Tag: Topic Compensation Planning

Employee Engagement and Retention—32 Things to Do

Most experts believe that engagement is not all about money. There are actions you can take that could be effective at retention of high potential and/or key player employees. For example: Talk to the employees and let them know that you value their services and that you have high hopes for their futures at your […]

Turnover Armageddon? Could Be Heading Your Way

If your organization is like most, workers have been patient about compensation for several years of low or no raises. They understood that their organizations were squeezed by economic pressures, and they were also held back by general insecurity about changing jobs in tricky times. But patience is wearing thin, and indications are that as […]

SMART Goal-Setting—Key to Pay for Performance

Making Sense of Goals and Objectives Neelman offers the following suggestions for making goals and objectives truly helpful: Make performance management an important aspect of a manager’s evaluation. Limit evaluations to critical goals that employees can impact. Three to five goals is usually most appropriate. No more. Goals should enhance the employee’s performance in his […]

Post-Recession Compensation: Attract and Retain Top Talent

Your organization may be at risk of losing top talent and may face future recruiting challenges as employees weigh their employment options more carefully in a recovering economy, says Daniels, who is senior consultant at Keating Advisors, LLC. Hiring Is Heating Up Recent BLS data, says Daniels, show that there is an increase in hiring. […]

Market Pricing—Comp Key in 2013

Daniels, Senior Consultant at Keating Advisors, LLC, offered her suggestions at a recent webinar sponsored by BLR and HR Hero. Getting Market Pricing Right Market Pricing is the process of analyzing external salary survey data to establish the worth of jobs as represented by market data, based upon the “scope” of the organization (geography, industry, […]

Dramatic Improvement in Turnover

And going one step further—if we can do a good job of managing turnover among top producers, we’ll improve other key metrics like retention of customers, says Ahlrich, who is owner of ExpertSpeaks, and a consultant and business developer for Gregory & Appel. He offered his tips at a recent webinar sponsored by BLR and […]

Talking Turnover with Top Management

Start with this simple distribution chart, says Ahlrichs, who is owner of ExpertSpeaks, and a consultant and business developer for Gregory & Appel. Distribution of Producers Which ones do you really want to keep? If we agree that we want to keep the top 16%, says Ahlrich, then we need to address turnover. That means […]

Get Ready for the Coming Collision of Compensation and Demographics

People Don’t Understand the Demographics Companies tend to relax about compensation during an economic downturn, but that may be a mistake, says Dorf, who is managing director of Compensation Resources, Inc. in Upper Saddle River, NJ. “I don’t think people understand how demographics fit with this recession,” Dorf says. The number of people who are […]

Pay for Performance? Your Comp Program Is Still ‘Old School’

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 […]

Who Are Your Hi-Pos? Ten Key Characteristics

Identifying Key Positions and Skills A critical step in the process is to specifically identify the key positions that will be targeted in the succession plan. This usually includes management-level positions. It may also include highly specialized jobs that are essential to the company’s ability to meet current or future goals. Once the positions are […]