What COVID means to compensation

HRExecutive

Ben Carter, vice president of total rewards at Workday, says one of the most serious pandemic-related compensation challenges is deciding how to manage a more distributed and remote workforce. How to manage the shift in pay strategies for the way work gets done. In the same vein, Carter notes that HR should consider how their organizations are managing performance in this environment, especially for people who have taken on child- or elder-care responsibilities.

Culture and Compensation

China Gorman

PayScale has produced its 8 th annual in-depth report on compensation best practices: Comp is Culture. If you have anything to do with paying people – so, that’s virtually every manager, everywhere – reading this report will be well worth your time. Employees report that their relationship with their manager is stronger than the managers report.

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What to Do When You Need to Ignore Your Pay Survey

TLNT: The Business of HR

We live, love and dream about data here at PayScale, and big data is driving business and pay decisions across industries and functions. Compensation & Benefits Pay for Performance Performance Management Wages, Pay, & Salary FeaturedData, data, data. But when it comes to data-based decision-making, there are a few occasions when decisions about pay and compensation need to go beyond the data.

Say Goodbye to the Annual Bonus

WorkHuman

Everyone in the world of HR is talking about the end of annual performance reviews. The chatter is focused on how to promote a coaching culture throughout the year to continuously improve employee performance. Traditionally, employees had their review with their manager and received a rating based on their performance over the past year. Few people, however, are offering a real solution to the compensation piece of the annual review.

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. Hiring managers nod agreeably when you recommend a salary. With this insider's guide, you'll get a step-by-step map of what it takes to join the Comptopians, carefree natives whose top performing practices make every day of their lives a pay paradise. (p.

Adobe 43

Should You Put a Two-Year Limit on Employment?

Namely

They also realized that they had created an awkward situation for managers, who were charged with not only maintaining optimal employee performance, but also ensuring their employees were following their personal career development plans, two trajectories that could easily end up competing. Clearly, both compensation and performance reviews are whole different animals at Jolt from your typical company. This post originally appeared on Payscale.

Link pay to performance. Like…seriously this time!

Compensation Today

Crystal Spraggins, SPHR When PayScale asked more than 5,500 business leaders the main reason their companies adjusted pay in 2015, 52 percent answered "employee performance." Yet, many employers struggle to link pay and performance in a consistently meaningful way that actually drives performance. 95 percent of managers are dissatisfied with their companies’ performance man-agement process. Why is pay for performance right for our organization?

7 Tips for Moving to a Pay-for-Performance Culture

Compensation Today

Companies have seen a bit of a revolution in performance-based pay in the past few years. Most have removed the rank-and-yank style of performance management. Some are removing performance ratings altogether to emphasize the future-looking, coaching-based conversations managers should be having with employees. If the intent of performance management is truly to improve performance, the old ways of doing performance evaluation just don’t cut it.

HR Big Data Continues to Float to the Cloud

Compensation Today

Taylor, PHR, SHRM-CP, PayScale Senior Blogger PayScale’s 2015 Compensation Best Practices Report indicates that HR technology will become hugely important in the coming years. Since PayScale last reported on this topic , many more companies have moved to cloud technology – as a way to create and manage complex compensation programs. These areas of improvement include better communication, knowledge sharing, and performance management. Tess C.

How to Make Headway on Pay Transparency

Compensation Cafe

Employees gather statistics-lite data from sites like Payscale, Glassdoor and Quora and treat it as equivalent to any data you may offer. After all, it's not just compensation information you'll be sharing but, eventually, a whole new open-book pay-for-performance philosophy.)

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. They’re cumbersome and only focus on recent performance goals. But, when performance reviews are directly linked to meaningful and simple pay or performance policies in force year-round, they have a greater impact on the organization. Take a look at some best practices for linking pay for performance during employee reviews. Tess C.

Recognizing People: A Recap of the WorkHuman Conference

Compensation Today

While not overtly defined, they used employee experience to describe recognizing whole individuals to engage and motivate them, coaching and enabling people to perform at their best, seeking culture adds rather than culture fits, and creating a more interactive workplace with continuous feedback and communication. Prior to the conference, I knew I valued humans – after all, we talk about being whole people at PayScale often – but I wasn’t a firm believer in the value of recognition itself.

Study Reveals Biases in Pay Decisions

Namely

They spend a significant amount of time training managers how to hire candidates, coach employees, and evaluate performance in a manner that removes biases in pay raises and ensures a fair experience to all employees. In Payscale’s latest “ Raise Anatomy ” report which surveyed workers to understand their history of asking for raises , we found that employees of color who ask for a raise are less likely to receive it as compared to their white male employees.

Study 51

May I Please Have a Raise?

Compensation Cafe

That's why I thought I'd share some findings from Payscale's recent "Raise Anatomy Study." . I'd suggest you hold on for a few minutes, because I'm going to translate the findings into easy DIY actions that will help you manage turnover better, never a bad goal to have.

Top Five Compensation Trends from 2016

Compensation Today

Going are the days where companies stop at giving discretionary bonuses that are unlinked to performance. That includes using team-based incentives to drive collaboration, providing creative perks , and offering performance-based incentives across the organization from executives to individual contributors. 4: Organizations are managing performance more frequently. 75% of conversations about pay happen between managers and employees.

Talent Success Toolkit Lesson 5: Compensation

ClearCompany Recruiting

In 2017, employee salaries are expected to grow by 3% ; with candidate and employee resources like Payscale easily accessible to research competitive compensation rates for specific job roles, addressing com pensation is a vital step to the retention improvement process for employers.

CBPR Top 10: What Comptopians Do Differently

Compensation Today

Mykkah Herner, MA, CCP, Modern Compensation Evangelist, PayScale PayScale’s 2016 Compensation Best Practices Report is here! This year, for the first time ever, we differentiate top performing companies from the rest. Here are the top 10 things that distinguish top performing companies. #1: 1: Pay Transparency 47% of Top Performing companies intend to be transparent about pay. Your managers are your eyes and ears, especially when it comes to sentiment about pay.

The Merit Matrix: Useful Tool or Relic of a Budget-Rich Past?

Compensation Today

One has to do with performance management, going “ratingless,” and the best ways to link performance with pay. One of the underlying questions seems to be whether merit matrices are still the way to go when it comes to acknowledging performance with pay. Do you have enough budget to meaningfully differentiate increases for top performers? The challenge is that 3 percent raises may not be an effective tool to encourage high performance.

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.

You're Overpaying. Now What?

Compensation Today

Jenni Marquez, CCP, PayScale Compensation Professional Just discovered that a large portion of your workforce is overpaid to market and not sure what to do? Whether performance-based or framed as a COLA , dolling out a consistent 3% increase without much attention to market trends can put your organization at risk for overspending—particularly if your employees tend to stick around. Do they report to the same manager(s)? Let PayScale help.

How to Deliver Bad News in the Best Way Possible to Your Employees

Compensation Today

Jessica Miller-Merrell, blogging4jobs PayScale’s 2015 Compensation Best Practices Report indicated that the biggest concern of most HR pros is losing their top employees. One of the banes of most managers’ existence is when they have to deliver bad news to their employees. I, personally, have never taken pleasure in terminating an employee, announcing a layoff or discussing poor job performance.

5 Steps to Creating a Merit Matrix

Compensation Today

Most companies today are actively working to develop a pay-for-performance culture. A merit matrix is a two-factored table created by HR Departments to help managers equitably allocate raises across their employee population. It provides a framework for managers and guides them through the merit increase decision-making process. Performance rating options are plotted along the vertical side of the matrix and the position-in-range options along the horizontal side.

Trouble Brewing: When the Compensation Strategy isn't Working Anymore

Compensation Today

Taylor, PHR, SHRM-CP, PayScale Senior Blogger Just because your organization has an established compensation plan doesn’t mean it’s working well anymore. But the truth is, with some real insight, there are ways to improve the compensation plan, how it’s managed, and the overall impact it can have on employee engagement and productivity. If your pay is not linked to performance, how can it ever be effective for driving employee engagement and motivation? Tess C.

Why Is It So Important to Communicate Total Rewards?

HRsoft

Here are some statistics to consider: More than half (52%) of employees feel that their company does not explain pay programs effectively (source: Towers Watson Global Workforce and Global Talent Management and Rewards Study, 2014). 53% of respondents in a Payscale survey said that their company does not provide manager training on how to communicate compensation to employees (source: Payscale Compensation Survey, 2014).

5 Things Every CEO Needs to Know About HR

HR Daily Advisor

In the past century, Human Resources has evolved from “Welfare Officer” and “Labor Manager” to the modern HR role, often known as “Chief People Officer” or “VP of People.” Even for HR leaders who hold on to the 1980s and 1990s title of “Human Resource Management,” the reality is that today HR leaders are no longer responsible for managing humans as resources, but, instead responsible for providing resources for humans.

Why HR Needs More Tech Budget

Compensation Today

By Kari Van Hoof, CCP, PayScale Compensation Professional Technology has muscled its way into all aspects of our lives and in many cases—regardless of profession, is fundamentally changing the way we do our work. Increases HR’s Productivity Imagine trying to manage HR without some kind of technology, be it an in-house system with licensed software or an online SaaS platform. Kari Van Hoof, CCP, is a Compensation Professional at PayScale.

How to Create an Equitable Compensation Program

Trainual

Pro Tip: Use tools like Payscale or Radford to get a baseline for what the market is paying for specific roles. Step 4: Create a rubric and clear timeline for managing performance. Managing compensation can feel incredibly subjective without a clear definition of roles, goals, and an employee-centric performance management strategy. All feedback reflects on how a team member’s performance measures up to their job scorecard. .

Pay Transparency Is Not Going Away

Compensation Cafe

For one thing, all they have to do is ask PayScale, a dubious but easily accessible online information source. She brings deep expertise in compensation, communications and leadership to topics like the CEO Pay Ratio and performance management discussions at the Café. Base Salaries Compensation Communication Compensation Philosophy Pay for PerformanceIf you don't know the meaning of the contract theory and economics term, " information asymmetry ," what would you do?

The First Step Towards Pay Transparency

Compensation Cafe

While some employees would say that definition doesn't really achieve the endgame they envision -- open book management -- if your employees developed a better understanding of what fair pay is, they will acknowledge the progress you have made. Being willing to invest more time and money into building a better understanding among employees and managers of fair pay can be a big advancement for some companies.

How Important Are Employee Retention Programs?

HRsoft

Take a look at some of the compelling data pointing to the need to implement more strategic employee retention programs: It’s Not Just A Priority – It’s A TOP Priority: Today, PayScale data shows that the majority of employers (63%) feel that retention is a top priority, and some reports even suggest that retaining employees is more important than retaining customers. Of course, if your management is already too busy, this might seem like just another task to add to their list.

Top 16 Compensation Blog Posts from ’16

Compensation Today

2016 was a busy year in HR too, between FLSA and Minimum Wage legislation, and the ongoing changes to performance management. At PayScale we’ve had a fun year keeping you all up to date with the haps. PayScale counts down the top 16 blog posts from 2016! During PayScale’s first annual Compference , a compensation conference, attendees heard from Brooke Birdsong at Associa about how they were preparing for the changes to the FLSA rules.

The performance appraisal is just the jumping-off point to your SMART Goals & Objectives

Primalogik

After you get feedback in your employee appraisal, improve your performance on a daily basis with these 12 steps. The performance appraisal is just the starting point, though. Set Performance Goals. Hopefully you’ve done this with your supervisor in your performance appraisal. A good manager will ask you if you’ve made any changes in your career trajectory, while a manager who fails to inquire about your hopes and dreams is demonstrating poor leadership.

Conference Twitter Primer #HRtechConf 2018

Advos

Josh_Bersin : Corporate Talent, HR, & Learning Analyst, Founder of Bersin by Deloitte, research and advisory firm focused on management, leadership, HR tech. GretchenA : By day, I manage a product strategy team. By night, I manage a family.