Compensation Trends for Comp Professionals

Conscious Compensation: The Key to Retaining Earnest, Sensitive Millennials

<img src="http://www.payscale.com/cms-images/default-source/Blogs/blogheader5_21.jpg" alt="Millennials Compensation" title="BlogHeader5_21"><a href="https://plus.google.com/102099066436032147105?%20rel=author">Jessica Miller-Merrell,</a> blogging4jobsMillennials are the newest generation to enter the workforce. For many employers, they are still revered as unknown and unpredictable. They are scary and intimidating, different. Because employers don’t understand them, they have not quite fully come to understand how to effectively manage and retain them.

Retention, retention, retention: Employers focus on keeping staff in 2015

<img src="http://www.payscale.com/cms-images/default-source/Blogs/blogheader5_29-(1).jpg?sfvrsn=0" title="BlogHeader5_29 (1)"><a href="https://plus.google.com/u/0/111048221756567587195?%20rel=author">Tessara Smith,</a> PayScaleFor the third year in a row, PayScale’s 2015 Compensation Best Practices Report (CBPR), discovered that employee retention was a top concern among the majority of employers.

blogheader5_7|textcallout5_7-size2.jpg|but_scheduledemo-(1).png|textcallout5_7-size2.jpg|but_scheduledemo-(1).png

Why retaining employees is now even more important than retaining customers

<img src="http://www.payscale.com/cms-images/default-source/b2b/blogheader5_7.jpg?sfvrsn=0" title="BlogHeader5_7"> <a href="https://plus.google.com/102099066436032147105? rel=author">Jessica Miller-Merrell,</a> blogging4jobs How do you retain customers? Common answers may include creating kickass products, having a strong brand, or having great data to help you beat the competition. But there’s another key to retaining customers and that’s by retaining your employees. Your employees are the framework on which all of your company’s success is built, which is why a company with low turnover is far more likely to be successful than one with high turnover.

The low down on employee turnover

<img src="http://www.payscale.com/cms-images/default-source/b2b/blogheader5_1.jpg?sfvrsn=0" title="BlogHeader5_1"><a href="https://plus.google.com/115301125688955669806? rel=author">Crystal Spraggins,</a> SPHR According to PayScale’s <a href="https://resources.payscale.com/hr-2015-compensation-practices-report.html">2015 Compensation Best Practices Report</a>, the top five reasons for turnover in 2014 were: <ol><li>Employees seeking higher compensation (20.8 percent)</li><li>Personal reasons (20.6 percent)</li><li>Employees seeking advancement elsewhere (17 percent)</li><li>Termination due to poor performance (16 percent)</li><li>Employees seeking different company culture/expectations (9 percent)</li></ol>

Bottoms up! How to reward and retain achievers at all levels

<img title="BlogHeader3_17-2" src="http://www.payscale.com/cms-images/default-source/b2b/blogheader3_17-2.jpg?sfvrsn=0"><a target="_blank" rel="author noopener" href="https://www.payscale.com/author/tess-c-taylor-phr-the-hr-writer">Tess C. Taylor, PHR, The HR Writer </a>It’s easy to focus on the top performing employees in the organization. After all, this is where the magic happens. But what if you spent some extra time evaluating the bottom level of employee performance to see what’s going on there? Perhaps there are some ways to boost performance by incentivizing lower-performing employees, thereby creating a new crop of achievers.

Using nontraditional incentives to motivate your employees

<a href="https://plus.google.com/102099066436032147105? rel=author"></a><img title="BlogHeader3_5" src="http://www.payscale.com/cms-images/default-source/b2b/blogheader3_5.png?sfvrsn=0"> <a href="https://plus.google.com/102099066436032147105? rel=author">Jessica Miller-Merrell,</a> blogging4jobs Without question, cash is the most common (and many would argue the most important) form of compensation. Each year, most employees look forward to increasing their income. The general thought is that after 12 months of good work, an employee is entitled to a raise. This raise is expected to reflect the value the company places on the individual receiving it—or something like that.

No more grumbling: Make performance reviews more productive

<img title="Grumbling" src="http://www.payscale.com/cms-images/default-source/b2b/grumbling.jpg?sfvrsn=0"> <a target="_blank" rel="author noopener" href="https://www.payscale.com/author/tess-c-taylor-phr-the-hr-writer">Tess C. Taylor, PHR, The HR Writer </a>Each year, managers focus on improving the core performance of their teams by evaluating the results of the previous year. This is often referred to as performance review season, and it’s a particularly stressful time for both employees and their managers—and for good reason.

Here's why CEOs shouldn’t read performance reviews

<a href="https://plus.google.com/115301125688955669806? rel=author"><img title="header_CEOShouldntDo" src="http://www.payscale.com/cms-images/default-source/b2b/header_ceoshouldntdo.png?sfvrsn=0">Crystal Spraggins,</a> SPHR I have no idea what it’s like to start and then grow a company to the point of needing your first, and then your tenth, and then your hundredth employee. However, I do know this—somewhere along the way, the successful entrepreneur may find she has become the bottleneck to a number of processes.

Money as a powerful demotivator (don’t let this happen to your employees)!

<a href="https://plus.google.com/115301125688955669806? rel=author"><img title="Money demotivator" src="http://www.payscale.com/cms-images/default-source/b2b/money-demotivator.jpg?sfvrsn=0">Crystal Spraggins,</a> SPHR A friend recently confided her salary to me, and I was shocked at how little she makes. I know my friend is worth a lot more, and I’m pretty sure her organization could pay more.

Managing the non-cooperative employee

<a href="https://plus.google.com/115301125688955669806? rel=author"><img title="BlogHeader1_19" src="http://www.payscale.com/cms-images/default-source/b2b/blogheader1_19.jpg?sfvrsn=0"> </a><a href="https://plus.google.com/115301125688955669806? rel=author">Crystal Spraggins,</a> SPHR If you’ve been managing for more than a minute, you’ve probably encountered the non-cooperative employee.

Keys to understanding the multiple definitions of pay for performance

<a target="_blank" rel="author noopener" href="https://www.payscale.com/author/tess-c-taylor-phr-the-hr-writer"><img title="BlogHeader1_7" src="http://www.payscale.com/cms-images/default-source/b2b/blogheader1_7.jpg?sfvrsn=0">Tess C. Taylor, PHR, The HR Writer </a>To be the best means hiring the best. Without a strong pay-for-performance strategy, however, organizations may fall short of their goals. The question is, does your leadership truly understand the definition of a great pay-for-performance campaign?

header_employeesneedvacation-1|header_employeesneedvacation.png

Give me a break! Why your employees need a vacation

<img src="http://www.payscale.com/cms-images/default-source/b2b/header_employeesneedvacation.png" alt="Employees Need Vacation Image" title="header_EmployeesNeedVacation"><a target="_blank" rel="author noopener" href="https://www.payscale.com/author/tess-c-taylor-phr-the-hr-writer">Tess C. Taylor, PHR, The HR Writer </a>Near the end of every year, it’s common for HR to remind employees to take advantage of any remaining paid time off benefits. After all, paid vacation is precious  to most, and in some states, vacation is even considered the same as cash compensation. Yet, too many people don’t take enough time off, a phenomenon that’s been discussed in the industry by many experts.

Compensation trends: Modern perspectives on pay