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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The company is looking for new opportunities to grow the business and compete more effectively, while also eliminating outdated human resource practices.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 …

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Compensation Strategy: Balancing Company Goals with Industry Shifts In this 5-part blog series, we’ll discuss how to build a compensation strategy for your company that balances company goals and industry shifts, supports business strategy, and ensures pay transparency. Fair Pay for Employee Contributions Oftentimes when managers discuss pay with their employees, they encounter questions for …

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Compensation Principles for Effective Pay Strategies In Part 2 of our multi-part blog series, we talk about the compensation principles that are foundational to ensuring your pay strategies produce the results required. Striking a balance with core compensation principles For the majority of organizations, core compensation principles should strike a balance between paying in a …

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A Sample Compensation Philosophy In our previous post, we covered compensation principles that help ensure your company’s pay strategies produce the results required. This example can help you write a compensation policy statement for your organization. According to an HRsoft poll, 60% of organizations have a written compensation policy statement. For those who do not, reviewing examples …

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Linking Compensation and Performance Management  Performance Impacts Pay In our previous posts, we covered compensation principles that help ensure your company’s pay strategies produce the results required and shared an example you compensation policy statement. Here we discuss the vital connection between pay and performance. The overarching goal of the compensation strategy is to ensure …

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Maintain and Communicate a Competitive Pay Philosophy Developing a formal compensation communications program provides employees with an understanding of why pay decisions are made. Only 36% of employers have a formal compensation communications program, according to an HRsoft poll. However, this is something all organizations should have, because a compensation plan is only effective when the workforce …

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Design a Compensation Plan to Balance Company Goals and Industry Shifts Your employees want to know they are receiving fair pay for their contributions and may wonder: How their pay is linked to performance? How it compares to other salaries within your company?  What do other companies pay for similar work? If your managers don’t …

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Bulletproof Your Compensation Practices to Retain Top Talent Attracting and retaining key employees is more important than ever for your company to survive the post-pandemic economy. If your compensation package doesn’t reflect current industry standards, your best employees may jump ship in these turbulent times. Download your FREE copy of “Bulletproofing Your Compensation Practices to …

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