Metrics are a simple way to define, measure, and track key performance indicators. Metrics are certainly not unique to compensation and HR—rather, they are used in almost every area of business, government, and education.
Category Archives: Compensation Planning
Employers have myriad options when it comes to designing a compensation plan, and they must consider and how it will fit into their overall strategy for recruiting and retaining employees. This group of Compensation Daily Advisor articles will provide you with how to information on managing job evaluation, interpretation of survey data, setting of rate ranges, determining individual pay rates, and much more.
Yesterday, BLR’s Senior Compensation Editor Sharon McKnight, CCP, SPHR, took us through the process of finding compensation data for those slippery jobs that are tough to classify. Today: What to do if you’ve gone through all those steps and still find yourself coming up empty.
Additional Considerations as You Plan Your Salary Strategy: Job Descriptions, Salary Compressions, and More
Yesterday, Amy Letke, SPHR, GPHR of Integrity HR, Inc., took us through the ins and outs of aging factors: Lead, lag, or lead/lag—which is best for your organization? Today, she looks at additional considerations as you set out your compensation philosophy and strategy.
Trying to find market data for some jobs may seem a little like searching for a needle in a haystack—tedious, time-consuming, and marginally successful. Often, the problem isn’t that no data are available but in how we’re look for them, says BLR’s Senior Compensation Editor Sharon McKnight, CCP, SPHR.
Working with outdated pay ranges can create turnover, pay equity issues, low morale, and legal challenges. Also, granting merit increases without an accurate budget or distribution methodology has the potential to damage your professional credibility. Is calling in a compensation consultant the only solution?
Yesterday, we got some insights from Chuck Csizmar of CMC Compensation Group about the importance of having a formal compensation strategy document at your organization. Today, we’ll look at the rest of his “Top 8” list of design considerations, plus some final strategies for success.
Yesterday, we got some important guidance on job descriptions as they relate to your compensation program, courtesy of John Rubino of Rubino Consulting Services. Today, Rubino’s thoughts on salary surveys: the good, the bad, and the potentially illegal.