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Understanding the FARM Components of Compensation

Recruiting Daily Advisor

Have you heard of the acronym FARM as it relates to compensation? I first heard this term from a BLR ® webinar run by Paul Dorf, the Managing Director of Compensation Resources, Inc. The point here is that compensation can be used to incentivize employees to focus on specific things. Source: Andrii Yalanskyi / shutterstock.

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Tips for Developing a Powerful Compensation Philosophy

HRsoft

A compensation philosophy aims to ensure pay is market-competitive and aligned to the business strategy. To support these two factors, there are six components, or goals, of compensation philosophy: Attract top talent from the market. Keep in mind that compensation data may need to be reviewed outside of your specific niche.

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What is a Good Compensation Package? How to Decode Salary, Benefits, & Perks

Zengig

While the role itself, company culture, and growth opportunities matter, compensation is, for many, the most important of all. So, what exactly is a good compensation package, and why should you care? What is a compensation package? Not all compensation packages are created equally.

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Should Your Job Listings Include Salary Information?

ApplicantStack

Along with education and experience requirements, compensation immediately determines if someone will apply for the job or move on to the next one. Salary transparency is the act of openly discussing wages in job postings, in interviews, and as a part of company culture. Some prefer to present a large salary range in the job listing.

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Anxious About Pay Transparency? Don’t Be

Recruiting Daily Advisor

In a recent survey of nearly 6,000 professionals, Paycor found that company culture is the #1 driver of retention. And then, when you’re done worrying, here are six ways HR leaders can build a healthy company culture.). Be prepared to explain your company’s strategic approach to compensation. Avoid apples-to-oranges comparisons.

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7 reasons why you should include a salary range in your job postings

Social Talent

According to SHRM , when looking at a job posting, compensation and benefits are the primary things that most candidates are looking for. Concealing compensation from candidates is all smokescreen – in the end, every potential employee has to be offered something. The benefits may far outweigh the shortcomings… .

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Pay transparency: the pros, the cons, and best practices

Workable

Pay transparency – or salary transparency – is a setup in a company (or industry) where companies provide information on pay and compensation to employees. This trend towards openness not only boosts individual morale but also cultivates a culture of accountability and fairness within organizations. Everyone wins.