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.
The Definition of Compensation Management: In simple terms, compensation is everything that a company offers its employees in return for their talent and time. When organized the right way, compensation dollars can be strategically leveraged to reduce turnover, boost employee engagement and attract top talent. The purpose of compensation management is to make the most […]
How can I motivate, engage and retain employees? This is the million-dollar question faced by most managers today. With the competition for top talent heating up, figuring out a way to keep your best people motivated and productive at work is rapidly becoming one of the top priorities for employers. Many employers believe that an […]
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 ways in which compensation management affects business outcomes can help you leverage your compensation plan to achieve better results for your company. Here are […]
Compensation is the reward given to employees in return for their services rendered and it is often the cornerstone of a productive workforce. The quality and performance of your company’s talent pool is usually directly dependent on how well you execute your compensation planning strategies.
COVID-19 is unlike anything we have seen before, its effect on society and our future is growing exponentially. Businesses are facing many difficult decisions in the weeks and months ahead. Here are what organizations are doing to survive
