Wage rates and competitive salary benchmarks are always evolving. For example, in 2023, we saw increases in the 5 to 6% range while salary increases for 2024 are projected to average 4%. While that sounds like a losing proposition for workers, it’s actually not; because 2024 inflation is projected...
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It has never been more important to communicate compensation with employees than it is today. In order to attract, retain, and motivate employees, it is important to have conversations about compensation as well as to conduct compensation training and education with employees. Several states have e...
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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 pa...
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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 pr...
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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...
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Compensation communication is too often an afterthought in many organizations. The resulting mystery surrounding compensation and total rewards can lead employees to perceive that your compensation practices are unfair, not industry-competitive, nor in their best interests. Of course, it doesn’t h...
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The realities of compensation for millennials can be surprising, simply because this group is newer to the workforce. Lacking years of deep “real world” experience, millennials might be surprised by many aspects of current compensation practices and standards in today’s workplace. With that in...
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Compensation communication can be a critical link toward improving employee morale, performance, overall satisfaction, and company loyalty – and yet it is often an afterthought. Let's take a look at how damaging poor compensation communication can be, and how to use it effectively to motivate and ...
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IMPORTANT UPDATE: On Tuesday, November 22, 2016, a U.S. District Judge suspended the December 1, 2016 implementation date of overtime rule changes in the Fair Labor Standards Act. While many businesses may be breathing a sigh of relief because they were in danger of non-compliance, the judge's order...
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At Total Reward Solutions, we offer a wide range of compensation services designed to help your organization remain compliant and competitive. That much is no surprise. But what might come as a surprise are the ways we provide these services. In short, we work with you in strategic alignment with yo...
Read MoreIn an improving economy, the balance of power can shift. On the New York Stock Exchange, for example, bear markets become bull markets. And in the American workplace, where employers once held the upper hand, employees can suddenly wield more power and demand more in pay, benefits and incentives. Th...
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Perception is reality – and the reality is that most workers believe they are being paid below market rate regardless of where they actually stand compared to their peers. Another significant reality is that this perception negatively impacts not only how engaged these workers are in the workplace...
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