Nowadays, most organizations use compensation planning as a means to drive performance. Taking a pay-for-performance approach to compensations allows companies to link pay to employees’ quality of work. While pay...
Without a formal pay system, employers run the risk of unintentionally making unfair pay decisions. Thus, every organization should have standard salary planning processes and administration in place to avoid...
For multinational corporations, having international compensation planning software is an absolute must. Compensation planning is complex enough to manage without factoring in differences from one country to the next. As...
Collecting data from market surveys in a critical step in any compensation planning process, but it’s how you use the data that’s most important. Here, we’ll go through some tips...
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...
When executed effectively, bonus administration can incentivize improved performance. It also provides the recognition most employees seek, which can support employee engagement and help you retain your top talent. However,...
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...
A strong compensation program is one that’s fair, equitable, and compliant with new labor laws. While achieving this trifecta isn’t always easy, it is possible when you follow a few...
Incentive compensation is one form of the popular “pay for performance” compensation models organizations are using to foster better performance through financial rewards. While using incentives like raises, bonuses, and...
Every organization needs a compensation strategy. Its purpose is to help you decide how much to pay employees by aligning with your overall HR strategy. According to the Employer’s Resource...