Incentive Schemes May Mean Transparency of Data
An incentive program can be a great way to motivate employees and help the organization achieve its goals. But it doesn’t come without potential pitfalls.
Tag: Terry Pasteris
Incentive Schemes May Mean Transparency of Data
An incentive program can be a great way to motivate employees and help the organization achieve their goals. But it doesn’t come without potential pitfalls. For example, tying an incentive to reaching specific sales or profit goals means that the company will have to be candid with employees about those figures—which may be uncomfortable if […]
How Is Compa-Ratio Used in Employee Compensation?
Do you use compa-ratios to check to see if your employee pay is meeting your organization’s compensation goals? What is a Compa-Ratio? For those of us just getting started with compensation metrics, the term “compa-ratio” may sound foreign. What is it? What does it do? “It’s basically taking a salary and dividing it by the […]
Basics of Compensation Metrics
“What are compensation metrics? Basically, when we talk about a metric, we’re talking about a measurement. We’re talking about a statistic or a measurement that is intended to assess value and effectiveness.” Terry Pasteris explained in a recent BLR webinar. “So, depending on what aspect of value or effectiveness or what aspect of our program […]
Keeping Your Best Employees: Using Compensation Strategy to Your Advantage
Keeping Your Best Employees: Using Compensation Strategy to Nurture the Keepers In today's market, even if you're not making changes yet, your competitors are already hiring, promoting, providing bigger merit increases, and restoring bonuses. There's less and less barrier and more and more incentive for employees to go somewhere else. "I think now it's incumbent […]
10 Bad Employer Habits for Your Compensation Strategy
10 Bad Habits for Your Compensation Strategy Ten bad compensation habits to avoid: The "peanut butter" approach. Avoid always spreading money evenly across employees. "Keeping your top employees and rewarding and nurturing them and engaging them is the opposite of the peanut butter approach. With low merit budgets, this becomes harder, but we can differentiate […]