Having a strong compensation plan is important if you want good people to join and stick with your team. A smart pay strategy includes more than just salary, as it also considers factors like flexibility, benefits, and paid time off. This article delves deeper into the various elements of a compensation plan, emphasizing how to develop a competitive framework that draws in and keeps skilled employees. What Is a Compensation Plan? Total compensation plans are a comprehensive approach used by companies to pay their employees through various methods. These methods include wage and salary structu... view blog & white papers details

Have you been thinking about having executive compensation consultants? Before you start partnering with one, ensure you know exactly what they do. For starters, executive compensation consultants enable fair executive pay. They benchmark compensation and provide rewards for top talent. As trusted advisors, they use research, economics, and organizational needs to plan compensation. This article will explain why companies leverage these professionals for strategic growth decisions. What Are Executive Compensation Consultants and Why Do Companies Use Them? Companies often use executive compens... view blog & white papers details

According to the latest release of Salary.com's Benefits USA Survey, 10.3% of organizations now provide unlimited paid time off, a 2.6% increase from 2021. The survey sheds light on PTO as well as numerous benefits practices in the post-pandemic era. Chris Mahoney, Solutions Consultant, led the discussion around the latest benefits practices including medical, dental, vision life insurance, paid time off, and more. Attendees learned: How the pandemic changed some benefits - and didn't change others. What it means to be competitive regarding you organization's benefits. How to enhance your org... view blog & white papers details

A comprehensive total rewards statement includes specific information about various components of an employee's pay and perks. Read on to learn more. Keeping employees is a common challenge for many organizations today. A major factor contributing to this challenge is the lack of transparency in communication, which leaves employees uncertain and undervalued. A recent study showed that pay transparency is a key player in employee turnover. Many businesses are now using total rewards communication. This means they give employees a clear breakdown of their compensation, including salary, benefit... view blog & white papers details

At this time of the year, companies roll out the benefits package to their employees once again. But do the employees really understand its value? Sure, they appreciate the healthcare plan and the paid time off. But all the other benefits that cost the company a pretty penny often goes unseen. The truth is that employees do not always know the full extrinsic value of benefits. While employees notice the intrinsic value they get from their jobs, companies need to convey the extrinsic value of benefits. When employees grasp the full extrinsic value of benefits, they will feel more satisfied and ... view blog & white papers details

Total Compensation Package Example and Template A total compensation package is a document that sets out all the elements of compensation for an employee. It includes salary/pay, eligibility for bonuses or other incentive payments, and all benefits including paid leave. Below is a total compensation package example so you can see what it looks like. But remember, each organization has its own compensation philosophy and approach to benefits. Make sure your compensation statements are consistent with your compensation plan. The goal is to quantify the total value of all cash compensation, benef... view blog & white papers details

As organizations look ahead to the future of compensation, it is clear that the world has changed dramatically in recent years. The COVID-19 pandemic forced organizations to adapt quickly to new ways of working and managing their people. What can organizations expect in terms of compensation trends and practices that will define the "next normal" in this new world of work? Remote Work and the Gig Economy Will Continue to Grow The pandemic forced many organizations to quickly adopt remote work arrangements, often without much planning or preparation. Resulting from this sudden shift, many emplo... view blog & white papers details

When it comes to designing, implementing, and administering a comprehensive compensation plan, it’s not just the employer and employee(s) who must agree that the arrangement is fair. The government – both federal and state – have a seat at the table in deciding what is equitable and it’s vital to comply with applicable laws or risk facing pricey penalties. Federal, state, and local laws and regulations all place restrictions on how employers compensate their employees, and therefore inform how an organization’s compensation program must adhere to a broad range of restrictions and standards. Th... view blog & white papers details

While 70 percent of companies consider achieving pay equity as critical to their business success, only five percent are getting it right. That’s according to a new report from the Josh Bersin Company, commissioned by Salary.com. Ninety-five percent of the 448 surveyed companies are also not demonstrating high maturity when it comes to pay equity. “These companies either ignore the topic altogether (until a legal, compliance, or reputational risk looms), or approach it as a sporadic project aimed at identifying issues and then dismissing them as isolated incidents, only to find themselves in t... view blog & white papers details

While 70 percent of companies consider achieving pay equity as critical to their business success, only five percent are getting it right. That’s according to a new report from the Josh Bersin Company, commissioned by Salary.com. Ninety-five percent of the 448 surveyed companies are also not demonstrating high maturity when it comes to pay equity. “These companies either ignore the topic altogether (until a legal, compliance, or reputational risk looms), or approach it as a sporadic project aimed at identifying issues and then dismissing them as isolated incidents, only to find themselves in t... view blog & white papers details