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

Deciding the compensation for each worker takes a lot of work. There are many factors that can affect its creation. But gender should not be a deciding factor for a worker to receive less than others. This is widely known as the gender pay gap. People within the compensation field know about the occurrence of gender pay gap. Studies show that in 2022, 17% of women receive less than men on average. This means that women earn an average of 82 cents for every dollar that men make. But the situation relating to compensation shows more than this. Pay gaps also happen because of race, religion, age,... view blog & white papers details

Company operating expenses cover many areas. From technology to the workforce. For this reason, it is critical to plan everything out. Thus, firms conduct annual budget meetings to carry out this task. A company’s workers’ salary covers a large chunk of its budget. Hence, every year, companies make the necessary planning for their workers. Part of this is the annual salary budget. This covers workers’ salaries, commissions, rewards, and taxes. What is a Salary Budget? A firm uses a salary budget plan to predict expenses such as its workers’ salaries. This also covers workers’ benefits and over... view blog & white papers details

The Josh Bersin Definitive Guide to Pay Equity includes a pay equity maturity model. The report, commissioned by Salary.com, found that the majority of companies are only performing at level one or two of the model. Just 8% found themselves at level three, the skills and capability-based pay equity approach. In our previous article The Pay Equity Maturity Model: Level 2 – Sporadic Pay Equity Audit, we discussed the characteristics of level two and how to transition into the third level of the maturity model. This article will discuss what defines the third level and how companies can mature to... view blog & white papers details

If you’re a company that wants up-to-date, reliable salary information, you should consider Salary.com’s CompAnalyst platform. It allows you to look across multiple geographies, ensures you’re staying competitive, guides remote work compensation, and helps you make fair pay decisions. CompAnalyst Market Data The Market Data feature on CompAnalyst allows you to gather market intelligence. You can house your own company data and build out internal salary structures. There is access to 15,000+ jobs from 22 different countries. Because the data is updated monthly, you can be sure that it truly ref... view blog & white papers details

The answer is yes, and employee engagement is heavily linked to this. Encouraging pay equity in the workplace can have a positive effect on employee engagement. In this article, we’ll explore the impact of pay equity on employee engagement and how an organization can strategize to foster a more productive and engaged workplace. What is Pay Equity? To put it simply, pay equity is equal pay for equal work regardless of factors such as race, age, gender, or other attributes. It aims to be fair and ensures that no employee within an organization is discriminated against. If pay equity is done righ... view blog & white papers details

A salary grade scale is a pay format where employees are placed within a pay level based on their education and work experience. Each job within the organization is placed at a specific pay grade so that both internal and external equity are balanced. Designing a pay plan or pay schedule for a large company with many employees across varying fields and levels of expertise can be challenging. There are several compensation structures that can make this task easier for an HR professional. If you want to know which salary grading scale is best for your organization, you must first understand the ... view blog & white papers details