Check Out What ClearCompany Created Over the Course of 2020

ClearCompany Recruiting

Several report variations were added, covering different aspects of compensation, role progression, turnover, data quality, diversity, equity, and inclusion. 2020 has finally come to a close.

Course 207

A Crash Course in Key Compensation Metrics

Namely - Talent

As HR professionals, we may not need to be experts in math and statistics—but most of us need to have an understanding of compensation metrics. After all, understanding the key metrics is a crucial part of managing your organization’s compensation plan. HR HR Metrics Compensation

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What Are The Compensation Questions Your Managers Should Be Able to Answer?

Fistful of Talent

But of course, it’s not enough to simply list the questions, shoot the s**t a little bit over a lunch and learn session and hope for the best. Engage – Tell them more about the company’s approach to compensation.

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. The compensation levers can be used to create focus in specific areas. Of course, like all of these components, compensation isn’t the only factor at play here.

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. Compensation Philosophy Examples.

The Pillars of an Effective Compensation Management Process

HRsoft

The overarching objective behind your organization’s compensation management process is to pay your employees fairly without exceeding its budget. 3 Pillars Behind Effective Compensation Management Processes. Of course, these rewards don’t have to only encompass hard-dollar bonuses.

How to Approach Employee Compensation During a Furlough

Recruiting Daily Advisor

While furloughing employees is still a drastic course of action, many companies are utilizing this alternative to layoffs because it allows them to lower expenses while still ensuring a quicker “reboot” at the conclusion of the crisis and providing employees with certain benefits while their hours and wages are temporarily reduced. Compensating for Work Performed. The post How to Approach Employee Compensation During a Furlough appeared first on HR Daily Advisor.

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. He has a combined 15 years of experience in legal and compensation consulting. He resides in Texas with his wife and two kids and can be found on a golf course or in his woodworking shop.

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. Compensation and benefits professionals use salary ranges to benchmark jobs within their industry to create structures for paying their employees. The post 5 Must-Have Elements for Every Compensation Management Process appeared first on HRsoft.

How to Link Business Strategy to Compensation Strategy

HRsoft

For a company’s compensation strategy to be effective, it must be linked to the overall business strategy. Because compensation accounts for 30-60% of business costs, it is essential for organizations to identify the drivers behind pay. For this reason, the foundational step of creating any solid compensation strategy is linking it to the business strategy. The Foundations of a Compensation Strategy.

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. Of course, low unemployment also means workers can be more selective when it comes to career options. It’s therefore no surprise that this is the top factor influencing compensation decisions today. However, when structuring compensation, it’s important to remember that what qualifies as a hot job today may not the same just a few years from now.

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. To keep up with the expectations of today’s workforce, consider modernizing your compensation practices with the following changes. The post 3 Employee Compensation Changes to Consider Making in Your Company appeared first on HRsoft.

What is Your Organization’s Compensation Definition?

HRsoft

A quick search for “compensation definition” tells us that this important aspect of business refers to the “direct and indirect benefits that a worker receives from an employer.” Yet, compensation meanings can be different from one organization to the next. How should compensation be defined in your company? How to Define Compensation in Your Organization. Pay for performance is a leading compensation strategy, and for good reason.

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. The Important Objectives of Compensation Management. Compensation also fulfills this goal; incentives like raises and bonuses can keep even long-term employees committed to your organization.

The Pillars of an Effective Compensation Management Process

HRsoft

The overarching objective behind your organization’s compensation management process is to pay your employees fairly without exceeding its budget. 3 Pillars Behind Effective Compensation Management Processes. Bonuses, merit pay, stock options, travel allowances, and benefits should all be part of your recruitment strategy within your overall compensation plan. Your compensation program can be used to strategically drive motivation within the workforce.

Candidate Experience: A Crash Course for Modern Recruiters

Jibe

Due to an unprecedented demand for more foundational candidate experience content, we’ve created the first-ever candidate experience crash course. A deep knowledge of your candidates is imperative for providing a great candidate experience, from the content you create to attract and source candidates, to the interview questions you ask them and even the makeup of your benefits and compensation over the long-term.

Avoiding Fraud in Workers’ Compensation Administration

Recruiting Daily Advisor

Workers’ compensation helps with this process. Workers’ compensation insurance pays not only for employees’ medical treatment but also typically for at least a portion of their lost wages while they’re on leave. That said, there are a lot of ways dishonest people can take advantage of the workers’ compensation setup. What has your experience been in administering workers’ compensation claims?

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. Compensation professionals must meet with senior executives to collect their insights on these key topics. Keep in mind that compensation data may need to be reviewed outside of your specific niche. Compensation Philosophy Examples.

What Can Compensation Analysis Software Do for Your Company?

HRsoft

When your company adjusts is salary ranges, performing a compensation analysis enables you to make sure pay decisions align with both internal and external considerations, such as market trends and company objectives. Performing a full analysis can be complex, but compensation analysis software can help. Discover the basics of the process and how compensation solutions can guide you through each step below. Of course, external factors aren’t all that needs to be considered.

What Can Compensation Analysis Software Do for Your Company?

HRsoft

When your company adjusts is salary ranges, performing a compensation analysis enables you to make sure pay decisions align with both internal and external considerations, such as market trends and company objectives. Performing a full analysis can be complex, but compensation analysis software can help. Discover the basics of the process and how compensation solutions can guide you through each step below. Of course, external factors aren’t all that needs to be considered.

How to Link Business Strategy to Compensation Strategy

HRsoft

For a company’s compensation strategy to be effective, it must be linked to the overall business strategy. Because compensation accounts for 30-60% of business costs, it is essential for organizations to identify the drivers behind pay. For this reason, the foundational step of creating any solid compensation strategy is linking it to the business strategy. The Foundations of a Compensation Strategy.

Best Places to Work: Compensation and Benefits

Indeed

The vast majority of people who work need to make a living, making compensation one of the most important aspects of a job. Much more than just a single number, compensation is a package that includes both salary and benefits. So which companies are raising the bar for compensation? One employee sums it up by saying, “ great management, great benefits, compensation is swell.”. We all want a job that gives us a sense of fulfillment at the end of the day.

Can Total Compensation Help You Overcome Disengagement?

HRsoft

If you’ve followed any of our previous blog posts, you may be familiar with some of the advantages we frequently discuss about communicating total compensation to your employees. Using tools like compensation software to relay important messages about how you’re rewarding your teams can give them a clear idea of your employee value proposition. Back to our question above: can a strategic, all-encompassing approach to compensation help?

A Quick Guide to Conducting a Compensation Analysis

HRsoft

Performing a compensation analysis ensures your organization’s pay decisions are in line both external factors, such as current market trends, as well as internal needs, including your company goals. Of course, some positions’ base salaries decline, too. Of course, there’s no right answer, and factors like the industry, company culture, and geographic location can all play a role in this decision. Most companies need to adjust their salary ranges frequently.

3 Challenges Solved By Multi Currency Compensation Planning Software

HRsoft

If your company has multiple locations throughout the world, implementing multi currency compensation planning software can make your pay plans much simpler to manage, update, and administer. If you’re considering compensation planning software for your business with international locations, take a look at the following key benefits to help inform your decision. To learn more about our Compensation Management Software, COMPview, click the button below!

CREAM: The Truth About Compensation Negotiation.

Recruiting Daily

The truth is that most job descriptions – those boring, bullet proof lists – are, in fact, nothing more than compensation documents with a boilerplate bolted on. In the event that a recruiter is allowed to extend an offer at top of range – this almost always only happens because the position is hard enough to fill the other option is going to an agency or because the position’s original compensation requires re-leveling if a standout candidate is somehow uncovered.

Consider, Connect, Craft: 3 ways to improve compensation communication

Bersin

By leading the compensation conversation, you can help foster engagement and forge stronger relationships with your people. The days of squelching conversation about compensation are over. Not only are people more open to discussing their own pay, but they also have more ways than ever to compare your organization’s compensation practices to others. Compensation may not be the only reason people work—but few would argue that it is the top reason most of us show up every day.

How to Mitigate Perceptions of Compensation Bias

Recruiting Daily Advisor

So, how can you show your employees they are being compensated fairly? It may be the case that your employees don’t feel at all like there is bias inherent in their compensation. It may be important to maintain some flexibility for individual circumstances, but an objective compensation formula applicable to everyone—if properly and consistently followed—is a good defense against claims of bias. In a previous post , we discussed that 31% of U.S.

How Compensation Planning Software Can Help Your Company Stay Competitive

HRsoft

But, having a strong pay structure is also extremely important for staying competitive, because the way you choose to compensate your employees will certainly impact bottom-line results as well. Of course, designing a strategic compensation management system can be difficult. That’s why compensation planning software can help your HR team overcome its biggest compensation challenges.

Communicating a Compensation Plan to Your Employees 

HRsoft

If you’ve developed a compensation plan that’s both competitive and equitable for your organization, your next step is to communicate the details of the plan to your employees. Compensation is a powerful tool for attracting and retaining top talent. Most employees assume their compensation is comprised of their base pay plus any additional bonus they may or may not receive. Quick and easy compensation answers means more engaged and happier employees.

3 Ways Software Can Simplify Compensation in HRM

HRsoft

According to the Society for Human Resource Management (SHRM), compensation/incentive planning is one of the top five most important responsibilities for HR. Of course, other critical duties also make the list, including policy development/implementation, business planning, employee communication strategies, and performance management. And, while compensation in HRM is may only be one component of their responsibilities, it’s certainly no less important than any of the other duties.

How to Work Pay for Performance Into Your Compensation Planning Process Alongside Market Data

HRsoft

Nowadays, most organizations use compensation planning as a means to drive performance. Taking a pay-for-performance approach to compensations allows companies to link pay to employees’ quality of work. While pay for performance is among the most standard principles in compensation planning, it can be challenging to know how to balance performance with market data to make the best possible pay decisions for each employee.

What I Learned About Workers’ Compensation Data Collection from Having Two Young Boys

Prism HR

Of course, workplace injuries are often much more complex than playground collisions, and some detective work is required to effectively manage employee care, costs, and compliance. Workers’ compensation claim management software can help accelerate data collection, avoid costly delays that stem from recovering missing information, and help get employees back to work more quickly. HR Technology data collection pulse risk mitigation workers' compensation

Building a Top Notch Compensation Policy

Recruiterbox

Compensation is a key component of any company’s overall budget. How you compensate your employees affects your turnover, productivity and of course, your organization’s profit. In most businesses, the compensation plan is left to the HR Department to enforce (i.e. This frustrates those tasked with hiring when the compensation plan is either confusing, uninspiring or flat out not competitive.

Cash Is King: How (And When) To Have That Compensation Conversation.

Recruiting Daily

The caveat for all these things, of course, is caveat emptor. Of course, finding for a job starts out with the assumption of frustration and futility, and only occasionally turns out OK, quite the opposite of both marriage and mortgages. What makes it even more painful, of course, is that those offers almost always come in well under what you, the candidate, were expecting. Cold, Cold Heart: What “Career Coaches” Don’t Get About Compensation.

Administering Your End of Year Compensation Management Program

Recruiting Blogs

These changes have also impacted how companies are considering their people’s needs and wellness, and, in turn, how they are approaching rewards and bonuses and overall compensation management within their organizations. How is compensation management being approached differently this year? Another important differentiator about compensation in 2020, is that rewards are less formal and more spontaneous. How to determine compensation management and distribute rewards.

The Biggest Concerns for Human Resources Compensation and Benefits

HRsoft

Human resources’ compensation and benefits strategies can be challenging to get right. One of the main difficulties in structuring compensation and benefits programs is that there are many objectives to consider. Of course, an effective compensation management system isn’t simply about paying employees and staying within your organization’s budget; both compensation and rewards should be used to communicate the full value of employment as a way to retention and engagement.

How to Communicate Compensation to Improve Employee Engagement 

HRsoft

Creating a compensation plan that rewards top employees is an excellent way to drive performance. It shows your most committed, dedicated team members that they are valued and appreciated, and that as long as their hard work and commitment continues, they will be fairly compensated. Utilizing compensation as a proactive engagement and retention tool is a great first step. This seems a bit obvious: of course employees know what they are paid!

Course TSPK101- Expanding Your Technology Vocabulary For Business Use

SailorAnn

For all of you who would like a crash course on the essential technology terms* you need to know for your next meeting; this blog post is for you! Time and attendance, compensation, talent management, financial planning, etc.) A unified technology solution that offers software that delivers services across multiple subject areas such as learning, recruitment, compensation, talent management, etc.

What is Pay for Performance?

HRsoft

Well, the answer is there are many varieties of P4P in terms of compensation. Further, P4P will depend on your company’s goals, budget, and compensation rationale. Of course, it is crucial to design a P4P plan based on your company’s business goals and budget.