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 way that is externally competitive and internally fair. Yet, there are many different interpretations of what is fair. For this reason, it is critical to achieve clarity and agreement among key stakeholders on how the company should pay its people. This will ultimately inform your rewards philosophy.
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 which they may not have an answer. Employees want to know they are receiving fair pay for their contributions, and may wonder...
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The company is looking for new opportunities to grow the business and compete more effectively, while also eliminating outdated human resource practices.
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.
Middle Market Employers Get an ACA Reprieve, but Longer Term Impact on Comp Plans Remains Unclear
Mid-sized companies got a reprieve – for now. In April, the Federal Government announced a second delay in the Affordable Care Act (ACA) deadline for mid-sized companies— those with 50 to 99 employees. These companies are still subject to the "employer mandate," but they do not have ot start insuring workers under it until 2016.
Compensation Planning Insights Part 1. The business environment is changing rapidly, and your company’s compensation strategy may not be keeping up.
Tags: performance based compensation, compensation, employee compensation, compensation plan, business objectives, skill-based pay, business, business strategy, compensation planning insights, align business strategy and compensation