It’s a critical question for any company to answer: Does your organization view employees as an investment or an expense? If you regard your employees as an expense, you probably don’t need to read the rest of this article. However, if you see them as an investment, does your organization truly...
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Does Your Organization Have Its Heart in Employee Pay?
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Pay Equity: Are We There Yet?
The longest journeys tend to beg the question: “Are we there yet?” Certainly, the quest for pay equity has been a long journey indeed – for women, people of color, and others in pursuit of a level playing field for compensation. It’s a worthy and necessary destination that officially began in 1963...
Employee Compensation in the Family Business: Essential Answers to Common Questions
Family businesses will always be vital to the economic landscape. But because nearly every successful or growing family business also employs non-family workers, managing the operation is a balancing act that requires extra due diligence when it comes to fair and effective employee compensation...
Compensation Sense: Pay Transparency and Pay Equity Are Rare but Crucial to Satisfaction and Loyalty
When it comes to fair and effective employee compensation practices, pay transparency and pay equity should be top priorities. In fact, according to WorldatWork, these are likely to be two of the most important responsibilities in human capital in the next 2 to 3 years. Unfortunately, even though...
Employee Pay in Focus: Transactional vs Strategic Pay Practices
Differences abound between transactional and strategic human resources, but even if the distinctions are clear to HR generalists, these terms get a little fuzzy when it comes to employee pay matters. Nonetheless, it’s important to understand the distinctions as these can be important to...
How We Serve Clients with Incentive and Bonus Plans and Executive Benchmarking Services
At Total Reward Solutions, we offer a broad range of employee compensation and total rewards services for organizations of all sizes. Oftentimes, smaller companies have a single person in charge of HR compensation programs while larger companies have sizeable employee populations that require more...
How We Serve Clients with Base Pay and Market Benchmarking Services
At Total Reward Solutions, we find ways to help clients rise to employee compensation challenges in good times and bad. That’s one reason so many clients consider us their trusted partner for compensation solutions, year after year. Another reason is that we offer a broad range of services,...
After the Coronavirus Pandemic Economic Crisis: What Will the Employment Market Look Like?
This changes everything! Or does it? In the midst of the Coronavirus pandemic, with U.S. and global economies in free fall, businesses are asking, “What will this do to the employment market as we navigate through and beyond this crisis?” It’s a reasonable question. Unfortunately, it’s a...
Employee Compensation During a Crisis: Cost-Saving and Loyalty-Building Ideas
It’s a challenging time. When a pandemic like the coronavirus outbreak leads to COVID-19 infections, serious illness and even death, we are all impacted. Lives change. At home and at work. Indeed, for many U.S. corporate workers, the home is the workplace now, and employee interactions take place...
Compensation Sense: Recruiting or Retaining Workers – Which is Better?
When employers need to maintain or add to their workforces, an age-old question emerges: Which is better — recruiting or retaining workers? In other words, is it more cost-effective to keep your current talent pool versus accepting turnover as a fact of business and focusing more on...
Compensation Sense: Beyond the Debate – How to Benchmark Market-Correct Executive Compensation
It seems like executive compensation is always in the news, especially during national election cycles. The issue is controversial: Why are top corporate executives paid so much? Indeed, how much executive compensation is too much? How much is too little? Most important, how much executive...
Compensation Sense: Ms. Monopoly Heightens Awareness of Gender Pay Gap
Gender pay inequality shows little sign of ending soon (the Women’s Policy Research group says it will take until 2059 before women earn as much as men for equal work), but the new Ms. Monopoly® game by Hasbro is at least bringing the issue into the spotlight. The game is controversial, to say the...
Compensation Sense: Market Pricing is Complex – Here’s How to Manage the Process
Market pricing is an essential component of any successful employee compensation and total rewards program. Unfortunately, market pricing is also complex and cumbersome, with many factors and moving parts. These parts include the processes of submitting salary survey data, determining your market...
Compensation Sense: Why Your Base Pay Program is the Most Critical Compensation Component
When it comes to your organization’s compensation programs, none is more important than your base pay program. A base pay program provides structure and organizes your jobs so you can attract and retain talent. It establishes a baseline for merit pay, salary range variations, and regulatory...
Compensation Sense: Tight Labor Market Brings Employee Compensation Challenges and Opportunities
While employee compensation challenges seem to be ever-present, those challenges can become even more daunting in a tight labor market. And when unemployment is at historically low levels, employers feel pressure to keep employees satisfied with competitive base pay and attractive total rewards....
Compensation Sense: Looking Back and Looking Forward at Total Reward Solutions
It seems only natural from one year to the next to take a quick glance in the rearview mirror even as we focus on the road ahead. For me, personally, and the entire team at Total Reward Solutions, 2018 was a pivotal year in our escalating success. We accomplished much, served many, and feel...
Compensation ROI Shows Employees are an Investment, not an Expense
Compensation ROI (the Return on Investment of your company’s compensation and total rewards policies, programs, and practices) is often misunderstood and underappreciated. In fact, most employers and Human Resources professionals tend to view employees as an expense – a necessary evil, if you will...
Compensation Sense 101 is Here. New Book Provides Answers to Questions About Compensation and Total Rewards.
“Understanding how to use compensation and total rewards as a competitive advantage has never been more important!” This statement, from the Foreword by United Way of Central Indiana’s Chief Talent Officer Nancy Ahlrichs, helps explain why I wrote my new book: Compensation Sense 101 – Common Sense...
Compensation Sense: Job Seekers Want Key Information … and Transparency
It may be no surprise that job seekers want essential information – including salary, benefits, and location – when they research job ads. What may be more surprising is that when assessing long-term potential with an organization, job seekers want transparency, too. I address these issues in my...
Employee retention demands merit increases, promotions
This article first appeared in Louisville Business First. Employee retention is essential to workforce stability and prudent compensation management regardless of labor market conditions. But when the labor market is tight in a robust economy – when employees are more likely to look for better...
Compensation Sense: Employee Retention in Tight Labor Market Demands Merit Increases and Promotions
Employee retention is essential to workforce stability and prudent compensation management regardless of labor market conditions. But when the labor market is tight in a robust economy – when employees are more likely to look for better paying or more satisfying employment elsewhere – employee...