Compensation Strategy Archives

Pay Transparency

As transparency becomes more and more of a buzzword these days, it's only fitting that our compensation move toward the same conclusion. In this article, we will cover the pros and cons of pay transparency and how to get started with simple implementation in your organization.

Compensable Factors

An exceptional employee regularly outperforms other team members but is paid less than those who have more seniority in the company. How can companies reward employees more equitably for their contributions? Perhaps re-evaluating compensable factors is a good starting place.

Compa-Ratio

You are tasked with analyzing your company’s pay practices and making recommendations to ensure everyone is being paid equitably and competitively. Where do you begin? Consider starting with a compa-ratio analysis.

Salary Expectations

Salary negotiations can be hard. It can be intimidating to try to find a number that works for the company and the candidate, but it is vital in keeping the candidate aboard for the long haul if you hire them, and it plays a big role in creating a company culture where employees feel valued and important. You always want to make your employees feel valuable to your company, and that all starts in the hiring process. Read on to learn how to navigate your candidate's salary expectations to ensure success.

Meet-the-Market Compensation Strategy

Developing a compensation strategy and determining your company’s strategy in the market can seem like an overwhelming process. Our goal is to make it simple and take some of the confusion out of that process as we discuss a “Meet the Market” strategy.

Compensation Philosophy

Your compensation philosophy is the organization’s position and approach to rewarding employees for their work. The compensation philosophy will help inform your more specific compensation strategy and define your position within the competitive market.

Continue reading to learn what a compensation philosophy is, why it’s important to define one, how to develop a compensation philosophy and how to write a compensation philosophy statement.

Salary Range

Naturally, salary is a huge part of recruiting top talent. How to define and communicate a position's salary to candidates can be challenging. Most companies advertise open positions with a salary range. It defines the lowest and highest base salary you will pay for a specific position or group of jobs.

Continue reading to learn what a salary range is, factors that affect salary ranges, how to determine salary ranges for your positions, and tips on how to communicate about salary expectations with candidates.

Lead-the-Market Compensation Strategy

Have you ever suggested paying an employee more than the going rate and gotten some pushback? When you set your salary ranges above the market rate, you are using a lead-the-market compensation strategy. While it comes with financial risk, it can have several benefits.

Continue reading to learn what a lead-the-market compensation strategy is, its advantages and disadvantages and how to know if a lead-the-market compensation strategy is right for your company.

Compensation

Today, the world of compensation is more diverse than ever before. Companies no longer create compensation plans that scream dollar signs and long work days. They’re creating plans that send a new message—one that says, “We care about your work-life balance, personal goals and health.”

So what can you really include in a compensation plan? Today, we’re answering that question. Spoiler alert: it’s not just money, insurance and retirement.

Salary Survey

How do you know the right salary range for a position? HR struggles with this all the time because industry standards change as the job market changes. One of the most helpful tools for setting salary ranges are salary surveys. In this article, we’ll help you understand what a salary survey is, where to get them, and how to use them.

Sales Compensation

The cost of salaries, benefits, and unnecessary attrition is a significant expenditure for organizations. Add variable pay to the mix and sales compensation can be the most expensive, complex, and detailed of all compensation plans.

Creating a strong sales compensation plan ensures that the organization is able to plan for and manage a successful sales strategy as well as attract and retain motivated sales professionals who directly contribute to the profitability of the company.

Executive Compensation

Executive compensation may be one of the most important financial decisions a growing company makes. However, it is frequently one of the most debated and criticized - by employees, boards of directors, stockholders, and the public.

The fact is, an executive’s compensation is tied to what expertise they can bring to the table and reflect their investment in the business. And how can a company thrive and compete without a leader who is completely committed to the success of the organization?

The short answer - it can’t.

Lag-the-Market Compensation Strategy

Are you considering implementing a lag-the-market compensation strategy? Although lag-the-market strategies are usually rife with pitfalls, there are some benefits to implementing a temporary or mixed approach. But it has to be the right plan for you. So, if you’re considering lagging the market, read this first.

Job Classification

Job classification is the process of evaluating jobs and grouping them into categories based on similar skills, abilities, tasks, experience and other criteria. Creating a job classification system can help provide an overview of your organizational hierarchy and evaluate employee performance.

Continue reading to learn more about job classification, why it’s important, criticisms of job classification and how to create a job classification system for your company.

Compensation Strategy

A compensation strategy is how your company approaches employee compensation. When developing a compensation strategy, it’s important to consider how competitors compensate their employees and where you want your organization to sit in the competitive field. A strong compensation strategy is required if you want to recruit, attract and retain top talent.

Continue reading to learn what a compensation strategy is, why one is important, types of compensation strategies and how to develop a compensation strategy for your company.

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People management

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Store everything securely in one place.

Training Tracking

All trainings & certifications.

Paid Time Off (PTO)

Create policies, approve/deny requests.

Time Tracking

Easy clock-in, clock-out.

Payroll

Full service payroll for your people.

APPLICANT TRACKING (ATS)

Post jobs and track candidates.

HR ADVISORS

Unlimited access to an on-demand team of certified HR experts.

Product Overview

The all-in-one HR Suite for local businesses.

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HR Mavericks Community

Join the community on a mission to democratize HR.

HR Mavericks Podcast

Weekly interviews with small business HR pros.

HR ENCYCLOPEDIA

Democratizing HR knowledge one term at a time.

OUR STORY

Product seems cool but who are these people?

Blog

What we've been thinking about lately.

Help Center

"How do I...?" Here, let us show you.

Are you #ReadyToEddy?

Check out our product overview video to see Eddy in action.

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Create memorable first days.

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Directory, documents, and more.

Training Tracking

All trainings & certifications.

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Store everything securely in one place.

Paid Time Off (PTO)

Create policies, approve/deny requests.

Time Tracking

Easy clock-in, clock-out.