A formal compensation administration program helps employers ensure that employees are satisfied, that both internal and external equity are maintained, and that management maintains control over compensation costs. Such a program helps attract top talent, retain core employees, and encourage longevity. An effective program covers the following activities: job analysis and evaluation, job pricing, salary banding, employee classification, and salary increases.
Self-Audit Of Compensation Plans Reveals Strengths, Weaknesses
A compensation plan self-audit may seem intimidating, and it's true that you may want to seek expertise to help you the first time through. But once the tracks are laid, you can follow them every year or so to learn whether your compensation plans are doing what you want them to--or whether they are not.
The Art and Science of Paying Unique Jobs and Critical Skills
With an abundance of salary surveys available, it is very likely that you can find pricing information for the job you're evaluating, in your area, at any given time. The process comes down to three simple steps: choose a salary survey, locate the job, price it at the 50th percentile. But there are always a few jobs, perhaps those in high demand in your area, or those requiring a unique set of skills, for which you'll need to inject a bit of art into the process.
C-Suite or Runway: Who Makes More, Supermodels or CEOs?
If you are dreaming of the "big bucks," you may want to drop out of that prestigious "B-school" and try to get on "Project Runway" or "America's Next Top Model", according to figures compiled by www.forbes.com, which just released a list of the highest-paid female models.
Top 10 Compensation Stories in Last 90 Days
The following 10 articles are the most popular among Compensation.BLR.com readers in the last 90 days. The articles are available to both subscribers and non-subscribers.
2007 Survey of Exempt Compensation: Executive Summary
The results of the Survey of Exempt Compensation are in--and the slow growth in wages for exempt employees continues in 2007. Employers surveyed nationwide reported increases in exempt salaries for all of the 44 benchmark exempt positions surveyed. Salary increases for benchmarked jobs ranged
from a high of 4.66% to a low of 1.37%, with an average increase of 3%.
2007 Survey of Nonexempt Compensation: Executive Summary
Nonexempt employees realized very little growth in their hourly wages over the
last year, according to Business & Legal Reports' 2007 Survey of Nonexempt
Compensation.
