We've found that business owners - especially those in middle market companies - are often surprised by how much it costs to replace an employee. According to Zane Benefits, a CAP study found average costs to replace an employee are: 16% of annual salary for high-turnover, low-paying jobs (earning under $30,000 a year). So [...]
By Total Compensation Solutions We hear all the reasons why performance management doesn’t work and wonder “are there companies that are doing this well?” I am happy to report that there are companies that take the process seriously and have an effective program in place. There is an insurance company headquartered in the Midwest that [...]
By Total Compensation Solutions Performance management is the scourge of most managers in this country. In my 30 plus years in human resources working in corporations and consulting, one of the most frequent complaints is that the current performance management system just doesn’t work. Why? The two more frequent reasons we hear are: “The merit [...]
Short-term, cash incentives continue to dominate the compensation and incentive-pay landscape at both private companies and nonprofit/government organizations according to salary and compensation survey research released in May 2018 by WorldatWork in partnership with Independent Compensation Advisors member, Vivient Consulting. “Spending on short-term incentives (STIs) increased modestly at private companies from 2015 to 2017, which [...]
Engaging a compensation consulting firm to perform a compensation analysis can sometimes be intimidating. It's a little bit like being an 18-year-old and the first in your family to apply to an Ivy League school. What if you actually get in? There will be times when you're uncomfortable and challenged but, ultimately, you're going [...]
You know your company has a compensation problem and needs help. Perhaps you're losing employees who claim their salaries are not competitive with those offered by your competitors. Perhaps you need an employee incentive plan but don't know where to start. Maybe your performance management program is not producing the desired results. Whatever your [...]
By Don McDermott at D.G. McDermott Associates We are often asked how, specifically, a compensation consultant adds value to a business. It's important that all businesses appreciate the importance of creating a well-thought through compensation strategy and incentive rewards structure because after your customers, your employees are the life blood of your business. Maintaining [...]
by Lauren Belcher at Phillip Blount & Associates Last year, our compensation team at Phillip Blount & Associates looked at several changes in HR trends and regulations that were anticipated in 2017. During the past year, we have seen the first steps toward changes in the Affordable Care Act (ACA) and the Fair Labor [...]
By Melissa Cueto at Vivient Consulting Effective January 1, 2018, California joined a handful of other cities and states to pass A.B. 138, a law barring employers from seeking previous salary information from prospective employees, or relying on previous salary information when making an offer. […]
By Tom Wilson and Susan Malanowski at the Wilson Group The below article highlighting the five key elements of a strong employee and/or executive severance policy is a summary of the compensation data compiled in the Wilson group's compensation survey: 2017 Severance and Paid-Time Off: Results from the Special Survey. Forty-five companies from a variety of [...]
