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An HR audit can evaluate the effectiveness of recruitment strategies, compensation packages, and retention programs. Enhanced training programs, careerdevelopment opportunities, and recognition initiatives are just a few ways to boost morale and job satisfaction.
Editor's Note: Is your manager training on compensation failing to get the job done? I believe that managers who talk with employees about their performance, pay and career need to be doing so in the framework of their organization's vision and values -- don't you? Make every major project a manager-development opportunity.
Margaret O'Hanlon brings deep expertise to discussions on employee pay, performance management, careerdevelopment and communications at the Café. Her firm, re:Think Consulting, provides market pay information and designs base salary structures, incentive plans, career paths and their implementation plans.
Even so, I don't know a company that's satisfied that they've done enough in the careerdevelopment area. Somehow careerdevelopment projects seem to be too time consuming to even consider. Margaret is a Board member of the Bay Area Compensation Association (BACA). What's getting in the way?
We'll identify some of their missteps -- common to companies their size -- then discuss what they can do to achieve healthy compensation habits. Case background: In the first article , we looked at the compensation habits of a company called Healthy Gadgets, a new medical device company that began with fewer than 100 employees.
In my last blog article , I explained how you can cut and paste your way to a compensation philosophy. In comparison, strategic insights occur when you put your compensation practices and philosophy in a new light, where the illumination falls on the challenges your company will face tomorrow. Don't know where to start?
As ever, Compensation Cafe has resources that can help you think and work your way through the pressures you face when times are tough. Margaret O'Hanlon brings deep expertise to discussions on employee pay, performance management, careerdevelopment and communications at the Café. You don't have to take my word for it, though.
Cooley (otherwise know as "the #1 law firm on Fortune's best company list") does a great job of aggregating early pay-ratio trends from a variety of sources including Mercer , Bloomberg and Compensation Advisory Partners. Margaret is a Board member of the Bay Area Compensation Association (BACA).
Plus, every bit of research tells us it's critical to effective compensation. If you're a regular reader of Compensation Cafe, you know that when we talk about pay transparency, we're referring to being clear(er) about how compensation works. We've been talking about it for years, after all.
HR Operations and Compensation Design). If you're in Compensation but unaware of what's in the annual report, you really may not be doing your job as well as you could. Margaret O'Hanlon brings deep expertise to discussions on employee pay, performance management, careerdevelopment and communications at the Café.
After all, those who handle compensation influence most talent strategy components including recruiting, performance management, development and staffing. . Compensation, of course, is in a better position than most of HR to develop financial insights. Why is HR's ability still in question?
Everything we do in compensation is communication. This is not only the name of a fabulous book (see my bio), but it also describes a fundamental belief of many Compensation Cafe writers. Compensation colleagues, you can create a compensation plan with this principle in mind, and still miss many important nuances.
But when I was talking this request over with a growing company recently, I was reminded of a few war stories that I usually share in Compensation 101 classes. The Director of HR in a high tech company requested a compensation study proposal because they hadn't checked competitive pay levels for over three years.
Like every company back to the Cro-Magnon period, they are starting out by looking at compensation. You've got to start somewhere and insight into compensation provides the newbie with a staffing study, organizational chart, large portion of operating budget and so on. Revs up your recruiting plans, too.
Editor's Note: In today's Classic post, we revisit Margaret O'Hanlon's sage career advice for fellow compensation pros. HR Operations and Compensation Design). If you're in Compensation but unaware of what's in the annual report, you really may not be doing your job as well as you could. Looking to advance?
Next, look closely at the competencies you are using for performance management and careerdevelopment. Margaret O'Hanlon, CCP brings deep expertise to discussions on employee pay, performance management, careerdevelopment and communications at the Café. Earlier, she was a Principal at Willis Towers Watson.
We really don't spend much time studying the emotions we feel as we practice compensation. In the long run, chasing these insights will make us more aware of our own career satisfaction, and incorporating them into our decision making may lead to a shift in what we prize and prioritize for our career.
Careerdevelopment no longer has to share the total rewards spotlight, and it becomes the go-to form of employee recognition. And while employees are going to sorely miss the dollars, they'll be thrilled that you'll finally be giving attention to their career. You may think that addressing careerdevelopment is no big deal.
Compensation Force measured the level of total separations in the United States 2016 at 15.1%. READ OUR EBOOK. Training can range from careerdevelopment opportunities to financial wellness programs. This makes measuring employee turnover more important for employers. What is the average employee retention rate?
You'll find a long list of articles in Compensation Cafe recommending that you create a "message platform" to build your Compensation communications. (It Of course, anyone in Compensation can list a set of messages describing the value proposition of working for your company. How is a Compensation message platform different?
But what does burnout have to do with the Compensation Department? Most of us believe burnout comes from overwork and we're ready to say that the Compensation Department has no influence on that situation. It's inevitable in this unsettling situation, no matter how well-balanced we make our personal work habits. Other action steps?
Here is an illustrative excerpt from a manager tip sheet for a careerdevelopment program: Developing our people ensures we have the workforce we need to adapt to an ever-changing environment. Making development a priority is great for our employees and it’s great for our business. Commit to action plans.
Employee benefits are non-salary compensation and perks. They consist of government mandated and voluntary indirect and non-cash compensation. . Careerdevelopment opportunities . What are employee benefits? . ” It’s a step towards creating a more engaged and motivated workforce. .
If you're starting to see those building blocks through the haze, let's take a shot at a parallel compensation case story. Margaret O'Hanlon, CCP brings deep expertise to discussions on employee pay, performance management, careerdevelopment and communications at the Café. Earlier, she was a Principal at Willis Towers Watson.
Compensation Structure now reportable in Story reports The new Compensation Structure table can be found as a related table from the Compensation Information table. This enhancement enables detailed and location-specific reporting on compensation structure, aiding better-informed decisions regarding compensation policies.
Compensation departments often run on the "no news is good news" communications strategy, choosing to take the upper hand in their relationship with employees. How long will it work for compensation departments to play it close to the vest in a world where information changes hands every nanosecond? It's barely working now.
This is no year for the same old compensation communications. Margaret O'Hanlon, CCP brings deep expertise to discussions on employee pay, performance management, careerdevelopment and communications at the Café. Earlier, she was a Principal at Willis Towers Watson.
Everything we do in compensation is communications. Change management should be the foundation of 90% of compensation communications. No wonder there can be so much frustration about the effectiveness of compensation communications. Here are three basics of our work. Why is change such a big part of it?
Managers are the compensation communicators in your company. Not HR, not Legal, not even the CEO whose job is to explain why your compensation program makes good business sense -- but doesn't have to explain another 3%ish increase to a new parent. Margaret is a Board member of the Bay Area Compensation Association (BACA).
There may be more worthwhile goals for a compensation department to have than pay transparency , though the national media wouldn't have you believe it. After all, how many could actually be ready for such a dramatic intervention when typical compensation communications gets a limited investment in time or money each year?
The compensation communication cycle takes many weeks -- too long to be disconnected from your audiences. Treat compensation as part of the business cycle. Compensation Cafe founder, Ann Bares, recently wrote a fabulous guide to developing a compensation philosophy that can help you obtain key insights by asking crucial questions.
Margaret O'Hanlon, CCP brings deep expertise to discussions on employee pay, performance management, careerdevelopment and communications at the Café. Her firm, re:Think Consulting, provides market pay information and designs base salary structures, incentive plans, career paths and their implementation plans.
But otherwise, it often seems that benefits fit more comfortably into the "Total Rewards" concept than compensation does. So why should compensation practitioners bother? After all, "Total Compensation" communicates its meaning clearly, why jam it into "Total Rewards"? Where do you start?
Margaret O'Hanlon, CCP brings deep expertise to discussions on employee pay, performance management, careerdevelopment and communications at the Café. Her firm, re:Think Consulting, provides market pay information and designs base salary structures, incentive plans, career paths and their implementation plans.
What, if anything, does that have to do with our compensation work? You know, just like if you have a new compensation change or improvement, why don't employees and managers just buy it and applaud your innovation? We were talking about where marketing fits in business operations. Let's start with the humdrum basics.
Not a great foundation for a compensation practice! salary increases and bonuses with flimsy links to everyday work, it's hard to engage people beyond job security unless you have careerdevelopment alternatives to offer. Some of the findings verify long held beliefs but many more are counterintuitive. In a time of 2.5%
Check out this series on Compensation Cafe: What pay transparency means , where to start, how to talk it over with executives , and deciding how far to go. Margaret O'Hanlon, CCP brings deep expertise to discussions on employee pay, performance management, careerdevelopment and communications at the Café.
Most compensation practitioners can tick off the obvious ones on their fingers. Go back through Compensation Cafe archives and you find many articles on each of these plan design parameters. Title the first column, "The compensation plan will be considered successful if it achieves." Best practices for plan design?
The organization uses data and analytics when making talent decisions [Note: such as talent sourcing, selection, assessment, employee performance and careerdevelopment]. Margaret O'Hanlon, CCP brings deep expertise to discussions on employee pay, performance management, careerdevelopment and communications at the Café.
What I'm talking about is giving employees enough information to understand how compensation decisions are made in your culture. After all, it's not just compensation information you'll be sharing but, eventually, a whole new open-book pay-for-performance philosophy.) What is pay transparency anyway, and how do I know when I get there?
Margaret O'Hanlon, CCP brings deep expertise to discussions on employee pay, performance management, careerdevelopment and communications at the Café. Her firm, re:Think Consulting, provides market pay information and designs base salary structures, incentive plans, career paths and their implementation plans.
It is an achievement that needs to be nurtured through self improvement and careerdevelopment, including a fair degree of manager feedback. Earning a promotion typically comes as the result of a series of coaching and development discussions that are focused on the employee's career goals. No one can promise a promotion.
What are you going to invest in compensation communications? If you are constrained on budget and time commitment but not painfully, add some content on the components of your compensation plan along with the end-of-year transactions. This is not the typical place to start when you plan, but from a practical standpoint it is the best.
Today, we feature a Classic truth from Margaret O'Hanlon about what ultimately enables your compensation plans to achieve greatness. Instead of bemoaning the state of things, though, I want to point out aspects of their research that will help our compensation design. Editor's Note: The truth hurts. and it can set you free!
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