Tag: Topic Compensation Planning

Succession Planning 2012—All About the Brain Drain

We can’t avoid a simple fact—We’re dealing with an aging workforce. For example, the Bureau of Labor Statistics reports that over one-third of the civilian employees working for the federal government are eligible for retirement. The same situation exists, but to a somewhat lesser degree, in the workforce as a whole. Companies can’t duck the […]

Use Simple Charts to Pinpoint Your Compensation Problems

Check compa-ratios, check external equity, see who’s over the maximum—it’s not rocket science, but it’s necessary, says Carroll, who is Director of Professional Services & Education at PayScale, Inc. Quick Review: The Numbers that Matter Analysis begins with an assessment of internal compensation rates to identify any aberrations (via the compa-ratio) and external equity (via […]

Key Comp Issues: Alignment, Compression, and Risk

[Go here for questions 1 and 2] 3. What is the Alignment of Incumbents Within Their Pay Grades? Perform the following analyses, suggests Carroll: All positions in the organization compared to the midpoint (market) Positions within each pay grade compared to the midpoint (market) Analysis of incumbents within each pay grade compared to the midpoint […]

Compensating Tech Workers—Best Practices for Retention

It’s challenging to reward tech workers, says consultant David Wudyka, but you have to find a way to do it or you’ll lose them. Wudyka is the founder and managing principal of Westminster Associates, a Massachusetts-based human resource and compensation firm that specializes in pay, performance, and productivity issues. His tips came during a recent […]

Meet, Lead, or Lag the Market?

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 […]