27 Sep The Power of Using Incentive Plans to Set Three Goals for Employees
The Rule of Threes is a practical and effective approach to incentive pay which states that there should be no more than three defined goal levels for each incentive plan....
Compensation Planning Software Tag
01 Aug 3 Pay Structure Options Used in Today’s Organizations
Putting the right pay structures in place helps to provide a framework for consistent pay in the workforce, and it can also be an effective budgeting tool for organizations. There...
12 Jul 4 Types of Pay Structures to Consider
Pay structures can help companies move towards greater pay transparency. They can also be used as both an administrative tool and communication tactic for helping your employees understand potential career...
09 Jul Key Considerations for Selecting the Right Pay Structure
One question compensation teams often find themselves asking is how accurately their pay policies should reflect market rates. In most cases, employers believe their pay policy should align with market...
27 Jun What Are Pay Structures & Why Should Your Company Have Them?
Pay structures, also known as salary structures, define different levels of pay for jobs in reference to: their relative internal value, external/market value, or negotiated rates (i.e., collective bargaining agreements). A...
24 Jun Common Pay Range Terminology
Recently, modernizing pay ranges has become a major area of focus for companies. While the start of the year provides a fitting opportunity to evaluate pay practices and ensure the...
20 Jun 5 Simple But Powerful Compensation Management Principles
Compensation management is inherently complex, but the ways in which we approach it don’t have to be complicated. In fact, some of the most powerful methods for managing employee pay...
17 Jun 5 Ways Compensation Management Solutions Are Changing the Game for Companies
Many organizations implement compensation management solutions as a way to simplify employee pay. Yet, there are far more benefits outside the simplification of processes alone. From making more informed, accurate...
14 Jun Key Factors to Manage Employee Merit, Bonus & Incentive Plans Effectively
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...
31 May 4 Critical Plan Design Mistakes to Avoid for Performance-Based Pay
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...