With so many requirements to satisfy throughout the compensation management process, it’s easy to lose sight of the true purpose of compensation. Yet, being that it’s the very thing that...
When your company adjusts is salary ranges, performing a compensation analysis enables you to make sure pay decisions align with both internal and external considerations, such as market trends and...
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...
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...
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...
A solid compensation management system should go beyond just checking the boxes by paying people fairly. When executed properly, it can also support key business goals. By optimizing your approach...
The compensation management process lays the foundation for a company culture that recognizes and rewards strong performance. When done correctly, it ensures employees are paid fairly and have the incentives...
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...
Designing a compensation program aligned with their business needs and talent management strategy is one of the most powerful methods employers can use to attract and retain talent. Yet, even...
Short term incentive administration refers to the awards given in a time period of up to one year. Also sometimes referred to as annual incentives, short-term incentives are typically tied...
