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Even with pay for performance, says Epps, managing partner of EP2S Compensation Solutions, LLC, many companies are promoting the wrong people and granting raises for the wrong reasons. Promotional raises increase labor costs, but don’t necessarily help the company perform better. “Whether the company’s performance is good or poor doesn’t make much difference in labor […]
Rather than basing promotions and their associated salary increases on acquired knowledge and certifications, says Epps, who is managing partner of EP2S Compensation Solutions, LLC, base them on competencies. A competency-based job evaluation system is a method of structuring and evaluating broadly defined jobs based on a demonstrated level of job complexity and job accountability, […]
Among employers awarding merit increases in 2012, the most commonly cited increases ranged from 2.5% to 3.0%. This corresponds closely with SHRM’s recently announced figure of 2.8%. Last year’s survey indicated an average “planned” merit increase for 2012 of 2.1%. Actual merit increases for 2012, however, were higher than anticipated for the first time in […]
It’s time for BLR and HRHero’s annual Pay Budget Survey. What’s happening with salary increases and bonuses in 2012 and 2013? How do your plans compare to those of your competitors? Let’s find out. By sharing your insight, opinions, and experience, you can help highlight trends and define benchmarks — by industry, geographic location, and […]