For the majority of organizations, the core principles of compensation involve striking 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 […]
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 […]
A comprehensive and effective compensation management strategy should also encompass the following key elements.
We are proud to announce HRsoft received Ultimate Software’s Partner of the Year Award! This award was presented in March at Ultimate Software’s annual Customer Conference, Connections, in Las Vegas, Nevada. HRsoft has partnered with Ultimate Software since 2017 to help UltiPro customers with their advanced compensation management needs. “HRsoft is honored to receive Ultimate’s […]
In recent years, many employers have been using modernized approaches to compensation as a way to engage and retain workers. If you’re like many companies, chances are you, too, have implemented some modern-day tactics into your compensation strategy. Yet, in order to know where we can improve with our compensation planning, it’s important to first […]
You may already have a general understanding of how total compensation differs from a total rewards system, but sometimes, the terms are mistakenly interchanged. Here, we clear up any confusion between these two strategies and highlight the main differences between each.