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Smaller businesses often can’t afford the resources that larger competitors can, says compensation expert David Wudyka, but that doesn’t mean they can’t have an effective compensation program. What’s Different About “Small Business”? When it comes to running compensation, small business have several challenges, says Wudyka, who is managing principal of Westminster Associates in Wrentham, Massachusetts. […]
This will help you understand the key elements that every good executive compensation program includes, and ensure you’re knowledgeable about the broad strategies and concepts involved with designing (or re-designing) and administering a successful executive compensation program. In a BLR webinar titled “Executive Compensation: How to Design an Attractive and Cost-Effective Plan for Your Organization,” […]
Other highlights from the BLR/HRHero 2012 Health Insurance Benefits Survey: More than 96 percent of respondents to the health insurance benefits survey said they offer health insurance to workers More than 2/3 of respondents pay 75 percent or more of single coverage premiums. That number drops to 40 percent for family coverage 74 percent of […]
Big companies use complex quantitative job evaluation systems, says Wudyka, who is managing principal of Westminster Associates in Wrentham, Massachusetts. However, smaller employers don’t need point count systems; they can use paired comparison. Wudyka’s tips came during a recent webinar sponsored by BLR. Paired Comparison One very efficient, effective, and low-cost method of ranking jobs […]
What’s Different About “Small Business”? When it comes to running compensation, small business have several challenges, says Wudyka, who is managing principal of Westminster Associates in Wrentham, Massachusetts. His tips came during a recent webinar sponsored by BLR. Small businesses, he says: Need “flexibility.” Small businesses need flexibility in anything they do when it comes […]
You also may find yourself facing employees who don’t fit into the standard pay grades for one reason or another or who have maxed out at their existing pay grade. You may even have an employee who is pointing to online salary information and claiming she’s not getting paid enough, which is a position HR […]
In a BLR webinar titled “Pay-for-Performance: Pros, Cons, and Assessing Whether It’s a Good Fit for Your Organization,” Brooke Green offered five key principles to follow when establishing such a system. 5 Principles to Establish a Pay-for-Performance System How do you establish a system of rewards that truly differentiates in a meaningful way? Green outlined […]
Metrics for Compensation and Benefits Sullivan suggests that rather than trying to use a statistical method to evaluate pay fairness, use an employee survey on perceptions of pay fairness compared with work expectations. Here are the measures he suggests: Amount in total compensation and benefits costs needed to generate a dollar of revenue. (Usually expressed […]
Metrics guru Dr. John Sullivan says that human resources managers make two key mistakes when using metrics. Sullivan is a metrics consultant and professor of management at San Francisco State University. Mistake #1: Metrics in a Vacuum The first mistake, says Sullivan, blogging on www.ere.net, is that comp/HR managers tend to develop and implement metrics […]
Hagan, a partner in the Dallas office of law firm Sarles & Ouimet, LLP, made his suggestions at a recent BLR webinar. Here are his four questions: Question 1: Will an Anticipated Change Affect Existing, Accrued Leave? If you anticipate making a change that might affect existing accrued vacation, you will have to determine if […]