Engaging a compensation consulting firm to perform a compensation analysis project can be intimidating. It's a little bit like being an 18-year-old and the first in your family to apply to an Ivy League school. What if you actually get in? There will be times when you're uncomfortable and challenged but, ultimately, you're going to get a great education and be in a position to succeed.
In a previous post, we talked about using SMART objectives for compensation consulting projects and the importance of Key Performance Indicators, or KPIs.
After your customers, your employees are the life blood of your business. Maintaining good morale and loyalty is essential to retaining them – and avoiding the costs associated with replacing employees who leave.
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:
It's that time of year again when sales organizations review performance against sales goals and start thinking about next year. But this year, I propose that companies take a more thorough approach to this process by:
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The company is looking for new opportunities to grow the business and compete more effectively, while also eliminating outdated human resource practices.
When to adjust pay levels is one of the most important questions an organization may face. Considering that employee compensation is 60% to 70% of an organization’s operating costs, making the wrong decision can increase costs substantially, and sometimes even unnecessarily.
During times of major disruption and change, organizations need to maintain a laser focus on the business. Changing technologies, markets, sales approaches, and customer expectations require nothing less. The Great Recession was one of those times – a generational event that transformed many organizations in ways large and small.
Organizations can be forgiven for leaving compensation structures on autopilot while they addressed more urgent issues. However, benign neglect can turn into something more damaging if pay gets out of sync with the marketplace. In fact, this disconnect is happening to many organizations right now.
When one health care company began having difficulty attracting and retaining a strong workforce, a close look revealed compensation plans and programs that had not kept up with the market.
The Affordable Care Act (ACA) has created a new hero – the small group insurance broker. He or she is one of the few who has complete familiarity with the various plans under Obamacare. These new plans —which are radically different from the old ones— will probably raise your premiums.