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...
Enterprise compensation management (ECM) refers to the ways in which pay policies are administered, organized, and automated in companies. Because compensation accounts for a significant portion of overall business costs...
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...
Oftentimes when managers discuss pay with their employees, they encounter questions for which they may not have an answer. Employees want to know that they are receiving fair pay for...
Only 36% of employers have a formal compensation communications program, according to an HRsoft poll. However, this is something all organizations should have, because a compensation plan is only effective...
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...
Following a prescribed compensation design process can help an organization achieve a balanced and successful pay plan. While each company may need to tweak their methodology slightly to align with...
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...
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...
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...