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Market-based compensation utilizes salary survey data to evaluate an organization’s pay levels and can make them more, or less, competitive depending on the organization’s compensation philosophy—a framework within which compensation decisions are made.
To the loyal readers of the Compensation and Benefits Daily Advisor: Thanks for reading!
Today, we’re continuing our coverage of highlights from the results of the BLR® 2015–2016 Pay Budget Survey. Full survey results are available to our Compensation.BLR.com® subscribers on the website.
Have you heard of giving employees a “longevity increase”?
How much have your pay rates increased in 2015? What will they be in 2016? Are they tied to the market or internally driven? What’s going on with your peer companies around the country?
Audit is such a dreaded word. Who wants to be audited? Pretty much no one. But if you get audited, wouldn’t it be better if you were prepared and had a reasonable belief that no issues would be found?
Employers struggle to provide a balanced and fair leave package for their employees. What’s happening with employee leave in the real world? What are your competitors up to? Help us find out!
While nearly everyone has heard of the Equal Employment Opportunity Commission (EEOC), not everyone knows how many laws and regulations fall within their purview. When pressed, many would guess that Title VII of the Civil Rights Act is within EEOC responsibility—and they would be right—but that’s not all.
Yesterday, we got some insights on the importance of a well-structured approach to compensation at your organization, courtesy of J. Timothy O’Rourke. Today, we look at his take on whether building an effective salary structure is more of an art or a science.
Whether you want to reward performance, time, knowledge, skills, or competencies, determining pay grades is the first step to creating an equitable, competitive compensation system. Without accurate pay grade determination, it won’t matter how valid the pay survey data you acquire are—your internal compensation will likely be too high or too low.