There is an age-old saying that money cannot guarantee happiness. But can it guarantee better performance? When it comes to pay, it turns out that money matters more than commonly perceived. Pay directly impacts the way employees do their jobs. Pay structures has a significant effect on productivity, motivation, and output. So how do companies determine pay to get the best bang for their buck? Read on to discover the surprising connection between pay and performance. The Link Between Compensation and Performance Employees who receive fair pay for their efforts tend to perform better. Seeing pa... view blog & white papers details

Starting a company can be exciting, but it also presents a fair share of challenges. One of the biggest hurdles is setting the appropriate pay for the first engineer who joins the fledgling startup. They are taking a huge risk by jumping aboard, so they will want something that reflects that. However, it is also vital to consider what is fair for the founders who got the ball rolling in the first place. Balancing pay, equity, and title for that first technical hire requires a deep understanding of everyone's contributions. It also involves setting expectations upfront. Having a good grasp of s... view blog & white papers details

Technology ang business practices are rapidly changing. Upskilling and reskilling gained significant traction to keep up with these changes. For employees, that means constantly improving their skills. For employers, that means making sure their staff stays up to date with the latest tools, software, and industry best practices. Upskilling and reskilling are not interchangeable concepts despite their similar objectives of enhancing employees’ skills and competencies. This article provides guidance on whether employees need upskilling, reskilling, or both. Defining Upskilling and Reskilling Com... view blog & white papers details

Banking is a complicated business with different types of financial products and services. Bankers need a wide range of banking skills to succeed as the financial world changes quickly. The future of finance is bright, but only for those willing to invest in honing these banking skills. This article discusses the three most important core, functional, technical, and leadership skills of a successful banking career. Core Skills To thrive in the banking industry, master these three core banking skills: communication, analytical thinking, and attention to detail. Communication As a banker, consta... view blog & white papers details

Compensation management tools are like a GPS for your company's pay strategy. They can help you to navigate the complex world of compensation, ensuring that you are making the best decisions for your employees and your business. With compensation management tools, you can: Identify and track market trends. Benchmark your company's compensation against competitors. Develop and implement compensation plans that are fair, competitive, and aligned with your company's goals. Automate compensation processes, saving time and money. Make better compensation decisions, based on data and insights. If yo... view blog & white papers details

Performance management can get stressful. Both employees and employers feel like they have a lot to worry about. But have you ever considered that you’re approaching it all wrong? Are skills and competencies integrated into your performance management? In this article, we’ll discuss why you should consider a competency-based approach to performance management, and how. Doing so shows that you’re a company conscious of compensating its employees based on performance and effort. It reinforces behavior that will allow individual and company-wide growth. In this article, we’re going to discuss wha... view blog & white papers details

Pay equity is not just a good idea; it's the law. The Equal Pay Act makes it illegal to pay people who do the same work differently based on gender. Title VII, the ADA, the ADEA and other laws prohibit discrimination based on other protected factors such as race, religion, disability and age, including discrimination in pay. Most states have similar discrimination laws. Over 20 states and many cities also have laws designed to prevent pay disparities, such as prohibiting asking a candidate about past salary. This avoids perpetuating pay equity gaps at prior jobs. Pay equity is also a really go... view blog & white papers details

Our partners at WorldAtWork recently published an article explaining the importance of compensation management tools as companies continue to adapt to the rapidly changing business landscape. The past few months have proven especially difficult for HR professionals. Many organizations have had to make some tough decisions in the face of the pandemic – notably seen through widespread furloughs and lay-offs. As some businesses are just trying to stay afloat, it may be difficult to think past what is directly in front of them; however, it is important to consider how their workforce will impact t... view blog & white papers details

We are constantly improving our award-winning CompAnalyst platform with new functionalities that are designed to help you get the right price, for the right job, every time. In this new series, we’ll be highlighting some of our recent enhancements, and demonstrating how they can help your organization navigate today’s rapidly evolving talent market. Earlier this summer, we released our compensable factors functionality, built to help our customers tailor benchmark jobs to more accurately reflect their internal job descriptions. This new functionality illustrates the impact that certain pricing... view blog & white papers details

How performance-based incentives work Performance-based compensation comes with unique benefits. Firstly, it is often a cause of great motivation for employees. With a clear line between effort and reward, it gets high productivity out of the workforce. It has positive knock-on effects throughout the company. For example, it can promote an efficient work environment, and promote positive competition. It makes compensation calculation easy to measure, and straightforward for employees to understand. It encourages a high performance, initiative-taking work culture. However, performance-based com... view blog & white papers details