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What Is Human Resources?

Analytics in HR

It includes reviewing organizational and HR metrics to measure HR initiatives’ effectiveness on business results. Rewards include salary, perks, and benefits like health insurance, remote work, and performance-based bonuses. They can sometimes be the primary reason employees choose one company over another.

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Compensation Planning in 7 Actionable Steps

Analytics in HR

Different types of compensation include base pay, company bonuses, stock options, and benefits like insurance, pension programs, and parental leave. Even so, a recent study by Payscale found that less than 50% of companies have a strategic compensation plan. It can also include bonuses and tips.

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Compensation and Benefits

Analytics in HR

Together, they make up a total compensation package, which may include salary, bonuses, insurance, retirement contributions, and various other perks aimed at attracting, motivating, and retaining employees. Compensation is the money an employee receives in exchange for their labor, which could be a salary, wages, commission, and bonuses.

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Pay the Friendly Way: United Airlines Ties Executive Compensation to Customer Satisfaction

Compensation Today

In the 2017 Compensation Best Practices Report , PayScale shared that most companies do link compensation to performance. And 64 percent of organizations recognize high-performing employees with bonus or incentive (either goal-based or without a formal plan). Common ways to measure are via NPS surveys, CSAT and CES. Click To Tweet.

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Bonuses Remain the Top Priority for Raising Compensation

Compensation Today

Taylor, PHR, SHRM-CP, PayScale Senior Blogger Recently, I wrote about the sluggish state of the US economy and its impact on wages for the third quarter of 2015. Are employee bonuses the new compensation strategy? Will more employers offer bonuses? But, I neglected to mention one thing. They can also be creative.

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Compensation Analyst: All You Need to Know About the Role

Analytics in HR

It includes determining new employees’ remuneration and regularly reviewing all employee’s compensation packages (base pay, incentives, bonuses, commissions, and stock options) to ensure they are fair and within the employer’s capacity. They are responsible for designing the organization’s pay structure.

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When to Offer a Merit Increase: Best Practices and Tips

Primalogik

Using the right rewards and incentives can aid in boosting employee performance , engagement, and job satisfaction. Benefits of Merit Increases for Employees and Employers Credit: Yan Krukau/Pexels Incentives like merit increases can strengthen engagement. Merit increases are one of them.