Turnover is expensive and disruptive. Especially for small and mid-sized companies where each person carries significant weight. But when a key team member walks away, how do you know if pay was part of the reason?
Often, compensation doesn’t top the exit interview list, but it lingers beneath the surface. Subtle imbalances can erode loyalty over time, especially when employees start comparing notes or offers.
For many business owners and HR leaders, salary increases feel more like guesswork than strategy, especially when inflation, shifting labor markets, and rising employee expectations all collide. Should you apply across-the-board raises? Prioritize performance? Adjust for inflation? And how do you balance fairness with financial discipline? The answer isn’t a formula. It’s a mindset shift.
‘Are you paying competitively?’ is a question business owners often ask themselves. This article provides a framework for competitive pay.
Compensation Surveys Top 5 Reasons Why Your HR Consulting Firm Should Participate in One Your HR consulting firm’s success hinges on your ability to retain and motivate the right talent. But do you know how a compensation survey can help you achieve this goal? First, let’s take a look at what compensation surveys are, then …
Free CompensationPlan Review This is your opportunity to get insights into your company’s compensation plan from one of the top compensation consultants in New Jersey. Only a limited number of free compensation plan reviews are available each month. Compensation expert Don McDermott will examine critical aspects of your company’s compensation practices, including: Compensation philosophy and …
Reinforcing the Bridge Between Business Strategy and Compensation Strategy Like many things in our post-pandemic business world, today’s compensation approaches are changing rapidly. As a result, the bridge that connects a company’s compensation strategy to its overall business strategy could be weakened. Download your FREE copy of our new ebook, “Reinforcing the Bridge Between Business …
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The Ins & Outs of Succession Planning & Compensation Get Insights from Our Succession Planning and Compensation Experts Succession planning is an important and often neglected aspect of leadership and talent development for many organizations. In our work with clients, we’ve seen that many are unprepared for sudden – or even expected – leadership changes in their …
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A Tale of Two Companies: Tying Compensation to Business Strategy A family-owned business faces a leadership change to the next generation and a new strategic direction. The company is looking for new opportunities to grow the business and compete more effectively, while also eliminating outdated human resource practices. A middle market firm is weighing the …
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The High Cost of Losing an Employee We’ve found that business owners – especially those in middle market companies – are often surprised by how much it costs to replace an employee. According to Zane Benefits, a CAP study found average costs to replace an employee are: 16% of annual salary for high-turnover, low-paying jobs (earning under $30,000 a …
Maintain and Communicate a Competitive Pay Philosophy Part 5 of a 5-part series on how to build a compensation strategy for your company that balances corporate goals and industry shifts, supports business strategy and ensures pay transparency. In this final part of our series, we look at the importance of developing a formal compensation communications …
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