Every year brings new challenges and changes to a company’s existing compensation plan. New divisions and acquisitions, as well as additional locations are all factors that can cause a company to revise their current compensation plans. Existing groups tend to make...
When implementing compensation management software, there are many different configuration decisions that need to be made. In a pay-for-performance situation many organizations set specific guidelines for each number in the rating scale. With this method, if an...
Most employees have a very good grasp on their direct compensation. Direct pay however, is only a small portion of what employees receive from an organization. Typically organizations pay significant amounts of money for additional benefits like 401k, health...
More and more organizations are looking to utilize an automated compensation management solution because of the numerous benefits associated with them. These benefits include increased employee retention, reduced labor costs and increased productivity. The following...
Recommending year over year merit increases is a process that can last from a few weeks all the way up to a couple of months. There are many ways to administer merit increases, some organizations utilize spreadsheets and others use online compensation management...
Complex compensation programs are a popular method to increase productivity as well as employee retention. Tracking the complexity of all the different pay programs in an organization is a tough process, and is becoming more and more difficult. Many short and long...
There are many ways to manage the allocation of stock and equity programs. By automating stock, equity, and other non-cash rewards, companies can eliminate the need for spreadsheets. Typically spreadsheets are sent around to all managers for manual editing and...
Accurate and on time compensation is very crucial for talent retention. Compensation professionals often work late into the night during compensation planning season, struggling with old outdated tools or spreadsheets to update the data and track compensation...
Most organizations will have changes to their compensation plans on a yearly basis. Depending on the size of the organization, automating the process to make these constant changes can be very difficult and time consuming. Smaller organizations can typically get away...
Do your employees know the total value of their benefits program? Employees often underestimate the value of their benefits package, and don’t realize the large expense employers are making on their behalf. Total Reward Statements are an excellent communication tool...
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