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Compensation Planning in 7 Actionable Steps

Analytics in HR

Even so, a recent study by Payscale found that less than 50% of companies have a strategic compensation plan. According to PayScale’s 2021 Compensation Best Practices report , businesses currently have a more challenging time finding and retaining skilled workers than ever before. This is also known as salary benchmarking.

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A Full Guide To the Human Resources Specialist Role

Analytics in HR

Tasks may include: Determine and create documents on job duties Develop training materials for presentations and workshops Assist in determining fair and competitive compensation packages. Tasks may include: Managing compensation records Benchmarking of compensation Handling annual performance reviews. Employee relations.

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Chasing Best Practices

Compensation Cafe

One of the common questions I hear from clients centers on how well their people practices and budgets compare to industry benchmarks and groups of top-performers. Research from the firm PayScale may help to answer at least some of those questions, with their annual analysis of compensation trends and activity.

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Compensation and Benefits

Analytics in HR

Skills development Another benefit that employers can offer is funding for extra tuition or student loans, as well as budgeting for online courses, workshops, and certification programs that help employees learn new skills and progress in their careers. Their salary benchmarks are set at the 50th percentile of San Francisco market data.

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Learning and Development

Analytics in HR

L&D specialist duties may include: Coordinating with different departments to identify training needs Assembling data and producing reports on training status and needs Designing training content and participant materials Conducting training sessions and workshops while creating a learning-conducive environment.