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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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 establishi...
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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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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 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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Has your base pay system been in place several years without being reviewed or updated? If so, your company could be falling behind your industry, your competitors, and marketplace standards. That means you could be paying too much base pay in your current total rewards system, paying too little to ...
Read MoreWhat to do with low merit budget pools... Many organizations have found themselves in the current economy needing to lower their merit budget pools. One of the challenges that come with a low merit budget pool is how to distribute those dollars from low to high performers. If you have a merit pool ...
Read MoreThere is certainly more than one way to award merit dollars, but how do you choose? What is the best fit for your workforce and your company’s culture? There is no right answer, but there are lots of options. Which option you choose could be based on your merit pool size, the amount of flexibility...
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