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Why has the business of compensation management become so difficult? Things have changed. The tough challenges you've always faced are now joined by a whole new set of challenges. Salary.com’s compensation consulting team has deep experience to help you with a full-range of #compensation related services and will help you look at the detailed solutions to each of these emerging pitfalls. #getpayright #compensationplanning #workforce #economy #ai

🔥 In the 3 and a half years since I created Figures, I've never been as excited (and proud!) as I am today 🔥 We're launching THE product I've been awaiting the most as a former HR Professional: Compensation Review Why❓ Well, The worst time of the year when I was an HR Director was clearly Compensation Review season. - Suggesting fair initial increases, - Sitting down with managers to help them review their team, - Messaging those who were late 10x per week - Calibrating entire departments with their Director (many pizza-fueled evenings), - Realizing we had a formula error in our spreadsheet, starting all over again, - Presenting the results to the CHRO/CFO, starting all over again because of a budget change... 👉 It was hyper-stressful to be as equitable and efficient as possible with the budget allocated with challenging deadlines. 🙈 All in all, an absolute nightmare Yet I'm convinced this is (quite literally) "money time" for People/HR professionals. 👉 It is one of the (if not THE) most important times of the year for people in those roles. Why then is it often managed with endless lists of unsecured, complex-as-hell, error-filled spreadsheets or unadapted products, that HR professionals, Finance leaders and managers unanimously hate? That's what we're tackling starting today with Compensation Review. And I'm pretty damn excited about it 😊 Reach out if you want to know more!

📣 NEW NEWSLETTER ALERT! 📣 The December edition of the Work. Shouldn't. Suck. newsletter just landed on digital newsstands, and it is *packed* with goodies. Well, “goodies” as in informative podcast episodes, articles, tools, infographics, and more. Some highlights include: 1️⃣ An engaging podcast conversation featuring three of the leaders of the U.S.-based nonprofit Dance/USA sharing their journey towards decolonizing their organization and its bylaws. 2️⃣ Thought-provoking articles and studies on Wage Equity & Transparency, Alternate Work Approaches, Race and the Workplace, and Work as the New Religion. 3️⃣ Frameworks for values-based organizational design, including one to help sort through the complexity of this work to better understand the levers we can pull to influence change. 4️⃣ A tool to easily create and update job descriptions; document and redistribute duties and responsibilities in advance of someone's upcoming leave and subsequent return; redesign a team's workload following three years of the sometimes haphazard iterating and adjusting that occurred during the pandemic; and create a smooth onboarding process for new coworkers. 5️⃣ LOTs of updates to employment laws that impact hybrid organizations, when people change companies, and organizations engaged in values-based work. 6️⃣ And a few tools and articles focused on our ongoing exploration of HR and AI. There's of course a quick dash of cuteness to brighten your day – puppies! 🐶 👉 https://lnkd.in/e_X2ayQu

#SpeakerInsightsSeries Dive into the essentials of effective salary range management! Our CEO, Boyd Davis, highlights the key strategies for using internal and external data to define competitive and equitable salary structures. Whether you're a compensation professional or a business leader, understanding how to navigate and adjust pay scales is crucial for maintaining transparency and fairness. #SalaryRange #AI #Data #PayTransparency #CompensationManagement #Payfederate Barkat Ali

📊 Unlocking Business Insights: The Power of Variance in Decision-Making 🚀 📊 **Unlocking Insights: A Tale of Compensation Variance in Company A and Company B** 🌐💼 **Company A and Company B: A Comparative Analysis** **Employee Count:** Company A:10 Employees Company B:10 Employees **Mean Salary:** Company A: $75,000 Company B:$75,000 **Variance in Salaries:** Company A:$5,000 Company B: $2,000 **Interpreting the Numbers:** 1. Consistent Means: Both Company A and Company B maintain an identical mean salary of $75,000, showcasing parity in their baseline compensation structures. 2. Variance Distinction:   Company A's Variance: $5,000   Company B's Variance: $2,000 **What the Variance Reveals:** Company A:The higher variance of $5,000 signals a wider spread in individual salaries. This may suggest a more diverse range of roles or experience levels within the team. Company B: With a variance of $2,000, Company B exhibits a more clustered distribution, indicating a relatively uniform salary structure or narrower experience range. **Implications for Decision-Making:** 1. Talent Retention Strategies:   Company A:Tailor retention strategies to accommodate diverse skill sets.   Company B: Focus on maintaining competitive salaries within a more homogeneous talent pool. 2. Budget Planning:   Company A: Allocate resources considering the broader range of salaries.   Company B:Fine-tune budgeting with a more predictable salary structure. **Real-world Insight:** Imagine Company A, with a diverse team contributing varied skill sets, and Company B, where roles align more closely. Understanding the variance equips HR leaders to tailor strategies for each scenario, ensuring a harmonious blend of talent and compensation. **Conclusion:** In the intricate dance of compensation, variance emerges as a key choreographer, shaping the narrative of talent dynamics. Embrace the insights offered by these numbers for a nuanced approach to talent management! 💰📈 #HRAnalytics #CompensationInsights #DecisionMaking #LinkedInInsights

"We were able to increase the wages of our team members by up to $4 per hour." 🥗 Dive into MAD Greens' remarkable transformation as Nick D'Antonio reveals how PAR Pay revolutionized their operations to boost staff happiness. Get ready to be inspired by real-life success stories and unlock the secrets to happier employees and exponential growth! Catch the full on-demand webinar here: https://ow.ly/f8L650Relht #businessgrowth #webinar #foodtech

On a recent #WDAYChats Pete Tiliakos discusses the emerging role of #payroll, and why #innovation is so important to the critical profession, #AI/#ML's impact, and more! https://hubs.la/Q02qvjJW0 Workday, Anke Mogannam

Are you ready to rock the future of work? 🎸 Calling all Finance, HR, and IT friends out there! Find out how rock stars of business are leading the way, in the latest edition of #TomorrowsWDAY. #RealRockStar #WDAYRockStar #TeamWDAY

I polled some team members if they wanted to know how much their peers were making. While they were curious, they ultimately said no because they trust how we approach compensation at Inscribe AI. 💡 Pay transparency isn't about knowing everyone's salaries; it's about sharing and deeply understanding how we are paid and why we earn that amount. Ensuring fairness, equity, and consistency is at the core of our compensation philosophy and my personal way of working. That's how trust is built. #PayTransparency #CompensationPhilosophy #HR

Yesterday I attended Lattice's webinar "Pay-for-Performance - Maximise Employee Motivation with Compensation and Payroll" Here are my key takeaways: Compensation 🆚 Career Development: Compensation alone cannot replace career development. It isn't a catch-all solution for low engagement or retention. However, it presents a valuable opportunity to align strategy with business objectives. Intrinsic 🆚 Extrinsic Motivation: Intrinsic motivation is three times more powerful than extrinsic. While financial rewards matter, fostering intrinsic motivation through meaningful work ("employee fulfilment") and career growth is crucial. Where to start with your compensation strategy? ▶ Start with Performance: Foundation: Ensure a strong understanding and foundation around goals, OKRs, V2MOMs, etc. Competencies & Norms: Establish clear competencies and behavioral norms. Alignment: Regular 1:1s and feedback sessions to align on what constitutes good performance. 👀 Focus on Reviews: Intention: Clearly define the purpose of reviews. Ratings: Use well-defined ratings, whether numerical or descriptive, and ensure they are understood. Enablement: Provide clarity on what is expected and how to achieve it. 💵 Move to Reward: Principles & Criteria: Define your reward principles and criteria. Manager Clarity: Managers play a crucial role in bringing clarity to these principles and criteria. 📈 How do you measure success? 🙎♂️ 🙎♀️ Pay Equity: Compare populations by characteristics and analyse predicted output versus variability. 👥 Engagement & Retention: Measure perceptions of fairness and clarity in motivation. 🤝 Talent Attraction & Growth: Track metrics like quality of hire, acceptance rate, and internal mobility. 📊 Market Data & Benchmarks: Use reliable, non-self-reported benchmark data (e.g., Mercer's Comptryx dataset) to continuously benchmark against the market. In today's efficiency-driven environment, it's crucial to ensure that your compensation strategies are well-aligned with your business goals and effectively motivate your employees. Thank you to our CEO Sarah Franklin, Principal People Scientist Colby Kennedy Nesbitt, Ph.D. Senior People Strategist Matthew Raskin, Director of Total Rewards Natalie Hubbard, and all the supporting crew for a really great, informative session. #EmployeeMotivation #CompensationStrategy #CareerDevelopment #PayForPerformance #EmployeeEngagement #HRWebinarTakeaways