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: Attract...
Where Do Compensation Management Systems Fit Within Your Company? The salary, benefits and paid time off your company offers to your employees is a vital part of maintaining a stable and...
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...
The overarching goal of the compensation strategy is to make sure an organization has the right amount of money necessary to motivate the types of performance needed to achieve the...
For a company’s compensation strategy to be effective, it must be linked to the overall business strategy. Because compensation accounts for 30-60% of business costs, it is essential for organizations...
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...
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....
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 Rule of Threes is a simple yet powerful approach to incentive planning. It provides guidelines help organizations maintain a healthy degree of control over incentive pay, yet allow for...
Technology evolves quickly, as do the needs of your organization. The best compensation management software should therefore leverage up-to-date technology and have the ability to scale with your business. As...
