The three Ps of a successful business are People, Product, and Process. Meaning, in basic terms, that you need to have a product which will sell and bring in revenue. You need to have a process which will allow you to produce that product efficiently so that you can...
Retaining key employees should be one of the main focuses of a successful business. When you look at the three main factors which determine successful operation of a business – people, product, and process – you notice that employees make up a third of that equation....
If your organization is at the point where the compensation process seems unmanageable, it’s time to try something new. Deciding on the correct course of action can be difficult, though, and requires a close look at the factors which brought you to this decision in...
As your company grows, whether in complexity or number of employees, things can start to get complicated. This is especially true when it comes to compensation. Investing in a compensation software solution may be just what your organization needs to tackle this...
Of all the resources an organization has available to it, the most important are its employees – the people who ensure the business keeps running smoothly. This may seem obvious at first, but it may not be so from their perspective. You may know very well how valuable...
As any strategist worth their salt will tell you, the secret to success is being prepared. And the secret to being prepared is being informed. You see, compensation planning isn’t so dissimilar from being a tactician as one may think. At the end of the day it all...
Rewarding hard-working employees for going above and beyond what’s expected of them is a familiar component of many organizations’ pay mixes. The idea is to further motivate them, and the way in which this works is twofold: You want to let them know that their hard...
Compensation can be a tricky beast to tackle. Even after an organization strategizes and implements what they feel to be the best compensation tactics for them, there’s still the need to actually administer it. Many organizations, however, still rely on inefficient...
These days it seems like everything is connected. Not even ten years ago it seemed the only internet connection you needed was for your PC, which was the sole portal to the World Wide Web for most users. Now, however, we’re always in a state of constant connectedness....
Compensation isn’t an exact science. The metrics by which compensation is determined vary from company to company, as does the types of pay programs and total rewards offered to employees. As much as we’d like to have a simple answer to every problem, there is no...
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