Compensation statements, also sometimes referred to as employee benefit statements or total reward statements, give employees an in-depth look at how they’re being rewarded. While some employers view them as an “extra” step in the already lengthy compensation cycle, organizations that have implemented them know that there is real value in issuing these statements to […]
One important component to building a competitive compensation plan is establishing a Pay-for-Performance model. Here, I share why a Pay-for-Performance model might be useful for your organization, as well as some of the best practices you can use to create one. Pay-for-Performance models move away from entitlements and signal a more mature and fair approach […]
Here, we take a look at a few different definitions of total rewards systems and help you translate them into a meaningful description to fit your company.
How can I motivate, engage and retain employees? This is the million-dollar question faced by most managers today. With the competition for top talent heating up, figuring out a way to keep your best people motivated and productive at work is rapidly becoming one of the top priorities for employers. Many employers believe that an […]
Most HR professionals already understand the most common objectives of compensation management: the idea is to pay your employees fairly while staying in line with the company budget. However, understanding the ways in which compensation management affects business outcomes can help you leverage your compensation plan to achieve better results for your company. Here are […]
Compensation is the reward given to employees in return for their services rendered and it is often the cornerstone of a productive workforce. The quality and performance of your company’s talent pool is usually directly dependent on how well you execute your compensation planning strategies.