Following the fluctuating trends in compensation over the last few years, it is important for companies to take a step back and reassess what compensation means, its purpose, and how it is evaluated. As the market continues to stabilize, after a few years of historic changes, there are a few primary resolutions to aid companies in reestablishing best practices and...
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Importance of Reviewing Compensation Programs Routine compensation reviews, particularly for a whole company population, aid in assuring the organization is offering competitive compensation packages that can attract and retain top talent. By regularly reviewing compensation, employers can identify areas where their compensation packages may be falling behind those of their competitors or where they may need to adjust salaries to...
Incentive compensation holds an important yet unique place within a company’s pay program initiatives. Both long and short-term incentive plans should be designed to balance attracting and retaining top-level talent in conjunction with motivating behaviors to achieve a company's strategic, operational, and financial performance goals; however, often times these programs can pose significant risk to a company if not designed...
As we hit the midpoint of the 2022 proxy season, shareholders and investors continue to shift focus towards untraditional topics compared to the prior year's proxy seasons. At the forefront of these conversations sits ESG (environmental, social, and governance) and human capital management (HCM) matters. Boards are now establishing committees specific to such issues as human rights/diversification, sustainability and environmental...
The employment market reflects drastic changes following the COVID-19 pandemic. The U.S. Bureau of Labor Statistics reports 4.4 million workers left their jobs in September of this year with no indication of slowing. The old-school model of employee loyalty to a firm has been replaced with an emphasis on compensation packages, work-life balance, and job trajectory, shifting the job market...
In all businesses, the single largest asset and investment are the people. As any company leader knows, the biggest cost of doing business is most oftentimes the cost of labor; inclusive of wages, benefits, payroll, or other related taxes. This investment of organizational funds has been a rising hot button topic amongst lawmakers, politicians, and organizational employees. This general traction...