Pay structures, also known as salary structures, define different levels of pay for jobs in reference to: their relative internal value, external/market value, or negotiated rates (i.e., collective bargaining agreements). A...
Recently, modernizing pay ranges has become a major area of focus for companies. While the start of the year provides a fitting opportunity to evaluate pay practices and ensure the...
Compensation management is inherently complex, but the ways in which we approach it don’t have to be complicated. In fact, some of the most powerful methods for managing employee pay...
Many organizations implement compensation management solutions as a way to simplify employee pay. Yet, there are far more benefits outside the simplification of processes alone. From making more informed, accurate...
There are many ways to incentive performance in an organization. Typically grouped together under the umbrella term “pay for performance plans,” employers may choose among merit programs, bonus options, and...
The ability to attract and retain talent is largely dependent on the ways in which you reward your employees. While factors such as organizational culture and values do play an...
If one of your primary duties is to manage employee compensation, you already know that there are considerations when it comes to paying people fairly. Not only must you satisfy...
When it comes to effectively implementing performance-based pay, simplicity is one of the most important aspects to bear in mind. The simpler and more concise your plan is, the more...
When implemented correctly, performance-based pay has the potential to be straightforward and effective. That doesn’t mean that it’s failproof, however. When organizations find that their performance-based pay plan fails to...
To be effective, every performance-based pay system must encompass a few key elements. These include clear objectives, a thorough performance process, and a tool to support your pay-for-performance initiatives. Learn...