Compensation: Definition & Impact on Your Organization

HRsoft

Perform a quick online search for “compensation definition” and you’re bound to yield thousands of results. But is that really all compensation is? In the world of HR, compensation takes on a more significant meaning.

Can’t-Miss Perk for Retaining Top Tech Talent: Education

Dice

Moreover, employers are hitting a “sweet spot” when it comes to salaries, with 54 percent of surveyed tech pros saying they were satisfied with their compensation (up 1 point from 2015). This Year’s Big Perk: Education. In other words, the employer willing to offer educational opportunities is one with a higher likelihood of retaining talent that wants to stay on the cutting edge of the industry. Educational opportunities” can take many forms.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

5 Must-Have Components of a Compensation Management System

HRsoft

A solid compensation management system should go beyond just checking the boxes by paying people fairly. By optimizing your approach to compensation, you can go beyond pay and spur continuous improvement across your organization.

The U.S. Healthcare Literacy Gap Widens (and Gets Expensive) Without Education

Recruiting Daily Advisor

As far back as 2003, the National Center for Education Statistics found that 9 out of 10 adults lack the skills needed to fully manage their health care and prevent disease. Healthcare Benefits Education Is Informal and Insufficient.

Should Remote Compensation Be Based On Where Employees Live?

Eightfold

This has inevitably led organizations to question their pay scales; specifically, whether or not employee compensation should be based on the living expenses in the employees’ physical location. “To Employee experience, including education and skills.

Shift Your Perspective on Compensation

Recruiting Daily Advisor

Knowing what is important enables you to offer creative compensation packages. Retirement benefits and financial education. Any financial education programs included with your retirement plan are also great for wooing candidates. Continuing education. The post Shift Your Perspective on Compensation appeared first on HR Daily Advisor. Benefits and Compensation Recruiting Compensation health costs retaining employees Retirement benefits

Does Your Total Compensation Strategy Include Education?

HRsoft

There are components of total compensation that you know you need to include: salary, medical benefits, PTO, etc. Here, we’ll explore the reasons why including continuing education in your employee benefits statements could prove to be an extremely valuable strategy. Total Compensation Can Give You a Competitive Edge. Total Compensation Attracts Top Talent. For jobseekers, education is a benefit that’s highly sought-after.

Communicating a Compensation Plan to Your Employees

HRsoft

Companies need to educate their employees on the various components of their pay package, rather than assuming they understand their offer letter or pay stub. Most employees assume their compensation is comprised of their base pay plus any additional bonus they may or may not receive.

Professional Development and Education Emerge as Top Trends for Channel Partners in 2020

Recruiting Daily Advisor

In order to keep pace with these laws and the benefits landscape in general, channel partners in particular will need to parallel-path their strategies and self-educate regularly. This self-education and focus on professional development will be a prevailing theme throughout 2020.

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. Stock-based compensation focused on executives. The following 12 ideas act as the foundation for Conscious Compensation®: Based on multi-stakeholder value creation.

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. Because compensation meanings and calculations can differ in every company, your workforce should have a clear line of sight into how they’re being compensated, and just as importantly, why. The Modern Compensation Definition. Today, employers are becoming increasingly creative in the ways in which they compensate employees.

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. Consider Skills, Experience, & Education. Consider Other Forms of Compensation.

Does Higher Compensation Always Attract Better Candidates?

CareerBuilder

So, does higher compensation always attract better candidates? Higher pay attracts more educated and more experienced applicants. Therefore, increasing compensation to attract more qualified candidates does not have any drawbacks. Candidate Sourcing Workforce Data compensation If you are not getting the right candidates, one of the first things you may be thinking is: “I need to pay more!”

Which Compensation Casualties Are on the Horizon?

HRsoft

This shift has prompted HR and compensation teams to adopt a new framework for plan design. To accommodate the changing landscape of compensation, it’s likely we will begin to witness some significant casualties over the next few years. With that said, being mindful of the possible shifts you could face in advance will give you the time needed to prepare and be agile in making any necessary updates to your compensation plan. Possible Compensation Casualties.

HBO?s Insecure Might Need to Compensate Issa?s Unpaid Intern

Recruiting Daily Advisor

Specifically, the seven factors are as follows: The worker clearly understands there is no expectation of compensation. The worker receives training data similar to what would be provided in a traditional “educational environment.”.

The Top-Rated Workplaces for Compensation and Benefits

Indeed

And in today’s world, compensation is so much more than just a number — it also includes the added benefits offered to you by your company, such as health insurance, wellness, time off, bonuses and more. In addition to being necessary for us to make a living and provide for family or retirement, compensation affects whether or not we feel valued at our jobs and acts as a powerful talent attractor. In short, investing in competitive compensation is an investment in your firm.

Voluntary Benefits Can Help Employers Both Attract and Retain Employees

Recruiting Daily Advisor

Another benefit that has received a lot of client and employee interest recently is education benefits, including student loan repayment, tuition reimbursement, etc. Benefits and Compensation benefits current employees education student loan repayment

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? Meanwhile, Starbucks (#9) may lead the way in education benefits with its notable Starbucks College Achievement Plan, which gives any benefits-eligible U.S.

What Is the Actual Cost of Your Total Compensation Offerings?

Recruiting Daily Advisor

Most job candidates and employees think of compensation primarily in salary terms, but how aware are they of the total cost of the compensation package you’re offering? This amounts to about 29% of an employee’s total compensation package. It’s interesting to note that the healthcare and higher education industries have seen a similar percent change since 2004. and higher education costs of benefits have gone up by 14.4%.

Total Employee Compensation Management Tools

HRsoft

Employee compensation is without a doubt one of the most important and significant expenses that an organization is responsible for. A business that has a workforce of motivated, productive individuals is a business that is bound to get high returns on its compensation investment. An adequate compensation program could be the difference between having engaged employees versus a disengaged team. Total employee compensation is a powerful tool.

Compensation: Definition & Impact on Your Organization

HRsoft

Perform a quick online search for “compensation definition” and you’re bound to yield thousands of results. But is that really all compensation is? In the world of HR, compensation takes on a more significant meaning. It’s not simply what you pay your employees in terms of salary; rather, it encompasses all of the ways in which you compensate your employees. To learn more about our Compensation Management Software, COMPview, click the button below!

Why Employee Education Matters for Total Rewards Success

HRsoft

Nonetheless, even the most thoughtful and strategically developed rewards programs require one final element: employee education. Employee Education: The Missing Link. Without employee education, the value of a total rewards program is greatly diminished. In order for employees to understand all of the valuable offerings available to them, employers must become active in providing employee education.

5 Must-Have Components of a Compensation Management System

HRsoft

A solid compensation management system should go beyond just checking the boxes by paying people fairly. By optimizing your approach to compensation, you can go beyond pay and spur continuous improvement across your organization. Here are a few must-have components for any effective compensation management framework: 1 External Competitiveness. The post 5 Must-Have Components of a Compensation Management System appeared first on HRsoft.

Western Management Group Compensation Survey Results: Noteworthy Findings on the Gender Pay Gap & More

HRsoft

Although they have conducted compensation surveys since the 1970s, Western Management Group (WMG) has never collected gender data in the U.S. Their response was a resounding “no,” but in 2017, WMG decided to include gender as a voluntary data element in the Marketing Compensation Survey. Marketing Compensation Survey. The WMG Marketing Compensation Survey is a cross-industry nationwide survey focusing on the marketing function. Wine Industry Compensation Survey.

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. In today’s competitive job markets, just paying your employees is no longer enough – we have to educate them. Yes, that means literally educating them on all the various components of their pay package rather than assuming they understand their offer letter or pay stub.

Tips for Developing a Defensible & Equitable Compensation Plan Structure

HRsoft

In order to ensure a defensible and equitable compensation plan, organizations should adopt a step-by-step process to oversee equal pay processes. An equitable compensation plan begins with your organization’s job descriptions. Clearly identifying a general overview of the position, as well as specific duties, required education and experience, and necessary skills, provides an important foundation on which you can build a solid compensation plan.

The New Wave of Compensation Surveys: Addressing the Gender Pay Gap

HRsoft

For decades, compensation surveys have been the leading source where employers could go to learn about pay dynamics in the marketplace. Corporate compensation departments have long been told by corporate legal departments that gender data (as well as age and ethnicity data) should not be provided in compensation surveys. Now, at least four compensation survey firms are collecting gender data in the U.S.,

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 HR Can Take Advantage of Its Family-Building Benefits

Recruiting Daily Advisor

Benefits now include virtual services available through apps directly, including robust clinical and behavioral support, with access to up-to-date information and education on the family-building journey. Benefits and Compensation benefits education employees information

Is It OK to Pay Similarly Situated Employees Different Rates?

Recruiting Daily Advisor

Employees may have a similar-sounding role but have different experience or education levels. Include your rationale to explain why the disparities are reasonable and based on differences in skills, education, or experience.

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. Compensation Culture – If compensation is a key to retention and engagement, then let’s talk about it!

4 Things to Remember About Worker's Compensation

Transformify - Recruiting

However, worker’s compensation can fill in that gap for you. There is a lot of crazy information about worker’s compensation out there, so here are a few things that you should know. What is Workers’ Compensation? Worker’s compensation is a state-mandated program that provides compensation for workers who are injured or disabled on the job. Worker’s compensation isn’t a free pass to be careless at work.

Focus on Finance When it Comes to Gen Z Benefits Packages

Recruiting Daily Advisor

Providing resources such as benefits educators—who can walk employees through the enrollment process and answer questions about their specific health situations—will assure that individuals choose the most cost-effective plan, while ensuring employees feel supported.

What Do Total Compensation Statements Say About Your Company?

HRsoft

One way to improve the ways in which you’re viewed by your employees is to offer total compensation statements. Driving communication – especially surrounding key topics like compensation and total rewards – is critical to retaining top talent. Your total compensation statements help employees see and understand the link between their performance and the ways they’re rewarded for it. The post What Do Total Compensation Statements Say About Your Company?

Q&A: Fighting the Benefits Illiteracy Epidemic

Recruiting Daily Advisor

If employers can begin to empathize with employees’ lack of understanding by providing consistent benefits training and education and empowering benefits engagement throughout the year, employees will be able to make more informed benefits decisions for themselves and their families. When employees fail to utilize these important components of their overall compensation package, they miss out on support for their physical, mental, and financial well-being.

Is Training Time Paid? DOL Reiterates Standard Position

Recruiting Daily Advisor

Chiefly, when is the time compensable? Information contained in a recent DOL opinion letter is particularly important for industries such as health care in which the need for continuing education credits is common. The DOL considers the hours to be compensable. The U.S.

How Zapier Director of Compensation Jocelyne Wright-McLemore Is Tackling Imposter Syndrome as a Black Woman in HR

PowerToFly

Zapier 's Director of Compensation put that sticky note up shortly after she rolled out a big new project at the online automation company and received some critical feedback on it. Most of her education followed a British curriculum, so this was the first time she was exposed to U.S.

How To Use Total Compensation Statements to Your Advantage

HRsoft

Putting Your Compensation Dollars to Work. Compensation is not just about the money that makes up a workers salary. Unless you educate your employees about the value of working with you and the loss of leaving their current position, you can’t really hit all of the engagement and retention checkboxes! What is Total Compensation? Total Compensation puts the spotlight on how much a business spends to ensure its employees feel cherished and know their worth.

Independent contractors may need to be replaced with employees as of January 1. Educate your clients. Help fill new roles.

COATS Staffing Software

Hiring independent workers means that those employees are not subject to various government rules such as overtime, required breaks and minimum wage, worker’s compensation, unemployment insurance, sick leave, and the employer’s paid portion of each employee’s social security tax. Educate your clients. Do any of your clients utilize independent contractors? If so, and if they are in California, the law has changed as of January 1, 2020.

3 Things Employers Need to Know About FSAs and HSAs During Open Enrollment

Recruiting Daily Advisor

That starts with educating employees on what their benefits are and how to use them so employees are equipped to make the best decisions possible for their personal situations. This year’s open enrollment season just may be one of the most essential—and confusing—in recent history.