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. You know, the one you’re afraid to talk to. Sure, you’ve heard some terms before, but you have no idea what they mean so you try to avoid the conversation altogether.

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?

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Top Five Compensation Trends from 2016

Compensation Today

Between the elections, compliance changes, and the ever-increasing competitiveness of talent markets, most of us have been on our toes all year. 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.

How to Create an Equitable Compensation Program

Trainual

In America, we have had the unfortunate history of excluding people of color, women, and other minorities from many wealth-generating activities. This includes equitable compensation. . Today, in 2020, we still have a racial (and gender) wage gap. Flexible hours .

Should I Give Employees a Total Compensation Statement?

Zenefits

A growing number of employers are giving their employees total compensation statements, also known as total rewards statements. If you’re wondering whether your small business should follow suit, consider the following questions. What is a total compensation statement?

Will recent pay increases for minimum wage workers affect those in higher earning brackets?

Compensation Today

Co-written by Mykkah Herner, PayScale Comp Specialist and Tess C.Taylor, Founder of HR Knows Around the nation, large corporations are taking the minimum wage issue to heart by instituting salary increases for their most underpaid workers. Companies like McDonald’s, Wal-Mart, Target, and TJX, the parent company of TJ Maxx and Marshalls, have announced plans to raise wages by as much as $1 or more per hour, with more raises coming for the beginning of 2016.

What is a total compensation statement & how does it provide value?

Genesis HR Solutions

Though your benefits package may be quite substantial, your employees may not know or understand the real value of the benefits you offer. And they may continue to remain unaware of the “hidden” benefits they are receiving even as healthcare costs rise, and you, the employer, absorb the increases. In an effort to show employees the true value of their compensation, benefits factored in, many employers are providing total compensation statements.

McDonald’s employees not exactly “loving” planned benefit and wage increases

Compensation Today

Crystal Spraggins, SPHR Last week, McDonald’s announced it will increase benefits and raise wages for 1,500 employees in its company-owned stores. Nearly 90,0000 workers will receive paid time off, educational assistance, and an additional $1 an hour over the federal minimum. We know that a motivated workforce leads to better customer service so we believe this initial step not only benefits our employees, it will improve the McDonald’s restaurant experience.”

A Data Person’s Take on Compference16

Compensation Today

When walking the halls of the Seattle Sheraton, surrounded by HR professionals, compensation experts, and many notable executives, one could truly feel the buzz generated by Compference 2016. The excitement was palpable. Here we had a diverse group of people ready to speak and learn all about compensation at PayScale’s premier user conference. The excitement was palpable. Forget the wage gap, let’s talk about the sponsorship gap.

Data 52

The Ripple Effect of a Pay Strategy Change

Compensation Today

PayScale was there for The Elevate Summit , BambooHR’s first ever user conference, and we know many of you were too. There were tons of great sessions and keynotes — from the brilliance of Susan Cain to The Science of Happiness — and so many smiling faces. One particularly special session for us was “The Ripple Effect of a Pay Strategy Change,” in which PayScale CPO Dave Smith presented with Justin Gagnon, CEO of our customer, Choicelunch.

How to Turn Pay Secrecy Obstacles Into Pay Transparency Opportunities

ExactHire

I’ve been thinking about the impact of snap decisions a lot lately. Having just finished the book Blink by Malcolm Gladwell, I have a new interest in the role of the subconscious on action and performance. Gladwell presents mounds of evidence supporting the idea that instinct shouldn’t be discounted relative to more involved decision-making processes. This practice of pay secrecy has undoubtedly perpetuated the pay inequity that exists in our country today.

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. This is great news for the 8.8 Historic update to the FMLA And that’s not all. Tess C.

In the Right Direction

HRO Today

Gender pay inequities exist but the gap is narrowing. Gender pay inequities persist in 2019, but not necessarily in the way many people think. There is a lot of miscommunication and confusion about the gender pay gap, so let’s set things straight. PayScale leveraged pay data from 1.8 million employees to compare the overall median pay for women to the overall median pay for men and found that women earn 79 cents for every dollar earned by a man.

California’s Overtime Law Would Eventually Raise Salary Beyond FLSA Rule

Compensation Today

A federal judge’s ruling put a halt to the Obama administration’s rules expanding overtime pay under the Fair Labor Standards Act. State legislators recently proposed a law raising the salary threshold for exempt employees, similar to what the Department of Labor rule would have required. The California rule mandates a monthly salary for exempt employees that is either $3,956 or double the minimum wage (currently $10.50

How to Calculate Your Salary Requirements?

Career Metis

Most job seekers struggle with salary requirements or the “minimum salary” they need to earn. Calculating the salary, you deserve can be difficult, especially if you do not have an idea of what you need to meet all your expenses. For 2021, the social security tax rate is 12.4%

Modern Comp Practices for Traditional Companies

Compensation Today

By Kari Van Hoof, CCP, PayScale Compensation Professional At PayScale, we strive to help all kinds of organizations embrace modern compensation practices to engage their workforce and drive results. Even employers that think of themselves as more “traditional” than “modern” can take a few steps in this direction, and the good news is that you don’t necessarily have to spend a lot of money or change your entire culture to do it. No money to spend on training?

How to Get Paid What You’re Worth?

Career Metis

Perhaps you are not the only one because most people do. The correlation between existing pay and work contentment is not as reliable as you may think it is. This is in comparison to 59% of employees who think their compensation is below the market rate. . Research Online.

This Map Shows The Average Salary for Office Managers in Every State

SnackNation

This Map Shows The Average Salary for Office Managers in Every State. Earlier this year, we released the 2017 State of The Office Manager Report , a first of its kind study of the office manager role – and the intrepid men and women who fill it. In the report, we learned that the officer manager role has been steadily expanding, both in scope and strategic importance. According to data from Indeed, SimplyHired, and PayScale, the U.S.

Is Your Employee Asking for a Raise? Here’s What to Do

Patriot Software

At some point, your employee may ask for a higher salary or hourly wage. Although raise conversations can be uncomfortable for both you and the inquiring employee, you need to know how to handle them. According to one report , 37% of workers have asked for a wage increase from their current employer. Chances are, your employees may ask you for a wage bump, too. Listen to the employee, but wait to respond. Be sure to collect information from the employee.

Five Tips to Win the War for Talent in 2017

TalentCulture

In other words, the companies that offer the best employee value will attract not only those who are out of work but the best of the best who are seeking greener pastures but not necessarily in a rush to jump ship. With 70 percent of Gen Y employees and 50 percent of Gen X workers planning to spend fewer than five years in their current roles, don’t you want your company to be the one that wins the war for their talents? Cough up the cash.

Everybody’s got questions about Zappos and surge pay

Compensation Today

Adopting the idea from taxi service Uber , Zappos hopes the new compensation structure will incentivize employees to work when customer demand is highest, such as in the early hours of the weekdays on the east coast or during the early hours in Las Vegas, where Zappos is headquartered. Under the new system, more demanding shifts equal higher pay. It turns out those sheets were employee schedules for the quarter.

“Gender Roles in Childhood.”, with Sheila Ronning and Candice Georgiadis

Thrive Global

To look at the gender wage gap from a societal perspective with the hope of fixing the issue, we must go back to the beginning — childhood. Can you tell us the “backstory” that brought you to this career path? Ok let’s jump to the main focus of our interview.

Conference Twitter Primer #HRtechConf 2018

Advos

Once again using HRmarketer software, we analyzed the #HRTechConf conference website and tweets to come up with the following Conference Twitter Primer — all the information you need to socially prepare for the world’s largest HR technology conference and exposition hall! Bookmark this page and refer to it during the conference if you need someone’s Twitter ID. The Basics. Location: The Venetian®, Las Vegas. The best is yet to come!