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. PayScale has you covered in our new, 4-part Comp Glossary.

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. Similar results were discovered by the PayScale Compensation Best Practices Report , which surveyed nearly 7,600 business leaders from across multiple industries.

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10 Smart Strategies to Enhance Employee Experience

HSD Metrics

Employees who aren’t engaged (and most aren’t) are more likely to move on to other jobs, and the average cost to replace one of those workers is from 90% to 200% of their annual salary (this according to PayScale ). .

Breaking Out Of The 'Best Practices' Ant Farm

Compensation Cafe

Payscale's 2016 Best Practices Survey welcomes readers to a magical place called Comptopia: I n 2016, cast your compensation cares away and escape to an idyllic island known as Comptopia. Compensation Philosophy Surveys best practices compensation herding pay practices Payscale total reward

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Pay the Friendly Way: United Airlines Ties Executive Compensation to Customer Satisfaction

Compensation Today

In the 2017 Compensation Best Practices Report , PayScale shared that most companies do link compensation to performance. Once you have determined what these are in your organization and have baselines, tie the goals for this metric to compensation planning.

Human Resources: 3 Tips for Getting a Seat at the Executive Table

Compensation Today

Taylor, PHR, SHRM-CP, PayScale Senior Blogger The PayScale 2015 Compensation Best Practices report indicated that in most companies, CEOs still call all the shots. PayScale data shows that 65% of HR heads at medium sized companies actively set the compensation structure. Tess C.

Bonuses Remain the Top Priority for Raising Compensation

Compensation Today

Taylor, PHR, SHRM-CP, PayScale Senior Blogger Recently, I wrote about the sluggish state of the US economy and its impact on wages for the third quarter of 2015. Get your hands on a free copy of PayScale's Compensation Best Practices Report today. Tess C.

Visit us at #HRTechConf

Compensation Today

As a company that uses billions of data points to help companies get compensation right, PayScale is no newcomer to big data. While predictive analytics aren’t wholly new for company budgeting, forecasting products, or sales metrics, it is a relative newcomer to HR analysis.

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. Tess C.

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. Tess C.

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. Set pay structures and compensation metrics that work at all levels, from your entry level positions all the way to the top. Tess C.

Mission Transparency: Greater Sense of Job Meaning Reduces Turnover

Compensation Today

A new PayScale study asked employees if their workplace made the world a better place , those workers who responded “yes” had the highest median pay of all survey respondents, at $50,600, followed by those who said “very much so,”at $49,700.

CEO’s Letter: We Should Be Better (If CEOs Would Only Join Us)

HRO Today

The initial premise of the study was to see if there was a correlation between CHRO compensation and a variety of business metrics. There is a strong correlation between earnings metrics, total compensation, and non-cash compensation or stock option packages of the Fortune 50.

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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. According to Paige Hanley, Payscale’s Sr. Tess C.

#Compference17 Day One Wrap Up: Modern Comp, Babies and Employee Engagement.

Compensation Today

PayScale CEO Mike Metzger kicked off Compference with his keynote on the future of Modern Compensation. New company metrics of success should include the number of new company babies per year and the number of first time home buyers per year. Chris Martin is the lead data analyst at PayScale. Starting at 8am this morning, Compference attendees have had a jam-packed day networking, learning and knowledge sharing everything under the sun related to compensation.

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

Compensation Today

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. A metric-driven, performance-based plan is a nice way of taking favoritism out of the mix.

We’re Training Our Managers Wrong

Compensation Today

Having recently put together PayScale’s 2017 Compensation Best Practices Report , I learned some alarming stats that tell a pretty tough story for our managers. At PayScale, our professional services team provides manager training. “I don’t know why, HR wouldn’t let me.”.

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. Link salary increases to performance metrics that are attainable. Tess C.

‘Tis the Season for Rising Health Care Costs – Managing Total Compensation Changes

Compensation Today

Taylor, PHR, SHRM-CP, PayScale Senior Blogger While everyone is out doing their holiday shopping and headed for parties, there’s an undercurrent of change coming that will affect nearly every American in 2016. Tess C.

Hiring the Wrong Salesperson is a $2-Million Mistake

HR Daily Advisor

Start with PayScale’s (free!) complete guide to compensation plans, Bring Back the Sizzle: PayScale’s Guide to Comp Plans That Get Workers Fired Up (In a Good Way). Wrong metrics and goals : For example, valuing cost per hire vs. quality of talent and timeliness of hires.

21 fresh employee engagement ideas

Compensation Today

According to PayScale’s 2015 Compensation Best Practices Report , unsatisfactory pay is the main reason people leave companies, which is no doubt why 63 percent of employers said a primary compensation objective is “retaining top employees.” Tess C.

Why Retraining Is The New Recruiting

Namely

PayScale’s research on compensation best practices found that 33 percent of companies worldwide had positions that have been open for six months or more. Look at your performance metrics. Think about creating performance metrics that focus directly on how individuals are contributing to business goals. This post originally appeared on Payscale. In the last couple of years, a new wave of digital disruption swept through businesses in nearly every industry.

5 Stats That Reveal A Persistent Challenge for Recruiters in Finance

Entelo

That’s why over the next couple weeks we’ll be slicing the data to provide better insight into specific industries, allowing you to benchmark your own metrics more appropriately.

Data-driven recruiting 101: How to improve your hiring process

Workable

Here’s what to do to shift towards data-driven recruiting: Choose the right data and metrics. Start by selecting a few important hiring metrics to track. All companies benefit from measuring quality of hire , since this metric shows the overall effectiveness of your hiring processes.

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5 Steps to Creating a Merit Matrix

Compensation Today

Let’s say your company has a robust performance management process in which employees are rated on series of categories/metrics and their overall score is an average of all scores in each category, usually carried out two decimal places (i.e.

The top 10 recruiting mistakes employers must avoid

Compensation Today

Use trusted sources, like Payscale, to determine fair compensation so candidates don''t run to the next competitor for more money. Hire based on potential and traits, not metrics. Tess C. Taylor, PHR, The HR Writer Let''s face it. Recruiting today takes guts.

Merit Talks: Tis the Season

Compensation Today

Performance goals and metrics, including how they support organizational objectives. PayScale Crew guides HR and managers through the merit cycle without the need for complex spreadsheets.

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. Further results of a supplemental survey on recruitment metrics and costs.

Merit Talks: Tis the Season

Compensation Today

Performance goals and metrics, including how they support organizational objectives. It’s nearing the holiday season, spirits are bright, and you have to tell your star employee that they’re getting an increase that is lower than they want.

Using Compensation Planning to Improve Engagement & Retention

HRsoft

According to PayScale survey findings the main reason why employees left in 2014 is due to compensation issues (although this can vary from company to company) which can be related to base salary, commission, overtime pay or end-of-year bonuses. Compensation planning can be fairly complex and has to take into account many factors (profit sharing, performance metrics etc.),

The Executive Assistant’s Guide: Tips for Getting a Promotion or Raise

SnackNation

The plan: In our guide for asking for a raise for Office Managers , Office Manager Chelsey recommended using sites like PayScale or Comparably to determine salary ranges for your position and responsibilities. Do you know what metrics your boss uses to evaluate your performance?

Attracting, Hiring and Retaining Talent for the Long Term

Entelo

Even more, the internet is now awash in information about employers, which means if you’re getting dinged on Glassdoor or your comp doesn’t match up to Payscale, you’re fighting an uphill battle.

For Companies Like Buffer And Zingerman’s, Is Transparency Good For Business?

SAP Innovation

According to Ari Weinzweig, Zingerman’s CEO and partner, transparency is key to their open-book finances philosophy: Employees have access to the company’s financial performance and key business metrics. Zingerman’s CEO finds that when employees know the financials and business metrics, they make more informed choices about how to spend and allocate company funds.

Questions for Budgeting Season

Compensation Today

PayScale’s Insight and Benchmark products can set up job-based ranges with the click of a button based on market data points. If the job is that hot and pay is moving that much for it, consider having stricter performance metrics.

Conference Twitter Primer #HRtechConf 2018

HRmarketer

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