Explore our blog to learn more about best practices, trends and other insights related to compensation management.
As markets become more and more competitive, the concept of pay for performance or performance compensation has emerged as a suitable alternative.
A compensation philosophy aims to ensure pay is market-competitive and aligned to the business strategy. To support these two factors, there are six components, or goals, of compensation philosophy.
Compensation Management Software can reduce the tedious labor of personnel-driven analysis, tracking and planning out of the process.
The overarching objective behind your organization’s compensation management process is to pay your employees fairly without exceeding its budget. Yet, beyond this primary goal lie important pillars, each of which must be satisfied to achieve better bottom-line results for your company.
Merit pay can be an effective tool for improving morale, retaining your top performers, and driving loyalty. Yet, rewarding employees without a plan can have the opposite effect: it may demotivate employees and send your best talent searching for other opportunities.
By optimizing your approach to compensation, you can go beyond pay and spur continuous improvement across your organization.
Get a personalized demo of HRSoft to discover how our compensation solutions can help your business.