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? Are you Paying Fairly and Equally? Market price a job quickly w... view blog & white papers details

What are Salary Structures, and Why We Use Them? A Salary Structure is an organized, hierarchical method to manage, understand, and interpret pay data.​ Salary structures help you ensure that all employees are compensated fairly, no matter their role or department.​ Benefits Managing Total Cash Compensation (TCC) Salary Structures can take account of bonuses, commissions, or other factors that make up TCC.​ Scenario Analysis Salary Structures enable the creation of models to experiment with different compensation strategies. This helps you find the best approach for your organization.​ HR Beco... view blog & white papers details

The standard full-time employee works 40 hours per week between 8 am—5 pm. However, many businesses operate outside of these hours. Some must provide customer service at unusual hours or operate during holidays. Though it’s not mandatory, employees working abnormal hours will be much more likely to agree to them if employers offer incentives. Shift differential is your answer. Defining Shift Differential Shift differential is additional employee compensation based on working hours outside of the regular schedule. Examples of outside hours include overnight, weekends, or holidays. This bonus pa... view blog & white papers details

Any success-oriented businessperson is curious about this essential question: ‘What tools do I need to get pay right?’ Technology products are an important performance enhancer for compensation professionals. High-performing companies are more likely to rely on one. But is having a dedicated compensation system really that significant? If you're getting by just using spreadsheets - or doing nothing - why sink time and money into a new system? Is it really that big of a deal? Is it worth the effort to get pay right? The results of a recent research report from Lighthouse Research & Advisory rev... view blog & white papers details

Have you ever heard of the term core competencies? If you ask employers and human resources (HR) professionals about "what are core competencies," they define this concept as the assets and abilities that comprise the strategic advantages of a business. To better understand this term, this article will explain the definition, importance, and roles of core competencies. What are Core Competencies? Importance of Learning When discussing “what are core competencies,” there are significant elements involved. These consist of capabilities, resources, skills, and attributes. Learning and understandi... view blog & white papers details

When discussing employee qualifications in the workplace, the terms "competency" and "skill" are often used interchangeably. Competencies are broader and encompass skills, knowledge, behaviors, and attitudes. Skills are specific abilities used to perform a task or achieve a goal. This differentiation between competency vs skill is significant when employers are recruiting, assessing, and developing talent. This article helps in grasping the nuanced differences that define competency vs skill and recognize their unique importance. Competency vs Skill: Key Differences Understanding the nuanced i... view blog & white papers details

In talent management, the distinction between skills vs competencies is significant. Often used interchangeably, these terms possess unique nuances. Knowing the difference between skills vs competencies shapes how organizations recruit, develop, and retain their workforce. Skills refer to specific abilities acquired through training and experience. Competencies encompass a broader spectrum of behaviors and knowledge crucial for success in a role. This article explains the intricacies of skills vs competencies. It shows how a deep understanding of skills vs competencies can revolutionize talent... view blog & white papers details

Why do some people advance quickly while others remain stuck despite working hard? The answer lies in the combination of skills and talent. Skills refer to the abilities you develop through practice and experience. Talent refers to your natural predispositions and raw potential. Dig deeper into the difference between skills and talent in the next paragraphs. Defining Skills vs Talent Skills and talent are complementary forces that drive growth in any field. While you can develop skills through practice and hard work, talent is innate. Having both will take you farther than either one alone. Wh... view blog & white papers details

In the War for Talent, you need to offer a fair, competitive salary to hire top candidates. Delivering the right offer is a meticulous process, and competing businesses know how to play the game. The war for talent is on. It's not just large enterprises that are struggling to find top talent. Small and medium-sized businesses are feeling the pinch too. That's why recruiting resources that can help you identify and deliver on highly sought-after skills are so important. These resources can be game-changers for companies of any size. Our CompAnalyst platform provides easy-to-use functions that w... view blog & white papers details

Businesses are considering human resources and compensation trends as they plan their operations. Let's review HR and compensation trends to see what companies should watch for this year. A Review of the Biggest HR and Compensation Trends To stay competitive, employers must understand HR and compensation trends. Here are trends in HR and compensation that emerged over the course of the season. Employee Engagement and Satisfaction The first trend was an emphasis on employee engagement and satisfaction. Companies created a supportive, comfortable, and successful workplace. Appreciation programs ... view blog & white papers details