Compensation, What Are Stations Doing?

Media Staffing Network

(By Laurie Kahn) Here’s the question – What are small-market stations doing differently to compensate sellers? Especially after the last year, a top employment desire is secure compensation. We are starting to see a small shift in how radio stations compensate new sellers.

Does Compensation Motivate Employees?


Many employers believe that an excellent compensation package holds the key to employee engagement and motivation. Effects of Compensation on Employees. According to studies, compensation packages have a huge impact on an employees’ level of engagement. High compensation provides employees with a sense of satisfaction from their job and incentivizes them to perform better (especially when compensation is directly related to job performance).


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Putting Your Money Where Your Mouth Is: Compensation and Benefits


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. When putting together a compensation and benefits strategy, you want to find a way to offer pay and perks that are desirable, yet feasible. For many workers, the non-financial or “fringe” benefits are just as important as the monetary compensations. IMHO benefits compensation hr tips

Diverse Compensation Plans Are a Win-Win for All

Recruiting Daily Advisor

Despite a recent Gallup poll that found only 55% of Americans reported owning stock, a Rutgers study showed that most Americans report they would prefer to work for a company that gives them a stake in the business. . The Bottom Line on Compensation.

Communicating Pay to Employees

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

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. How you can train your managers to have useful compensation conversations. These implications create a huge opportunity for employers to get it right when it comes to communicating pay effectively. Conversations about pay are often perceived as scary, demoralizing, or just boring.

Total Compensation Definition: Understanding Compensation Communication


CareerBuilder studies show that 21% of employees in the US will change jobs within the next year. 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? But there is so much more to the concept of compensation than mere dollars and awards.

Wage Growth Remains Moderate, Study Finds

Recruiting Daily Advisor

The post Wage Growth Remains Moderate, Study Finds appeared first on HR Daily Advisor. Benefits and Compensation merit based pay Merit Pay pay-for-performance wage growthA recent report from Mercer aimed to understand the state of salary budget increases for 2019 as well as projections for 2020. A comparison with the same report from previous years showed similar findings: low to moderate wage growth. I recently spoke with Mary Ann Sardone, U.S.

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Major Studies Detail Correlation Between Employee Engagement and Retention


The most serious challenge facing Human Resources is not benefits, compensation, or performance management. For two years running, the top two HR challenges have been employee retention and employee engagement

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Study: Small Business Struggle to Attract Talent with Competitive Benefits

Recruiting Daily Advisor

Enticing jobseekers with competitive salaries and perks is a struggle many small businesses (SMB) owners are facing in the year ahead, finds a new study by Oasis Outsourcing, a professional employer organization. Oasis’ latest study finds that small business owners believe attracting strong, competent management and dedicated, capable staff plus offering competitive compensation and benefits will be the top two most challenging issues businesses face in the next 12 months.

New Study: Job Seekers Expect Salary Negotiation & Transparency

Glassdoor for Employers

As a leader in workplace transparency, Glassdoor has conducted a new economic research study and survey on the topic of the gender pay gap and salary transparency. Perhaps more compelling is that 3 in 5 would not apply to a company where gender pay gap exists , and over half of the respondents (55%) feel like they must switch companies in order to obtain any meaningful change in compensation.

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Major Studies Detail Correlation Between Employee Engagement and Retention


. Recent Studies Detail Correlation Between Employee Engagement and Retention. The most serious challenge facing Human Resources is not benefits, compensation, or performance management. The result, as the following studies suggest, can be dramatic improvements in both metrics. The study reveals that “Millennials judge the performance of a business on what it does and how it treats people,” rather than on financial performance. Center for Generational Kinetics Study.

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How Does Compensation Management Software Help Employers?


In large organizations, the compensation planning cycle can be complex and resource-intensive. To minimize the administrative burden on HR teams, companies can implement compensation management software. Here are some of the many powerful ways compensation software helps organizations. From suggested pay ranges to budget allocation tools, the features of compensation software make it simple for managers to ensure their top performers are being compensated fairly.

Does Compensation Transparency Really Matter?


In specific, there seems to be a greater demand for compensation transparency than ever before. Securing Talent: According to a study performed by economists Ronald Wolthoff and Ioana Marinescu, job openings with disclosed wages resulted in 7.8% Our full suite of cloud-based HR software solutions includes applicant tracking software, compensation planning software, total rewards software, stay interview software, performance management software, and content management software.

COVID-19 Is Accelerating the Skills Gap and Employers Aren’t Helping, Finds Study

Recruiting Daily Advisor

A new IBM Institute for Business Value (IBV) study reveals less than 4 in 10 HR executives surveyed report they have the skills needed to achieve their enterprise strategy.

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Why HR Needs to Study Psychology – United Idiocracy

Fistful of Talent

And anyone who has done any study in the world of compensation, social psychology or applied behavioral economics would have sniffed this problem out before the CEO got to the “second place is steak knives” part of the internal sell. The post Why HR Needs to Study Psychology – United Idiocracy appeared first on Fistful of Talent. For about 134 years I’ve been suggesting that to be good at HR you should be good at humans.

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Should You Use a Multi Language Compensation Planning Software to Achieve a Centralized Compensation Structure?


Thus, it becomes challenging for compensation teams to use the same tools your domestic facilities rely on. To solve this issue, many companies with centralized compensation structures are turning to multi language compensation planning software. According to a Watson Wyatt Worldwide study , 56% of multinational companies intend to shift to a more centralized compensation structure.

5 Things to Look for from Compensation Software Vendors


Recently, more and more business leaders have been turning to compensation software vendors to help them with the challenging demands of developing an effective compensation plan in international and fast-growing organizations. While compensation planning software is indeed the most useful tool available to compensation managers right now, each type of software has different capabilities. A Nucleus Research study found that cloud applications deliver 1.7

HR Moments Matter: 3 Compensation Challenges Solved With People Analytics

Visier - Talent Acquisition

In this post, Allison McConville, Visier’s VP of Human Resources , will shares how you can use data to support the people moments that matter, enabling the best compensation decisions for both your employees and your organization. . Managing Compensation Costs.

5 Tips for Women to Ensure Equity in Total Compensation


Just when it looked like salary disparities were the primary factor behind the gender wage gap, the ADP Research Institute has released a groundbreaking study that shows bonuses may be even worse offenders. Not all jobs offer bonuses or incentive pay, but in those that do, bonuses can make up a hefty portion of an employee's compensation package. And the hits keep coming!

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Can Total Compensation Help You Overcome Disengagement?


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?

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. per hour in benefits, the least of any industry in this study. Employers should consider educating their employees on the costs and value of every benefit that makes up their total compensation package.

TV Sales: A Strong Compensation Profession?

Media Staffing Network

To learn how the 2020 TV Sales Compensation Study was produced, Laurie Kahn , CEO of Media Staffing Network, offered this behind-the-scenes look at how it gathered the eye-catching results. Kahn says, “To develop the TV Sales Compensation Study, Media Staffing Network and RBR+TVBR partnered on a survey to gather information from across the industry to give us a good look at the trends in broadcast television.”. TV Sales: A Strong Compensation Profession?

3 Benefits of Using International Compensation Planning Software


For multinational corporations, having international compensation planning software is an absolute must. Compensation planning is complex enough to manage without factoring in differences from one country to the next. As the Society for Human Resource Management ( SHRM ) states, international compensation “has many moving parts and is difficult to standardize.” Yet, it international compensation planning can be done– as long as you have the right tools in place.

5 Compensation Management Trends Taking Shape in 2017


Keeping an eye on compensation management trends can be helpful for HR professionals as they strategize and develop pay plans for their own organizations. As we head into a new season and make our way through the final quarter of the year, here are a few leading compensation trends to look out for: 1. The Balance states that forward-thinking organizations should aim to offer a variable compensation rate of 7-8% in addition to base pay to top-performing staff members.

How is the Meaning of Compensation Different to Each Employee?


Compensation refers to what employees are paid in return for their work; there’s no arguing against that concrete definition. Yet, the meaning of compensation can still vary from one employee to the next for a number of reasons. Here, we take a look at how each employee might perceive compensation, and what you can do to accommodate those differences. The Balance recently published an article discussing the many different ways compensation can be determined for an employee.

CREAM: The Truth About Compensation Negotiation.

Recruiting Daily

If you ever see anything to the ‘DOE’ throwaway in a job ad, or if you ever hear a hiring manager or recruiter answer your comp question with either a lateral to HR (“we do a personalized comp study”) or some ambiguous reply about a “range,” they’re lying. 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.

3 Questions About Communicating Compensation, Answered


Communicating compensation updates, changes, and general information can be challenging for organizations. To facilitate better communication surrounding compensation, we’ve compiled three of the most common questions HR professionals have and provided our answers, below. A WorldAtWork study showed that 61% of employers polled choose to disclose this information to their teams. What role should managers play in a communicating compensation strategy?

Total Compensation Statement Software: Where to Begin


If your business is expanding or operating on a global scale, you may have considered your options for total compensation statement software as a way to make the compensation planning process simpler for HR. An Ability To Engage Employees: According to a Deloitte study, the most important total rewards priority for businesses is the ability to align total rewards with business strategy by motivating employees, and as you know, motivated employees are engaged employees.

3 Tips for Effective Incentive Compensation Management


That’s why so many business leaders opt for incentive compensation. Employers utilize incentive compensation plans to reward employees for performance that goes above and beyond. It sounds fool-proof, but there are some ways in which incentive compensation management can go wrong. By following these tips, you’ll be able to master incentive compensation management in your company. Incentive compensation management doesn’t have to be difficult.

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


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.,

Harvard Study: Companies with Better Employer Brands Pay Less

NextWave Hire

Whatever the case may be, it’s certainly true that many of the most sought after employers are able to pay a discount to their competitors in terms of salary, because they are compensating their employees in other ways they care about. HBR came out with an interesting study a while back that showed companies with strong employer brands pay 10% less to their employees. The post Harvard Study: Companies with Better Employer Brands Pay Less appeared first on NextWave Hire Blog.

From Total Compensation System to a Total Rewards System


In this episode, former Director of HRIS & HR Operations for Silicon Valley Bank Christopher Ford will share how leading HR departments are transforming an outdated compensation statement process into a value-driven total rewards system that generates measurable improvement in engagement at a lower cost. In this webinar you will learn: The key differences between a Total Compensation Statement and the new generation of Total Rewards Systems.

How Do Your Compensation Practices Stack Up?


Each year, PayScale releases a Compensation Best Practices Report with great insights for business leaders to learn and grow from. It is vital for leadership to keep a finger on the pulse of compensation practices and trends in order to stay competitive, attract top talent and retain those quality team members that they already have. Offering competitive compensation packages has been known to improve retention rates. The post How Do Your Compensation Practices Stack Up?

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.

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

Recruiting Daily

Sometimes, companies will even come in well under what you’re currently making, with the hopes that you’ll trade compensation for the false hope of professional fulfillment. It’s appalling how many employers will come in with such outrageously low offers to candidates, and even more outrageous that most of them fully expect the candidate to take a step back in compensation for the promises of maybe someday taking some small step forward.

20 People Analytics Case Studies – Part 1


Finally, I’d urge you to watch the video below featuring Prasad Setty , Google’s VP of People Analytics and Compensation. Continue reading 20 People Analytics Case Studies – Part 1. In the not too distant future, analytics will become a core component of HR’s standard practice. I’ve seen at first hand over the last 12 months that interest levels in people analytics are soaring. Adoption levels, though rising, are not increasing at anywhere near the same level.

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68% of employers plan to increase compensation levels for current employees


One major setback has been wage growth, but a new study from CareerBuilder and Economic Modeling Specialists Intl. What’s also encouraging is that employers are predicting they’ll increase wages, according to a separate CareerBuilder study. Sixty-eight percent of employers plan to increase compensation levels for current employees, and 46 percent planning to increase starting salaries for new employees.

2015 Job Seeker Nation Study


Our 2015 Job Seeker Nation Study , now in its sixth year, once again uncovers the most important facts about what motivates today’s workforce to leave, look for, and land jobs. From social media behavior to mobile usage to concerns about growth and compensation, our comprehensive study gets you inside the minds of your most coveted candidates. The post 2015 Job Seeker Nation Study appeared first on Jobvite.

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What You Can Expect from Compensation Planning Software: 3 Major Benefits


Compensation planning software is a tool that allows managers and executives to make informed, data-driven decisions that can be integrated seamlessly with your existing process. Specifically, here are the major benefits you can expect to see when you implement a salary planning tool in your organization: Compensation Planning Software that Works in Real Time. An Ability to Align Compensation with Company Goals.

How to Identify Your Top Performers to Create an Engagement-Boosting Compensation Plan  


While there are many strategies that work to drive employee engagement, the fact is that compensation is extremely valuable for showing employees that they’re appreciated, which keeps them engaged and motivated. In fact, a recent Personnel Psychology study revealed that a high performer can deliver 400% more productivity than an average performer. How are they currently being compensated?”. Calculating the Right Compensation.