For instance, while you may be the greatest employer, if you do not have a company website, chances are that you will appear “antiquated” and some candidates may not consider you as their top choice. Therefore, the following are areas that you may want to explore in preparation for recruiting candidates.
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.
"If you want to attract the best employees, you must look as if you are the best company to work for. Appearance is everything. A very basic first step in managing your image is to review how you present your company, says Jasmine Rojas, BLR® legal editor. "
"In yesterday’s Advisor, we covered Consultant Jennifer Barton, SPHR’s tips for maximizing your total rewards program. Today, we discuss what you can do to make it more effective."
"In yesterday’s Advisor, we began our coverage of BLR’s 2014–2015 Pay Budget Survey results. Today, the rest of the results, including 2015 compensation planning."
[Go here for 2014 data and the rest of the survey results]
2015 Merit Increases
A mere 13.8% (down from 14.1% in 2013) of survey participants have decided and/or approved their pay budgets for 2015, leaving 86.3% undecided as of the end of June.
"BLR’s 2014–2015 Pay Budget Survey shows modest changes in compensation for the coming year."
Highlights of the survey:
- 18.2% of respondents are awarding merit increases (averaged across all employee types) of up to 2.5% in 2014 and 46.1% are awarding increases of more than 2.5%
- 21% of survey participants awarded an increase of 2.51–3% for “Meets requirements” and 12.9% awarded that amount for “Exceeds requirements.”
- The biggest challenge for respondents is “economy/revenue uncertainty.”
"Yesterday’s Advisor began our report on BLR’s 2014 Training and Development Survey; today, survey results on training methods, training budgets, and training metrics, plus survey demographics on the 1052 participants."
Our survey shows the following methods used regularly for training employees.
In the coming years, 86% expect to use more online training and 68% plan to utilize more in-person sessions conducted by the HR staff. More video/DVD and mobile/tablet-based materials will be used by 51%, and more telephone/audio conferences will be utilized by 47.9%.
"Highlight findings of the 2014 Training and Development Survey:
- New hire orientation is the most commonly offered training topic, followed by sexual harassment and emergency procedures.
- HR conducts the training at 78 percent of respondents’ businesses.
- In the coming years, 86 percent expect to use more online training.
"Yesterday’s Advisor featured consultant David Insler’s examples of compensation scorecard items; today, his comparative charts for unit-to-unit and comp-to-business data."
Unit Performance Differentiation
It’s hard to read the numbers in the chart below, but it’s easy to see what the chart is saying.
The collection of data on the bottom right is for employees rated “needs improvement.” The middle grouping is for “successful” performers, and the grouping at the right is for “exceptional” performers. The chart shows the percentages of employees in each performance category over a 4-year period.
"A compensation scorecard is a powerful aid for improving pay for performance, reducing entitlement, and, often, increasing employee acceptance of the pay program, says consultant David Insler."
A compensation scorecard is any dissemination of aggregate compensation information beyond the HR organization.
There are several types of scorecards, says Insler, who is the senior vice president at Sibson Consulting and leader of Sibson’s Western Region. His tips came during a recent BLR-sponsored webinar.