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  • Competitive Compensation Strategy

    Q & A: Focus on Competitive Compensation Strategy

    How long has it been since you’ve reviewed your business plan? Likely you did so within the last year. How long has it been since you’ve reviewed your compensation plan? Has it been a year, two years or more? Theses two documents need to be in lock step. As your business grows and shifts its strategies, your pay strategies should shift as well.

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  • Communicating Compensation to Employees & Leadership

    Communicating Compensation Plans: How to Present Your Findings and Recommendations

    I am a stickler on communication. I think that too often our compensation programs fail not because of the merits of the program but rather the ways in which we communicate or lack communication both with leaders and employees.

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  • 4 Tips for Business Paid Time Off Plans

    Four Tips for Implementing a Paid Time Off Plan

    Paid time off plans, or PTO banks, give employees flexibility in using their paid leave and are generally easy to implement. Use these guidelines to determine if a PTO business plan is right for your organization and find out four tips for putting a PTO plan to work for you.

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  • Unique Employee Reward Systems & Motivation

    Incentive Pay & Employee Motivation: Create an Experience

    More and more companies are using incentive pay to reward their employees. It is easily linked to pay-for-performance and as one-time events, the costs are contained; making them attractive compared to merit increases that perpetuate expenses into the future. Sometimes during this economic recovery, the amounts of money to spend are, shall we be polite and say, modest? You want to reward performance that stands out, and yet the bucks just are not there to be shared. What can you do?

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  • Pay Incentive Programs

    Incentive Pay and Cautions for Non-Exempt Employees

    Above and beyond base pay is the option of incentive pay. The critical point to make about any plan for a pay incentive program is to watch your messaging. Your communication should focus on the notion that incentive pay is for results above and beyond normal expectations. You want to avoid any one thinking their incentive pay is an entitlement. Look what that thinking has done in the financial industry.

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  • Refining Employee Compensation Plans

    Refining Employee Compensation Plans

    Employers and HR professionals alike put a lot of time, research, and energy into developing a strong and attractive employee compensation plan. Stacking benefits like profit–sharing and team-based pay onto basic compensation is commonly done, then that approach is reviewed, researched, and refined over time.

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  • Pay-for-Performance Plans Make a Comeback

    Back to Normal: Review Your Pay-for-Peformance Plan Now

    Thinking about merit increases again for the first time in a very long time?

    The evening news reports that the economic recovery is shaky, with steps forward and steps back, but some companies are doing well again. If the annual pay-for-performance plan at your work was put on hold, but you can now consider starting it up again, here are some back-to-basics steps to follow.

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  • Company-Wide Incentive Programs: Q&A

    Designing Bonus Plans That Cut Business Costs

    What are some smart approaches to designing company-wide incentive programs? Bonus incentives are powerful tools and can both create success or wreak havoc. Careful planning is key. HR expert Stacey Carroll, director of customer service and marketing at PayScale, recently addressed the following questions during a webinar titled Aligning Your Compensation Strategy with Business Priorities:
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  • How Do I Design a Compensation Plan?

    How Do I Design a Compensation Plan That’s Customized to My Organization?

    In a previous post "Customize Your Compensation Plan for Your Organization," we shared the first three of six tips from HR expert Stacey Carroll, MBA, SPHR, on how to design a custom compensation plan so that your organization stays lean and competitive. Here are the final three tips, as explained by Ms. Carroll, which deal with merit increases, budgeting and compensation plan design.

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  • Customize Your Compensation Plan for Your Organization

    Help Your Company Stay Afloat: Customize Your Compensation Plan

    In an era of small budgets and stiff competition how can you, the HR professional, help make sure that your company is thriving, ten and twenty years from now? You need to get very specific and very strategic about your compensation decisions. You can’t just take a cookie cutter approach to your compensation strategy. If you want to beat your competition in business, you need to be different than your competition in your compensation plan. And the best way to do that is to customize your compensation plan to fit your organization.

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  • Developing a Competitive Compensation Strategy

    Strategic Compensation and Your Position in the Market

    Smart HR leaders regularly ask themselves a key question when planning a human resources compensation strategy, “Have we positioned ourselves well relative to the market?” In order to answer this question, you must first know how competitive you want and need your compensation plan to be. Then, you can build pay ranges in alignment with your competitive compensation strategy.
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  • Integrating General Business Strategy with Compensation

    Decided, Defined, Done: Why You Need a Business and Compensation Strategy Right Now

    I have written lately about the importance of integrating general business strategy with compensation. The fact is that your business strategy is likely more clearly defined right now than your compensation strategy. You might not even have a compensation strategy at all. Do you know where you want to be in the market as an employer, compared to your competition? Are you hiring in a range that you can afford long-term?
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  • Preparing a Compensation Plan

    Catching Up with the Economy: How to Prepare for a Compensation Plan Re-Design

    Up, down, emerging and disappearing – these are the movements that most markets are dealing with these days. Is your company keeping up with all of the changes, and addressing the resulting wake of new employee compensation challenges? With the fast pace at which markets and industries are transforming, likely not. How can you get your talent strategy in line with your current business priorities?
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  • Compensation Metrics Defined

    A Crash Course in Key Compensation Metrics

    While some of us may not be big fans of math and statistics, a crucial part of managing your organization’s compensation plan is understanding compensation metrics. This post will compare and contrast two of the key metrics that are frequently used in compensation today.
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  • Compensation Plan for Business Success

    Pop Quiz: Is Your Compensation Philosophy in Line with Your Business Strategy?

    In a recent PayScale webinar I led titled, “Aligning Your Compensation Philosophy with Business Priorities,” I began by asking the attendees some questions to assess their commitment to aligning their employee compensation plan with business objectives. The following is the list of questions, as well as advice on how to apply the insights they bring to your current compensation planning efforts.
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  • Sales Incentive Compensation Plan

    Does Your Sales Compensation Plan Need a Makeover?

    Few topics in compensation cause more debate and confusion than how to create a compensation plan for sales reps. One thing is clear: a sales compensation plan should be re-evaluated regularly, particularly in times of economic uncertainty.
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  • Advantages of an Effective Compensation Strategy

    What Is the Advantage of Taking the Time to Develop a Compensation Strategy?

    The biggest mistake an organization makes in setting up a compensation program is to rush into getting the answers without carefully considering the issues. Next to your organization’s strategic planning efforts, dovetailing the compensation philosophy to support the organization’s strategic plan is paramount to success. Not sitting down with your senior management team and clearly discussing the basic strategic decisions around pay can be very costly not only in organization success, but can expose the organization to possible law suits. Because of this, it’s essential for your organization to sit down and discuss how to integrate general business strategy with compensation strategy.
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  • Small Business Compensation Plan

    Developing a Small Business Compensation Plan

    I often get asked, “At what point (how many employees) should a company establish a formal compensation program?” It’s a good question with lots of different answers. Finding the “right” time depends on several factors. Let’s start with a couple of examples.
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  • Strategic Compensation Planning

    Coming in June: Strategic Compensation with Sharon Koss

    By Staff Writer

    How do you push for better compensation planning at your company? How can you analyze your company’s current compensation philosophy, improve it and then communicate those improvements to upper management?

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  • Overpaying Employees

    Paying Employees Too Much? How To Deal with an Expensive Employee

    I’m actually surprised at how often people ask the question: “What do we do when we find out we are paying people too much?” To answer that question you first need to ask yourself two important questions: 1) Have I properly defined the market for this position? 2) What type of performer is this employee? Paying employees too much is not something that most companies focused on becoming or remaining profitable for a long time can do without merit. Certainly, if the employee is a super star, you probably can afford to pay extra. But if they aren’t, it’s best to reign the spending in. This type of pay practice can actually put you out of business.
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