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For instance, while you may be the greatest employer, if you do not have a company website, chances are that you will appear “antiquated” and some candidates may not consider you as their top choice. Therefore, the following are areas that you may want to explore in preparation for recruiting candidates.
Employees are satisfied. Both internal and external equity are maintained. Control is maintained over compensation costs. For a review of basic compensation program principles, we turned to Compensation.BLR.com®. Properly structured and administered, your compensation program will: Help attract top talent. Retain core employees. Encourage longevity while efficiently using financial resources. Establishing an effective compensation administration […]
Rather than basing promotions and their associated salary increases on acquired knowledge and certifications, says Epps, who is managing partner of EP2S Compensation Solutions, LLC, base them on competencies. A competency-based job evaluation system is a method of structuring and evaluating broadly defined jobs based on a demonstrated level of job complexity and job accountability, […]
Strand, owner of consultancy HR Dynamics Inc., offered his comments on the three methods at a recent webinar hosted by BLR/HRhero. Ranking Method This is non-quantifiable and subjective, but is a basic simple approach, says Strand. You arrange all jobs in rank order of their relative duties, responsibilities, qualification requirements, that is, their “importance” to […]
What’s Different About “Small Business”? When it comes to running compensation, small business have several challenges, says Wudyka, who is managing principal of Westminster Associates in Wrentham, Massachusetts. His tips came during a recent webinar sponsored by BLR. Small businesses, he says: Need “flexibility.” Small businesses need flexibility in anything they do when it comes […]
The Compensation Daily Advisor® announced today the release of a free report for compensation professionals, Market Pricing Versus Job Evaluation: Why Not Both?, which provides a strategy to help employers integrate job evaluation and market pricing tools. The exclusive special report examines the two tools in tandem – rather than as competing strategies. Market pricing […]