Job evaluation is a systematic method of determining a job’s relative worth within an organization. There are five commonly used approaches, says consultant Diana Neelman. Which is best for you?
One of the first things that comes to mind when figuring out how much to pay someone in an executive role is either conducting or purchasing a market study. However, there are several other things that must be completed first.
Sales compensation philosophies should be in alignment with company objectives while still motivating the sales team—all without going over budget. This can be a challenge, but there are some tips to help employers get it right. The 5 ‘Rights’ of Sales Compensation “When we’re talking about sales compensation objectives, we define them as the 5 […]
Despite the fact that most comp managers are crazy busy, it’s time to add a task to the mix, says Dorf—a thorough compensation program audit. And, yes, in spite of what could be construed as a self-serving suggestion, he wants you to hire someone else to do it. Dorf is managing director of Compensation Resources, […]
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 […]
Dorf, who is managing director of Compensation Resources, Inc. in Upper Saddle River, NJ., recommends following the SMART approach in developing goals: Specificity Measurement Attainability Results-oriented Timing Remember, says Dorf, sometimes the pay-for-performance goal is a milestone, not the full completion of a project. For example, he says, he worked with a client that was […]
In today’s Advisor, Rizzuti, who is a principal at PHR Compensation Resources, Inc. in Upper Saddle River, NJ, shares her 10 keys for effective market pricing. 1. Collect Good Job Information Ensure that job descriptions accurately portray the job duties and responsibilities. Many jobs have changed in the past few years. Pay special attention to […]