Practical HR Tips, News & Advice. Updated Daily.
Effective employee compensation plans can set the stage for effective recruiting as well as employee retention. This is because the employee compensation plan should articulate a distinctive value proposition that will inspire and guide the team in the right direction. “Properly developed, this makes a powerful statement internally to your employees as well as externally […]
[Go here for #1 to #3] #4: Competitive Reference Points Describe the comparator group(s) for your rewards package Determine industry/geographic competitors For signature programs, what are the benchmarks #5: Competitive Positioning Describe your desired position vs. the market. If your position is below market average, be prepared to explain why. Honesty is a positive message, […]
You need something more than platitudes to get and retain the people you want, says Csizmar, who is founder and principal of CMC Compensation Group. What Are We Talking About? When we talk strategy, we’re talking about “a plan, method, or series of maneuvers for obtaining a specific goal or result.” It’s a guideline or […]
Without question, a job counter offer can be a useful tool if the situation fits. Under the right circumstances it might save a key employee from leaving—at least temporarily. However, in most cases they may create more problems than they solve, so employers should take care in assessing whether a job counter offer is truly […]
A formal compensation administration program is the basic management tool for ensuring that employees are satisfied. You can accomplish this in a variety of ways, but at the end of the day the goal is employee attraction, motivation, and retention. Does your compensation administration program utilize merit pay? Automatic increases? Cost-of-living increases? Bonuses? Some combination […]