article thumbnail

Pay-for-Performance Management and Compensation: A Symbiotic Relationship

HRsoft

Decisions about employee compensation can have an undeniable impact on an organization. While larger compensation packages can cost a company more, they serve as an effective tool in boosting employee morale, improving work efficiency, and motivating team members to do more. Salary and wages. Additional perks.

article thumbnail

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.

Insiders

Sign Up for our Newsletter

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

article thumbnail

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 post 5 Must-Have Components of a Compensation Management System appeared first on HRsoft.

article thumbnail

Compensation Management Trends to Watch for in 2020

HRsoft

While we are reaching the mid-mark of 2020, let's review how compensation management will play as important a role as ever in attracting and retaining the best talent for your organization. Compensation Planning Survey , most organizations plan to keep their merit increase budgets the same through 2020.

article thumbnail

3 Signs It’s Time to Consider Compensation Software

HRsoft

For compensation professionals, using outdated methods to calculate employee pay is tedious and inefficient. While upgrading to compensation software may seem daunting, making a change can go a long way in modernizing your practices and easing the administrative burden of the compensation cycle.

article thumbnail

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. Yet, until very recently, surveys have not included gender. Now, at least four compensation survey firms are collecting gender data in the U.S., Yet, things are finally changing.

article thumbnail

Background on Compensation Survey Data

HRsoft

In this clip from the webinar, How To Build A Competitive Pay Structure with Compensation Survey Data, Mark Avery, CEO of MarketPay, gives an overview of survey data and why its used. Looking for more info on compensation management software? Check out our High Impact Compensation System, COMPview™ at [link].