What’s Your Market Position?
By Sharon McKnight, CCP, SPHR One of the primary elements of any compensation philosophy is the company’s stance on employee pay relative to the market. Essentially, there are three options: lead, lag, and lead-lag.
Tag: Compensation
Pay Transparency: What It Is and What It Does
By Susan Schoenfeld, JD In 2014, in an effort to address the issue of pay transparency, President Obama signed Executive Order (EO) 13665, Non-Retaliation for Disclosure of Compensation Information, which prohibits federal contractors from discharging or discriminating in any way against employees or applicants who inquire about, discuss, or disclose their own compensation or the […]
Market Performance, Pension Contributions Drive Rise in CEO Compensation
According to research released by The Conference Board (a global, independent business membership and research association), the median total compensation of CEOs of U.S. public companies in the Russell 3000 index soared 11.9% in 2014 over the previous year and as much as 34.7% over 2010. Equity awards (excluding stock options) represent 34.7% of the […]
Compensation Practices Should Not Be an Oral Tradition
We spoke with Dan Walter, CEO of compensation consulting firm Performensation, who urges compensation pros to avoid the path of “Beowulf.”
Defining Pay Principles: Comp Philosophy, Comp Strategy
By Sharon McKnight, CCP SPHR I firmly believe that every company should have a written compensation philosophy that guides the design of its pay structure. For example, whether it will pay employees below, even with, or above the market.
Step It Up with Step Rate Pay Scales
Sharon McKnight, CCP SPHR In a previous position as an HR director, I was tasked with developing a sustainable pay system for a large hourly workforce within a production-oriented environment—lots off manual labor at multiple positions, many requiring similar experience and skill sets.
Paying Millennials as They Age: 5 Suggestions for Effective Compensation
Millennials have aged and many have now gained enough experience to be in leadership positions. Therefore, understanding what motivates them—and how to pay them in comparison to other generations—becomes even more important.
Medical Professions Dominate List of Highest Paying Jobs
Skilled healthcare professions dominate CareerCast’s 2015 list of the highest paying jobs, with surgeon, psychiatrist, and physician rounding out the top three.
10 Principles to Make Your Sales Compensation Plan Effective
Creating an effective sales compensation plan is a key component of a company’s overall compensation administration. The goal is to craft a sales compensation plan that motivates team members to perform strongly. Here are 10 principles to make sure your sales compensation plan is effective. Creating an effective sales compensation plan is a key component […]
Public Sector Pay: Reasons and Rationale
Most people understand the notion that public sector employees have made a choice to exchange some financial compensation for noncash rewards, including superlative benefits. E. James Brennan, a compensation expert with decades of experience in the field, says there are nuances that many of us do not truly understand.