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Missouri. (He also handles compensation.) His remarks came at the recent SHRM Annual Convention and Exhibition in Las Vegas. Here are his top 9 tasks for compensation: 1. Create a Total Rewards Philosophy or at least some “guidelines” Why do you need this? To share with external applicants & associates To create internal leadership alignment […]
Delivering fair pay has never been an easy task, and today’s economy makes it just that much more difficult. Expert Lena Bottos, CCP, GRP, offers a 10-step approach for getting market pricing right. Bottos, who is Vice President of Compensation at data provider Kenexa, offered her suggestions at a recent webinar sponsored by the company. […]
The important lesson from yesterday’s Advisor was to view incentive compensation as a way to drive business results. Determine what is important to your customers, and then create incentive goals to support that. Divide your employees into business groups, advises Mark Mitchell, managing director of American’s Customer Experience area. Let the employees have a voice […]
Mark Mitchell, managing director of American’s Customer Experience area, tells the story: “In the middle 2000s, maybe 2003 to 2006, as American worked very diligently to take the right path financially and not go through the bankruptcy courts, we preserved cash and ceased investing in some of our core products. Our customers, our employees— maybe […]
“We’ve looked at hundreds of companies’ plans,” Dolmat-Connell says “I guess if you could boil it down, there are three key pieces of advice.” (Dolmat-Connell is president and CEO of compensation experts DolmatConnell, & Partners in Boston, Massachusetts.) First of all, he says, make sure you don’t have uncapped plans. Second, make sure you balance […]
In spite of the old saying that a salesperson cannot be overpaid, it seems that one indeed can be. And they were, says Dolmat-Connell, president and CEO of compensation consultants DolmatConnell & Partners. He points to AIG as a prime example of where things went wrong. “They had traders whose pay was $100,000 a year, […]
Peer Group ‘Arms Race’ Boyd, a researcher at Boston-based compensation consultant Equilar, says that pay ratcheting is a concern when companies compare themselves to their peer group. “For instance, you decide to set your CEO’s pay above the median of the peer group. Then other companies see that figure and want to set their CEO […]
Who’s in Your Peer Group? The first thing to do is to decide which companies should make up your peer group, says Boyd. Should you compare to companies: Against whom you compete for business? Whose revenues are approximately the same as yours? With about the same number of employees? In the same industry? Isn’t there […]
In yesterday’s Advisor, we got the first five of Combearsation Manager Timothy Tanis’ Top 9 “Compensation Things To Do Now.” Today, the rest, plus an introduction to a time-saving collection of pre-written policies Compbearsation Manager? Tanis is Manager, Compbearsation and HRIS for Build-a-Bear Workshop in Saint Louis, Missouri. His “Top 9” came at the recent […]
It took her a couple of years to figure things out, she says. “You can’t fix intermittent [leave] abuse overnight. But it will get fixed if you stick with it.” She added that she is not a lawyer, and she “doesn’t play one on TV.” But she does have a handle on intermittent leave. (Dahlen […]