We are often asked, “When is the best time to start developing or revising our Variable Pay Plan for next year?” The answer is always “Right after mid-year.” But first, what exactly is “Variable Pay?” Typically, Variable Pay refers to incentives, bonuses, or commissions an employee can e...
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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 r...
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Compensation budgeting is often misunderstood, underemphasized and oversimplified. Many employers tend to factor in only an employee’s annual salary and benefits when considering personnel costs. But this shortsighted approach can lead to a budget shortfall and employee dissatisfaction – two cri...
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This article first appeared in Inside INdiana Business' "Perspectives" Benjamin Franklin once wrote that nothing is certain "except death and taxes." For modern-day corporate employers, however, compliance with the Fair Labor Standards Act's new overtime regulations is just as mandatory - and perha...
Read MoreWhen it's time to plan your company's compensation budget, there are a variety of key factors to consider. Basing your compensation budget on merit is one obvious consideration. But if your compensation budget is based almost solely on merit, you could be overlooking important components to help you...
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