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Carroll talks of one CEO who was frustrated about compensation. He had his 12 top people that he wanted to compensate well, but he couldn’t seem to afford to do it. He thought that setting up a formal comp program would interfere with his ability to do what he wanted, but Carroll said to him, […]
And the second rule of auditing: Be sure that management is willing to make corrections if infractions are found. If your own audit shows failure to comply, and especially if you haven’t taken steps since the audit to correct the situation, your audit can quickly turn from a helpful tool to a damaging exhibit in […]
In yesterday’s Advisor, we covered audit areas for compensation and preemployment issues. Today, we’ll look at employment and termination issues, and we’ll introduce a unique checklist-based audit system. Job descriptions. For all positions, you should have up-to-date job descriptions that accurately reflect the job duties. Make sure that the job descriptions identify all essential functions […]
Strand, owner of consultancy HR Dynamics Inc., offered his seven steps to successful market pricing at a recent webinar hosted by BLR/HRhero. 1. Identify Positions to Market-Price Ideally you’d like market data on all your positions, says Strand; however, in reality, you will probably obtain data on a sample of your positions, perhaps 30 to […]
Strand, owner of consultancy HR Dynamics Inc., offered his seven steps to successful market pricing at a recent webinar hosted by BLR/HRhero. [Go here for steps 1 to 4] 5. Choose Your Rate Let’s say that in analyzing market data, you come up with a market rate of $61,400 for an Office Manager position, and […]
Legality of Accessing Personal Devices Your company can manage the risks associated with BYOD by adopting policies and agreements that fit your risk tolerance, trust assessment, and regulatory context, says Chapman, who is an associate with DiMuroGinsberg in Alexandria, Virginia and a contributor to Virginia Employment Law Letter. However, she adds, the only way to […]
A majority of businesses now allow employees to bring their own electronic devices to use at work, notes Chapman. With the rapid evolution of technology, this policy has quickly become the go-to standard in most workplaces. However, commingling personal and professional usage, data, and ownership of electronic devices creates challenging legal and security implications. Who […]
Preparing Staff to Handle Questions/Concerns Preparing staff to handle participant questions and concerns is of paramount importance because ineffective answers can lead to mistrust, morale issues, and compliance scrutiny. It may even lead to legal challenges under ERISA. To avoid these problems, prepare supervisors and staff. Invite your investment advisor or a representative of the […]
The changes, which take effect July 1, 2012, are big. As a plan sponsor, you will receive new information about fees paid by the plan. You will also need to give participants some new information. For guidance, we turned to a recent BLR publication, the 401(k) Fee Disclosure Compliance Download Report. Your Role As Fiduciary […]
What’s more, an athlete often has to deal with teammates, a coach, and management or governing bodies. There always seems to be something going on in the sporting world that lends itself to the drama of the human theater. There are a number of current situations playing themselves out that deserve some analysis and reflection […]