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. Source: Andrii Yalanskyi / shutterstock. Benefits and Compensation Compensation FARM

How to Approach Employee Compensation During a Furlough

Recruiting Daily Advisor

Source: Ezume Images / Shutterstock. In other words, they must display hallmarks of continued employment, which may include reimbursing for mixed-use assets, as well as be prepared to compensate employees for any work they do perform while furloughed. Compensating for Work Performed.

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Compensation Wins Talent, Recognition Retains It

Achievers - Recruiting

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

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. Candidate experience refers to how job seekers perceive and react to employers’ sourcing, recruiting, interviewing, hiring, and onboarding processes. Talent acquisition professionals would do well to work to improve and optimize these areas of the hiring process, just like they would for sourcing and recruiting.

Sourcing & Recruiting Candidate Funnel & Output Calculators

Boolean Black Belt

How efficient your sourcing/recruiting/hiring process is? ” to any of the above, you’re in luck, because I’ve whipped up a couple of candidate funnel and sourcing team calculators that can help you answer those questions and more. Candidate Sourcing Funnel Calculators. Higher response rates can drastically effect the candidate sourcing funnel, reducing the # of people that must be identified to achieve the target # of hires.

Facebook’s Hiring Surprise is Good For Sourcing & Recruiting

Boolean Black Belt

What Does This Mean For Sourcing and Recruiting? However, effective recruiting and especially sourcing, based on my proposed definition of what sourcing is – the identification, engagement and assessment of non-applicants (what most people refer to as “passive” talent) with the goal of converting the right people into applicants (i.e., Whether you realize it or not, the sourcing and recruiting process practically mirrors the traditional sales process.

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.

How to Mitigate Perceptions of Compensation Bias

Recruiting Daily Advisor

Source: kmlmtz66 / iStock / Getty. 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.

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

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.

Course TSPK101- Expanding Your Technology Vocabulary For Business Use

SailorAnn

Things like importing their talent profile from LinkedIn, requesting and approving vacation on their smart phone or using SharePoint to crowd source ideas from multiple internal and external stakeholders to complete a project. 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.)

The Top 12 Free and Open Source HR Software Systems for Your Small Business

Capterra

When drowning in this software deluge, cost becomes an easy lifeline to grab onto, which is why the prospect of free and open source HR software is so enticing. If you only have a few employees, are on a tight budget, and are willing to compromise on some premium features, then a free or open source HR software system may be a perfect fit. The top open source HR software options. The “My Tasks” view in Bitrix24 ( Source ). Jorani : Open source absence management.

The Time is NOW to Directly Source and Engage Your Contingent Talent

Avature

With the ability to create profiles, apply directly and set minimum requirements for availability and compensation, organizations will find candidates empowered with a degree of buy-in typically reserved for the non-independent labor force. free courses, certifications, learning hubs, etc.),

Near-Sourcing: Outsourced services with local, underserved and veteran talent

Transformify - Recruiting

At Workforce Opportunity Services (WOS) , the non-profit I founded, we offer a gig solution through our Managed Services program, where we provide outsourced services with local, underserved and veteran talent (otherwise known as “ near-sourcing ”). I think it all comes down to sourcing the right talent. Unlike full-time employees who can rely on welfare payments, struggling freelancers can count on their savings only until a new source of income is secured.

Fluff-Free Cheat Sheet to Improve Your Sourcing Prowess

Breezy HR

Here are some easy, practical ways to step up your sourcing strategy and fill more positions faster. ?? Here are the key questions to ask: Are the compensation packages competitive? All with a little help from Breezy’s Career & Referral Portals , of course. ??) Get more leads from your best sources You know the perfect candidate is out there, somewhere, probably on LinkedIn. recruiting hiring sourcing talent-acquisition hrtech

Is Tuition Reimbursement a Benefit for You? Use it!

Fistful of Talent

One of the best benefits you can get from an employer is the opportunity to engage in “professional development” When I first started in sourcing, my employer made sure I attended sourcing training regularly to develop my skills.

Is Your State Opening Soon? Here are 5 Tips to Safely Spin Up Recruiting Again

ClearCompany Recruiting

You should work together to be able to answer questions such as: How do staffing levels and compensation spending need to change to support revised business growth scenarios? Proactively source. This would be a great source for immediately available candidates likely to engage quickly.

How To 246

Sourcing from Facebook: 44 Best Facebook Groups to Find Remote Talent

Hundred5

As Hundred5 also works remotely and we’re huge proponents of remote work, we’re put together a list of groups on Facebook where you can source remote talent. Why source from Facebook? Remote Work Pros – Run by people behind RemoteWorkPros, this is the spot to share ideas and tips around remote work and of course, post some jobs. Best practices when sourcing from Facebook groups First and foremost, read the group rules.

Fostering Hiring and Finance Team Collaboration During Times of Constant Change

ClearCompany Recruiting

Planned and forecasted properly, organizations can remain in a proactive state with time to model out a variety of scenarios to determine the best course of action for their people, and the business as a whole. For reporting, I would recommend one central source or tool for your data.

Managing Alternative Coverage and COBRA Coverage

Recruiting Daily Advisor

Source: Rabbitti / shutterstock. Of course, COBRA gives terminated employees the ability to continue coverage generally for up to 18 months after a termination or reduction in hours of employment.

Newton User Insights – Sourcing Top Talent is the #1 Recruitment Priority of 2016

Newton Software

Sourcing Remains the Number One Recruitment Priority of 2016. According to research from our Newton User Insights*, 55% of our respondents list sourcing top talent as their number one challenge. This makes sense, considering that sourcing is the fuel that keeps the recruitment fire burning. So if sourcing is a top priority, one would assume that most organizations have an effective sourcing strategy in place, right?

How to Increase Quality of Hire by Only Sourcing Semi-finalists

Linkedin Talent Blog

Separating sourcing from recruiting never made a lot of sense to me. The best people, whether they’re active or passive job seekers, always have multiple opportunities and convincing them your opportunity is worth considering involves just as much recruiting as sourcing. Here’s how to do it: Source semi-finalists by defining the job with key performance objectives. Here’s how to source candidates who meet these two conditions: 1) The candidate must be performance qualified.

SAP 35

Employer-Provided Benefits for Remote Workers

Recruiting Daily Advisor

Source: garagestock / shutterstock. Online courses relevant to their career development (and permission to take these courses on company time). Benefits and Compensation Coronavirus (COVID-19) benefits employees perks well being

Top 4 Employee COVID-19 Benefits Coverage Questions

Recruiting Daily Advisor

Source: Corona Borealis Studio / Shutterstock. With employees looking to their employers as a source of current, accurate information, HR teams have been inundated with requests from concerned employees.

How Your Small Business Can Offer Competitive Employee Benefits

Recruiting Daily Advisor

Source: zimmytws / Shutterstock. Instead of 5 8-hour days, let them do their work over the course of 4 10-hour days. Benefits and Compensation benefits Employee Benefits small business

Key Considerations for Selecting the Right Pay Structure

HRsoft

One question compensation teams often find themselves asking is how accurately their pay policies should reflect market rates. Of course, in many other cases, market data is a useful tool for determining pay structures. Make sure you’re managing costs with external sources, such as consultants and gig workers, too. Blog compensation management Compensation Management Software Compensation Planning Compensation Planning Software

DOL Offers Guidance on Nondiscretionary Bonuses, Per-Project Pay

Recruiting Daily Advisor

Source: fizkes / shutterstock. An employer asked the DOL how to allocate a bonus provided to employees who successfully completed a 10-week training course and then signed up for an additional 8 weeks of training. The U.S.

Why Healthcare Shopping Deserves the Spotlight Now

Recruiting Daily Advisor

And one of the top five New Year’s resolutions—after losing weight, of course—is saving money. The ER is the most expensive source of care and is often unnecessary. Benefits and Compensation employees healthcare retail transparency

Making PTO Payouts in Uncertain Times

Recruiting Daily Advisor

Source: iQoncept / Shutterstock. Below are a few common questions we have seen pop up, along with our recommended course of action. Benefits and Compensation Coronavirus (COVID-19) election employees PTO tax

How Can You Help Employees Impacted by COVID-19?

Recruiting Daily Advisor

Source: ImageFlow / Shutterstock. If your business or organization has been forced to close up shop until the virus has run its course, you may be wondering how you can help your employees during these difficult times.

Feminism Makes Me Sad.

Recruiting Daily

Of course, this runs contrary to a point Pao made in the same interview: “Men negotiate harder than women do and sometimes women get penalized when they do negotiate. If you want more equity, we’ll let you swap a little bit of your cash salary for equity, but we aren’t going to reward people who are better negotiators with more compensation.”. Oh, Ellen Pao. How badly I want to support you. You’ve probably heard about Ms. Pao’s lawsuit against Kleiner Perkins.

Is Comp Management Software Right for Your Company?

HRsoft

How is compensation management working in your company right now? While some business leaders tend to perceive compensation as a static event, HR managers know that in reality, it’s about much more than simply calculating compensation. Compensation must be managed – therefore, it’s an ongoing series of activities; not simply a “one and done” annual event. The issue, of course, is that HR is already expected to do so much.

If I Knew Then What I Know Now: Revisiting Incentive Payments and the FLSA

Recruiting Daily Advisor

Source: iQoncept / Shutterstock. Rather, the change is that by announcing these clarifications, the agency has provided employers with more knowledge and empowered them to explore compensation structures that include incentives.

Sourcing Doesn’t End with a Great Name—That’s Only the Start of a Good Sourcer’s Work

Linkedin Talent Blog

Sourcing and recruiting may seem like two separate activities, but they’re not. If you’re not good at sourcing, you can’t be good at recruiting, and vice versa. Five or so of these should be great referrals and the other 20 cherry-picked direct sourced prospects who would naturally see your opening as a career move. In this case, I contend that recruiters actually make better sourcers, since cherry picking doesn’t take advanced sourcing skills. Sourcing

Comply or Die: A Recruiter’s Guide To Internships and Employment Law

Recruiting Daily

This sum, of course, far exceeds the cost of having actually complying with internship compensation guidelines to begin with – and defeats the purported purpose of having interns to begin with, as these six years worth of top talent represented in the class action suit are probably unlikely to be continuing their careers with an organization that burned them before they were even full time employees.

Dice 79

Benefits You May Not Have Considered: Pet-Related Employee Benefits

Recruiting Daily Advisor

This, of course, means that almost all employers have employees who have cherished pets—employees who would likely be happy to have employment benefits that help make pet ownership easier. Source: Andrii Zastrozhnov / shutterstock. Of course, there are cons, too—check out this article for further discussion of allowing dogs in the workplace. Benefits and Compensation bereavement pet benefits pet bereavement Pet Insurance

Benefits Trends for Talent Attraction: Meaningful Work, Health Care, and More

Recruiting Daily Advisor

Source: zimmytws / Shutterstock. One of the survey’s most important findings is that workers across all age groups rank meaningful work as the most important aspect of their career, beating out positive company culture, compensation and perks, a supportive manager, and a fun team. One in four workers has felt discriminated against over the course of his or her career. Benefits and Compensation employees Health Care Work/ Life workers

Benefit Expense Reduction: Reducing Healthcare Costs

Recruiting Daily Advisor

This, of course, is still an option, but it’s obviously one that employees don’t favor and will not go far in making the benefits package attractive. Source: RapidEye / E+ / Getty. Benefits and Compensation benefits Healthcare Benefits reducing benefits costs reducing healthcare costsTraditionally, employers reduced healthcare spending by passing along more of the premiums and other costs to employees.