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.

Where to Find the Right Compensation Data for Your Company

JazzHR

As your organization looks ahead to the new year, HR leaders may want to optimize compensation strategies. The company has a number of tools and resources for small businesses in the process of building a compensation strategy.

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Shift Your Perspective on Compensation

Recruiting Daily Advisor

Knowing what is important enables you to offer creative compensation packages. The post Shift Your Perspective on Compensation appeared first on HR Daily Advisor. Benefits and Compensation Recruiting Compensation health costs retaining employees Retirement benefits

Putting Your Money Where Your Mouth Is: Compensation and Benefits

JazzHR

An attractive compensation and benefits package is one of the best ways to recruit new hires and retain current staff, but being too generous is obviously a strain on the budget. The post Putting Your Money Where Your Mouth Is: Compensation and Benefits appeared first on JazzHR Notes.

New Overtime Rules Take Effect 1/1/2020. Are You Prepared?

On September 24, the Department of Labor (DOL) released much-anticipated changes to overtime provisions of the Fair Labor Standards Act (FLSA). Any business that employs workers with salaries under $35,568 will be directly affected by the new regulations and face a decision: provide affected employees with a salary increase or pay them overtime. Download Paycor's latest guide to learn key details about the new rule and how it could impact your business.

3 Tips for Compensation Communication

HRsoft

From paid time off to tuition reimbursement, compensation goes far beyond base pay alone. Communicating compensation is essential to helping them see a complete overview of how they’re rewarded. Establish a Compensation Philosophy.

Compensation Wins Talent, Recognition Retains It

Achievers - Recruiting

Compensation as a motivator. Does compensation align your employees to your company’s mission and values? In summary, compensation will help you open the door for new talent but won’t close it behind them when they enter.

Compensation Planning Automation

HRsoft

Compensation planning plays a pivotal role in ensuring that your employees remain motivated to work for your company. Your best performers are always looking for the next best company where their talents can be better recognized and compensated for. Traditional Compensation Planning.

What Makes Compensation Planning Software Unique?

HRsoft

If you’re looking for technology to support your compensation planning process, you may be comparing different types of solutions. Here’s why you should look for a best of breed solution to power compensation management in your organization.

Recruiting High Performers: Compensation Out, Compassion In

ClearCompany Recruiting

They’re still trying to attract high performers with compensation , and this isn’t the way to go about it. Every company wants high performers.

The 2019 PayScale Wage Index

No matter your industry, it's crucial that you stay up to date on the current compensation trends. The PayScale Index will let you do just that - it tracks quarterly changes in total cash compensation for full-time, private industry employees in 19 job categories. Get the report today, and start taking advantage of these crucial insights.

Why Automate Compensation Planning?

HRsoft

Compensation planning is an essential element of any successful business. Making strategic pay decisions can help to support an engaged workforce, as compensation is an important factor in employee satisfaction. The post Why Automate Compensation Planning?

What is the Modern-Day Compensation Definition?

HRsoft

Today a search for compensation definition will yield results such as “topics in regard to wage and/or salary programs and structures,” or some variation of that phrasing. Let’s take a brief look at how past pay models have led us to today’s definition of compensation.

Do Your Employees Understand Their Compensation Definition?

HRsoft

The ability to understand your company’s compensation definition, or the way pay is calculated, is important for employee satisfaction. The Modern Compensation Definition. Today, employers are becoming increasingly creative in the ways in which they compensate employees.

The Primary Goals of Compensation Management

HRsoft

For compensation professionals, the goals of designing and administering pay programs can get muddled over time. Every now and then, it can be helpful to step away from the day-to-day processes surrounding compensation management to revisit its overarching goals.

2019 Compensation Best Practices Report

Following a record-year of job growth in 2018, employees now have the tools to research and evaluate employers, and feel empowered to make moves if they don't like what they find. Get the latest trends in compensation, and find out how your organization stacks up.

5 Features to Look for in Compensation Analysis Software

HRsoft

If you’re considering compensation analysis software for your organization, you may be shopping around to find the best fit for your needs. There are many factors to consider, including your company’s specific compensation planning processes and its technology budget.

5 Must-Have Elements for Every Compensation Management Process

HRsoft

The compensation management process lays the foundation for a company culture that recognizes and rewards strong performance. To achieve these goals, compensation management must encompass the following elements.

4 Questions Enterprise Compensation Management Should Answer

HRsoft

Enterprise compensation management (ECM) refers to the ways in which pay policies are administered, organized, and automated in companies. Specifically, ECM should be able to answer the following questions: Does our workforce feel they’re being fairly compensated?

3 Enterprise Compensation Management Trends to Watch For

HRsoft

Some interesting enterprise compensation management trends are therefore emerging as employers aim to keep up with these changes. It’s therefore no surprise that this is the top factor influencing compensation decisions today.

5 Steps to a Smart Compensation Plan

Speaker: Camie Bailey, Software Implementation Manager, PayScale

Many forces are coming together to accelerate the pace of change in the workplace. We're now in an employee's market where organizations fight tooth and nail to get top talent. Watch this webinar on demand and get key tips on how to develop a fair compensation plan with accurate salary benchmarking. Payscale will show you how to create a modern comp plan from intention to implementation.

Should You Build or Buy Compensation Planning Software?

HRsoft

If your company has an advanced IT team or software developers, you may be considering building compensation software to fit your organization’s evolving needs. Should you consider purchasing compensation planning software instead of building it internally?

New Survey: Company Mission & Culture Matter More Than Compensation

Glassdoor for Employers

Performance: The company recognizes performance and rewards results through compensation, recognition and promotion, and it handles underperforming employees tactfully and strategically.

Does Your Compensation Solution Cover Contract Workers?

HRsoft

Compensation solutions use technology and automation to address some of the most complex compensation management challenges. Is your compensation solution equipped to handle pay for your entire workforce – contractors included? How a Compensation Solution Can Help.

3 Outcomes Only the Best Compensation Management Software Can Achieve

HRsoft

To design an effective compensation plan, you must manage a complex set of variables. It’s no wonder the role of compensation and benefits professionals is so complex. The best compensation management tools are built with the ability to interface and align with your existing systems.

Communicating Pay to Employees

Speaker: Rusty Lindquist, VP Strategic HR Insights at Bamboo HR

How you can train your managers to have useful compensation conversations. A study conducted by PayScale revealed that employees’ perceptions of how they are paid are a better predictor of their intent to stay than their actual fair pay to the market.

Does Your Compensation Solution Help You Appeal to Talent?

HRsoft

Indeed.com recently revealed its list of top-rated workplaces for compensation and benefits. Year after year, many of the same employers tend to make the list, leaving professionals to wonder: what is it about their compensation practices that employees are so drawn to?

What is Conscious Compensation®?

HRsoft

Conscious Compensation® helps companies move from the traditional, capitalist approach to compensation towards practices that are more socially responsible. For decades, traditional capitalist compensation has been characterized by the following: Base wage or salary.

Compensation Will Drive Recruiting and Retention in 2020

Recruiting Daily Advisor

In the world of recruiting and retaining top talent, compensation will drive all your efforts this year. That said, if an employer cannot match the salary amount the candidate is seeking, the employer can consider these three things within the umbrella of overall compensation.”.

Compensation Benchmarking Software

HRsoft

Compensation plays a major role in the retention and attraction of talent in an organization. There are many tactics enterprises can use to ensure they’re paying fairly and competitively, one of the most effective of which is compensation benchmarking. What is Compensation Benchmarking?

People, HR & Analytics

Speaker: Rodney B. Bolton SPHR, CEO, HR BIZZ

Through analytics you can make better decisions about all aspects of HR strategy, including which candidates to hire, which employees are doing well, who's receiving adequate compensation and how employee retention can be improved.

How The Tech Industry Can Lead the Way in Creating Equal Compensation

HR Technologist - RB

In this piece, Tanya Jansen explores how the tech industry can lead the way in creating equal compensation. Compensation & BenefitsDespite being one of the highest-paying industries in the world, the technology field has a gender pay gap problem.

6 Noteworthy Benefits of Compensation Planning Software

HRsoft

To keep employees engaged and to reward them appropriately, organizations must use robust compensation programs that go beyond base pay to factor in elements of total rewards. Compensation planning solutions provide a number of key benefits for organizations.

4 Questions Enterprise Compensation Management Should Answer

HRsoft

Enterprise compensation management (ECM) refers to the ways in which pay policies are administered, organized, and automated in companies. Specifically, ECM should be able to answer the following questions: Does our workforce feel they’re being fairly compensated?

3 Employee Compensation Changes to Consider Making in Your Company

HRsoft

While factors such as organizational culture and values do play an important part in the modern worker’s decision to stay with a company, employee compensation will always be one of the leading factors on which career decisions are made.

Why All the AI Research You’re Reading is Dead Wrong

Speaker: Ben Eubanks, SPHR, SHRM-SCP, Principal Analyst at Lighthouse Research & Advisory

While we may be “people” professionals, it is part of our job to understand AI and how this technology can enable us to make smarter decisions and develop more efficient processes. Join Lighthouse Research & Advisory Principal Analyst Ben Eubanks where he will discuss how AI can be used for HR and recruiting processes, including how to create more human interactions and engagement through the strategic application of technology.

Total Compensation Definition: Understanding Compensation Communication

HRsoft

Digging deeper, the survey also found this: 66% of respondents feel that they are not being adequately compensated and do believe that basic pay is something that drives their decision to quit or stay. What is Total Compensation?