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Dan Walter, master of the compensation metaphor, shines a light on the Classic problem we all face at one time or another - particularly those of us who work in or serve smaller, entrepreneurial organizations. Many smaller companies have both limited time and expertise to spend on their compensation programs. You're not alone, friend!
Editor's Note: If you've spent any time in the rewards field, you've likely encountered managers desperate to throw pay dollars at a problem that has little or nothing to do with compensation and who will resist any and all efforts to take a closer look at what is really causing the issue. Incentive pay doesn’t motivate employees.
Compensation and benefits. Comparing last year’s hires and the cost of employee compensation and benefits , increase your HR budget by around 3-5% to ensure you have enough in 2022. Take into account: Employee salaries Health insurance Life insurance Retirement plans Paid time off Overtime pay Bonuses Other perks.
I have seen many broken incentive plans similarly repaired. Incentive plans are tightly linked to the success of the company. Don''t become the example of the former compensation professional that messed things up when there was a problem. Fast fixes can be bad fixes.
Integrate sustainability into performance evaluations: Integrate sustainability goals into performance evaluations and provide incentives for employees who contribute to achieving sustainability goals. Achieving a balance between innovation for long-term economic growth and the organization's purpose is a corporate governance issue.
Or, this might have been the year where the light went on and someone FINALLY realized that you were some sort of workers compensation attorney. Some of you might have it even worse, your job might include compensation AND benefits. Some of my esteemed Compensation Café contributors provided two-sentence descriptions of what they do.
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