Today, attracting and retaining top talent has become a major challenge for companies. Pay is a key factor affecting a company’s hiring power. It also plays a vital role in maintaining a competitive edge in the labor market. Companies aim to balance rewarding performance and aligning their pay practices with business goals. This leads them to adopt the strategic approach of Enterprise Compensation Management (ECM). What is Enterprise Compensation Management? Enterprise Compensation Management (ECM) is a strategic approach to managing employee pay. This includes the methods, systems, and plans ... view blog & white papers details

Employees are a vital part of business. Without a doubt, they make or break a company. through their everyday performance in the workplace. For this reason, most firms use a performance-based approach when it comes to compensation. A performance-based approach works wonders to urge better results from the workforce. by not only helping the firm but also providing rewards for employees. What is Performance Compensation Management? Compensation professionals also refer to it as performance-based pay or pay-for-performance. It is an approach that links an employee’s performance to their compensat... view blog & white papers details

The advancement in technology also comes with risks. In addition, massive volumes of data are in danger from cyber-attacks. For this reason, companies should be more vigilant and, on a constant look out for threats. For companies, handling data is a risky business. Especially for the HR team. This is because they hold tons of sensitive data about the whole workforce. This includes a worker’s compensation and other vital data. As a result, they play a critical role in keeping it safe. What is Cybersecurity? This is the practice of protecting systems such as data, hardware, and software from cyb... view blog & white papers details

Streamlining your compensation management strategy will provide significant benefits for your organization. The process involves the following: Evaluating the current compensation structure, policies, and practices. Finding areas for improvement. Creating strategies to simplify and automate the compensation management process. By streamlining compensation management, HR teams can reduce administrative burdens, improve efficiency, improve employee experience, maintain a competitive edge in the market, and ensure consistency and fairness in pay practices. Maintaining fair pay practices will help... view blog & white papers details

The Josh Bersin Definitive Guide to Pay Equity is a global industry report commissioned by Salary.com. Part three of the guide explores the Pay Equity Maturity Model. This is a four-level model. Different companies find themselves at different points in their pay equity journey. Astonishingly, 50% of companies find themselves at the bottom and only 5% at the top. In this article, we discuss the key characteristics of each maturity level, what percentage of the market falls into each level, and the benefits or drawbacks a company in each level can expect. Level 1: Compliance-Driven Process (50%... view blog & white papers details

Economic conditions and the job market are constantly changing. These changes affect how you’ll recruit, retrain, and pay your employees. Are you offering competitive compensation? If you’re not paying enough, you could lose valuable employees. If you’re paying too much, you’re wasting company resources. When changes happen, you’ll need to adjust your pay practices accordingly. Unfortunately, adjusting compensation isn’t a quick or easy job. It takes in-depth research, analyzing, and updating. What’s the best way to go about this? Understanding Market Value and Pay Practices The first step in ... view blog & white papers details

You've completed your pay equity audit! Congratulations, it's a big deal.* You were surprised to find that you may have some pay equity issues. Most organizations do. It's not your fault. It's what happens when many humans make lots of hiring decisions about other humans and jobs over time. And since your pay equity analysis changes every time someone comes or goes, there's no way to achieve perfection then keep it that way. Pay equity is not a solid state. What matters most is what you do next and how you handle it. Call Legal You want your employment lawyer involved with the audit to protect... view blog & white papers details

If your organization is like most, you have an abundance of job descriptions in lots of places used by various people for different purposes. There are job descriptions of duties and responsibilities for compensation strategy, performance assessment, and succession planning, job descriptions of physical requirements for workers' compensation, and job descriptions used for job postings to attract new people. While there may be some overlap, the information is often not consistent in the terminology used or what aspects of the job are included. Then there's the problem of who can find and access... view blog & white papers details

Automated recruiting systems can simplify the hiring process and save time. Choosing the best automated recruiting system can be tricky with so many options available in the market. If you do not know where to start looking, this article has got you covered. Learn about the main features of an automated recruiting system, questions to ask providers, and techniques to get a solution that meets your company's needs. What Is an Automated Recruiting System? An automated recruiting system helps companies streamline the hiring process. Instead of sorting through hundreds of applications manually, th... view blog & white papers details

Fair pay is a key to keeping employees happy and ensuring a company's success. But pay gaps based on gender and race can mess things up, causing low morale and unfair treatment. Pay inequity is an ongoing problem in every workplace. Some are already making the move to close the gap but the road to correcting these pay inequalities is far from over. In this blog, explore practical strategies to identify and bridge these pay gaps. Keep on reading to learn how to identify and correct these pay inequities effectively. Ident... view blog & white papers details