: How to REALLY Motivate Employees

Compensation Today

Jessica Miller-Merrell, blogging4jobs Although we know compensation is the number one reason people leave companies, pay isn’t the only factor in employee engagement. It won’t pull the best out of them, but without that foundation of adequate compensation, there’s not an effective way to build a motivation strategy. One of my recruiters needed to be motivated through a special form of incentives.

PayScale Tools for Today's Comp Pro! Compensation Glossary: Part 1 of 4

Compensation Today

Jenni Marquez, CCP, PayScale Compensation Professional Even the most seasoned HR professional might take a big gulp if approached by their CEO to take charge of anything comp. That’s because, despite being part of the HR department, compensation is like the cool kid at a party. PayScale has you covered in our new, 4-part Comp Glossary. Today’s Lesson: A Little Comp 101 Consider the comp pros at PayScale to be an extension of your team!

Compensation Can Be FUN!

Compensation Today

As a longtime PayScale user and evangelist, I was beyond excited when the team asked me to present at Compference. I was expecting a bunch of buttoned-up, boring compensation discussions. My compensation perspective tends to be from a compliance mindset. I really expected most of the technical compensation discussions to be way over my head. The PayScale Team Is Amazing . Compensation Can Be Fun! The PayScale Platform is Still Evolving.

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.

Top Performing Company Pay Practices: 2016 PayScale Report

HR Daily Advisor

So what’s new in the way your company approaches compensation? Even without considering the new high-water marks set in recent months for minimum wage in various markets around the country, some of the compensation practices that seemed unchangeable are, indeed, changing. PayScale’s latest study of compensation practices, the 2016 Compensation Best Practices Report, shows that many companies are rethinking traditional ways of handling pay.

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.

5 Steps to Creating An Effective Employee Compensation Strategy

Career Metis

Do you have any idea about the employee compensation strategy? In the recruiting process, they need to offer some special benefits to high-skilled job candidates. And here, effective compensation can help. An Effective Compensation Management Strategy.

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.

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

Compensation Today

If you were really wanting to recruit a certain demographic, wouldn’t you start by paying them fairly? If you were really wanting to recruit a certain demographic, wouldn’t you start by paying them fairly? The PayScale Women at Work survey indicates that less than 5 percent of all software architects are women. Create compensation programs that provide flexible working arrangements, like telecommuting and flextime, and the ability to take time off when needed.

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 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.

Become a Gold-Medal Compensation Expert: Train at Compference

Compensation Today

As HR and Compensation professionals, our professional development budgets are often the first to get cut, but if I’ve learned anything these past nail-biting days, it’s that training matters. As you consider your various training options, from online webinars, to classroom training, to reading every short blurb you can about pay-for-performance or talent or whatever it may be, let me make a quick plug for Compference , the modern compensation conference.

Top Five Compensation Trends from 2016

Compensation Today

What trends have impacted compensation the most? In the spirit of the coming new year, let’s count the top five 2016 compensation trends! Count down the top #compensation trends of 2016! Gone are the days where companies compensate with just base pay. One thing that top companies share is that they are much more likely to communicate their mix of pay through a total compensation statement. #4: 2016 has been anything but boring.

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?

How to approach pay differences for employees doing remote work

Business Management Daily

Recruiting nationally, for at least some positions, can help organizations attract staff from a deeper talent pool. A recent Willis Towers Watson survey found that 26% of companies say they would base compensation on location for remote workers.

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

Compensation Today

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. We partnered with PayScale , a cloud-based compensation software, to help HPM first devise a compensation philosophy and then access current market data to assign fair and objective pay to HPM’s jobs. Payscale helps us do that.”.

Surprising Statistics May Shape 2017 Compensation Programs

HR Daily Advisor

The pursuit of the right talent continues to be highly competitive and, according to the latest research from PayScale, that pursuit is shaping compensation programs and strategies. In fact, PayScale’s 2017 Compensation Best Practices Report (CBPR) reveals a shift in strategy, as well as a gap between the perceptions of employees and employers with regard to pay. Compensation practices are increasingly being used as a way to cement relationships with employees.

Align Your Compensation Strategy with Business Priorities

Compensation Today

Taylor, PHR, SHRM-CP, PayScale Senior Blogger At the intersection of business objectives and recruitment is a strong compensation strategy. As we found in the 2015 Compensation Best Practices Report in about half of the companies we surveyed, the CEO is primarily responsible for setting compensation budgets, while the Head of HR is primarily responsible for setting compensation structures. Why not get a free salary report and try a PayScale demo today

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.

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

HRExecutive

Advertisement Unemployment Benefits There is anecdotal evidence that many small business owners, particularly in leisure and hospitality, feel that their compensation and benefits can’t compete with federal and state unemployment benefits.

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. Hire Velocity Acquires Atlanta-based Recruiting Services Firm, BHS Hire. PayScale acquires Denver salary data company.

AON 68

Customizing Compensation for the Aging (?!) Millennials

HR Daily Advisor

With a fixed compensation budget, you need to know how best to direct your dollars where they will give you the most bang for your compensation buck, so to speak. Payscale recently released a report, Compensation Challenges for a Multi-Generational Workforce , which provides some helpful insights in this area. Recruiting is a challenge for 2015. Striking a balance is important in order to avoid alienating either end of the spectrum, according to Payscale.

How HR can help leaders prepare for the ‘unimaginable’

HRExecutive

When Shelly Holt became PayScale’s chief people officer in mid-April, she not only had ample HR experience, but she also had personal experience that helped her jump right into a new organization during the new normal brought about by the COVID-19 pandemic. “I Shelly Holt.

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.

How Compensation Impacts Your Business

Compensation Today

Hedge Stahm, Marketing Segment Manager, PayScale Human capital is a company’s most important asset. To keep employees engaged and productive, companies must compensate them appropriately—without overpaying them and running the risk of eroding the bottom line. But, the truly innovative companies invest in compensation management software to help get the most value out of their payroll—ultimately getting the most bang for their buck. See what PayScale can do for you.

Will Compensation Remain Stagnant or Grow for 2015?

Compensation Today

Taylor, PHR, SHRM-CP, PayScale Senior Blogger The latest PayScale Index data indicates a dismal 0.4 The question remains, will compensation increases remain slow to no-go for the remaining quarter of the year? The Society for Human Resource Management (SHRM) predicted a year ago that there would be a 3 percent increase in compensation for 2015, based on workforce data at that time. Tess C.

Make Your Compensation Work Across Generations

HR Daily Advisor

In yesterday’s Advisor , we looked at the first two of Payscale’s five compensation tips for workers at all stages of their careers, referencing their report, Compensation Challenges for a Multi-Generational Workforce. asks Mykkah Herner, Payscale’s Head of Expert Services and one of the report’s authors. ” Recruiting is a challenge for 2015. What are the other challenges facing recruiting today, and how are HR professionals addressing them?

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. However, the numbers spike when talking about recruiting.

How to Navigate the 8 Steps of Recruitment

Career Metis

Recruiting the right candidate for your organization will have a paramount effect on its operational efficiency. A well-crafted recruitment strategy can multiply the chances of selecting the right candidate and show the company’s professional character.

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.

3 Compensation Strategies for Your Remote Workforce

Linkedin Talent Blog

In this quickly evolving environment, it’s a question that affects not only the existing workforce, but also the companies that continue to recruit and hire new talent. Compensation packages based on geography aren’t new. The company has roughly three compensation zones within the U.S.,

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.

Starting Small: Communicating Compensation Doesn't Have to be All or Nothing

Compensation Today

Rita Patterson, Onboarding Team Lead, PayScale Convinced that communicating comp means exposing every employee salary to the masses? Think you can’t communicate comp until you have a fully detailed, flawlessly executed Compensation Constitution in place? Here is how to take the first steps toward communicating comp, using some common scenarios where conversing about compensation is key.