Compensation trends: Modern perspectives on pay

Compensation Round-Up: JLaw’s Gender Wage Gap, Transparency, and RIP Annual Raises

<img width="610" height="175" src="http://www.payscale.com/cms-images/default-source/Blogs/blog_header9-29_main.png" alt="Blog_Header9.29_Main" /> <a href="https://www.linkedin.com/in/joleenoerman">Joleen Oerman, B2B Content Marketing Specialist, PayScale</a></span></p><p>Welcome to the Compensation Roundup, where we bring to you the hottest news in comp! Sample what’s happening in compensation right now, get in the know and grab some conversation starters. This week's topics: JLaw’s Gender Wage Gap, Transparency, and RIP Annual Raises.</p>

Trouble Brewing: When the Compensation Strategy isn't Working Anymore

<img width="610" height="175" src="http://www.payscale.com/cms-images/default-source/Blogs/header_whencompstrategyisntworking.jpg" alt="header_WhenCompStrategyIsntWorking" /><a href="http://www.hr-writer.com/" title=" target=" rel="noopener">Tess C. Taylor, PHR, SHRM-CP, PayScale Senior Blogger</a><br><br>Just because your organization has an established compensation plan doesn’t mean it’s working well anymore. It’s very possible that trouble may be brewing. The signs may be subtle at first, but the problems will only build until the entire thing breaks down. Now, I don’t want to scare you, but I do want to educate you on some of the symptoms of a compensation strategy that’s about to fail.

Salary Terms every Compensation Manager Needs to Know

<p><img width="610" height="175" src="http://www.payscale.com/cms-images/default-source/Blogs/header_comp101_main.png" alt="Header_Comp101_Main" /> <b>Jenni Marquez, CCP, PayScale Compensation Professional</b></p><br>Even the most seasoned HR professional might take a big gulp if approached by their CEO to take charge of anything comp. That’s because, despite being part of the HR department, compensation is like the cool kid at a party. You know, the one you’re afraid to talk to. A bit mysterious, intriguing, and frankly, just seems way out of your league. Comp has its own language. Sure, you’ve heard some terms before, but you have no idea what they mean so you try to avoid the conversation altogether. Not to worry! PayScale has you covered in our new, 4-part Comp Glossary. You’ll be ‘comp’letely fluent in no time.

Salary Terms every Compensation Manager Needs to Know

<p><img width="610" height="175" src="http://www.payscale.com/cms-images/default-source/Blogs/header_comp101_main.png" alt="Header_Comp101_Main" /> <b>Jenni Marquez, CCP, PayScale Compensation Professional</b></p><br>Even the most seasoned HR professional might take a big gulp if approached by their CEO to take charge of anything comp. That’s because, despite being part of the HR department, compensation is like the cool kid at a party. You know, the one you’re afraid to talk to. A bit mysterious, intriguing, and frankly, just seems way out of your league. Comp has its own language. Sure, you’ve heard some terms before, but you have no idea what they mean so you try to avoid the conversation altogether. Not to worry! PayScale has you covered in our new, 4-part Comp Glossary. You’ll be ‘comp’letely fluent in no time.

3 Common Types of Pay Compression

Compensation Round-Up: Love, Lies, and a Game of Horse

<img width="610" height="175" src="http://www.payscale.com/cms-images/default-source/b2b/blog_header9-29_main.png" alt="Blog_Header9.29_Main" /><br><a href="https://www.linkedin.com/in/joleenoerman">Joleen Oerman, B2B Content Marketing Specialist, PayScale</a><br><br>Welcome to the Compensation Roundup, where we bring to you the hottest news in comp! Sample what’s happening in compensation right now, get in the know and grab some conversation starters. <b>This week's topic: Loves, Lies and a Game of Horse.</b>

How to Communicate a Change in Annual Raises or Compensation Rates

<img width="610" height="175" src="http://www.payscale.com/cms-images/default-source/b2b/header_communicatechangerightway.png" alt="header_CommunicateChangeRightWay" /><a href="https://plus.google.com/102099066436032147105? rel=author" style="line-height: 1.5">Jessica Miller-Merrell,</a><span style="line-height: 1.5"> blogging4jobs</span><p>Any kind of change in the workplace can be a challenge for employees. Big or small, change is typically not a welcomed thing. Add in a monetary factor and people tend to get even more stressed out. It’s understandable. You’re talking about making changes to their livelihood, which can be stressful, confusing, annoying or downright scary. However, change is an inevitable part of life and work. So when you do find yourself in a situation where change is around the corner, it’s vital to communicate in a way that doesn’t alienate your workforce. Communicating compensation rates or annual raise changes requires strategy, tact and forethought.

Focal vs. Anniversary merit raises: Pros and cons

<img width="610" height="175" src="http://www.payscale.com/cms-images/default-source/b2b/header_focalsalaryincreases.jpg?Status=Temp&amp;sfvrsn=2" alt="header_FocalSalaryIncreases" /><a href="http://www.hr-writer.com/" title=" target=" rel="noopener">Tess C. Taylor, PHR, SHRM-CP, PayScale Senior Blogger</a><br><br>Shifting merit increases from employee anniversary dates to a focal point system may be an option for companies that want to connect performance with pay. While it can raise concerns for employees initially, there are multiple advantages of changing salary increases to correspond with actual performance metrics. But before you go messing with people’s pay, learn what this change impacts.

Minimum Wage Increases: The Key Factor You're not Looking At

<img width="610" height="175" src="http://www.payscale.com/cms-images/default-source/b2b/header_mediumminimumwage.jpg?Status=Temp&amp;sfvrsn=2" alt="header_MediumMinimumWage" /><br><a href="https://www.linkedin.com/in/joleenoerman">Joleen Oerman, PayScale</a><br><p>Like a dress code in a public school, minimum wage mandates are invading cities, to mixed reactions. Concern is understandable: As a small business owner, one moment you’re able to outfit your work force into jeans of many brands—from Jordache to Joe’s. Then your city mandates that your employees can only wear only jeans sold at Nordstrom, when you’ve been outfitting much of them in jeans from Wal-Mart. As compensation is likely one of the largest line items in your budget, significantly upping the price of your lowest paid employees is a daunting task that many do not feel they can afford. Much like businesses, cities differ greatly in their ability to handle a significant increase in minimum wage.

Annual Compensation Cycles Need to Take an Uber

<img width="610" height="175" src="http://www.payscale.com/cms-images/default-source/b2b/header_joincyclerace.jpg?Status=Temp&amp;sfvrsn=2" alt="header_JoinCycleRace" /><p><a href="https://plus.google.com/u/0/117837223662750785428? rel=author">Tim Low</a>, PayScale </p>I was reading this <a href="http://qz.com/428813/ge-performance-review-strategy-shift/">story</a> about GE dumping its famous (and infamous) Jack Welch baby, the stack ranking and annual performance review. That is a worthwhile topic for another day, but I was struck by a comment in the article by GE’s head of human resources, Susan Peters:<br><p>“The world isn’t really on an annual cycle anymore for anything.”</p><p>So. True.</p>

New Whitepaper: 7 Reasons You're Not Too Small for Compensation Software

<img width="610" height="175" src="http://www.payscale.com/cms-images/default-source/b2b/header_inthenews.jpg?sfvrsn=0" alt="header_InTheNews" /><br><p>What’s business-critical, valued by your employees, and likely one of the biggest line items on your budget? That’s right, compensation! You’ve implemented software for other parts of your business, so why ignore comp?

Building Pay Equity into Your Business in 2022

Salary is a touchy subject, and it’s something that everyone - from the average employee to the well-known executive to celebrities - is curious about and treading lightly around. For those in the workforce helping to set salaries, keep employees happy and avoid lawsuits, it’s even more confusing and sensitive. Add to the mix the fact that the terms pay equity and equitable pay are thrown around in many different combinations and ways that are sometimes incorrect, often confusing and many times not helpful and you’ve got one big question mark on your hands. Today, we’ll set the record straight on what pay equity and equitable pay mean, how they relate to each other and how they’re different.