Strategic employee compensation is an essential ingredient of success for any organization. Both how we compensate staff members for their hard work and express gratitude for that hard work are crucially important for two core reasons:
Compensation strategies set the tone for employee/employer relationships.
Accurate, relevant, and timely wage survey results help tremendously when effectively benchmarking your organization’s compensation structure. For many organizations, the task of participating in (or even sponsoring) a salary survey is tedious, and often time consuming.
One of Astron Solutions’ popular consulting services is administering employee surveys. As we read through the many anonymous responses, we tend to see similar answers when it comes to the question of compensation, including:
“My pay is too low,”
“I do more than others in my department but make the same salary,” and
“I could work at (insert name of rival organization here) and make more money.”
This tells us, as compensation specialists, that employees are often in the dark when it comes to why they make their specific salaries, and what the term “compensation” fully means.
A 2016 WorldatWork survey found that 76% of employers were using signing bonuses to attract key employees. Signing bonuses are described as “a lump sum of money that an employer provides to a prospective employee.
This Astronology® , the third in our three-part series, examines non-profit executive compensation. In considering non-profit executive compensation, employers and Board have two primary legal concerns.
As Astron’s clients begin their 2019 compensation program budgeting, we are often asked whether or not the practice of providing variable compensation will grow, shrink, or remain about the same as in 2018.
It’s that time of year again! Organizations are planning their salary increase budgets for the coming year. That process isn’t as simple as it looks, however.
In the 1970s, management theorist Peter Drucker suggested that top executive compensation should be 20 times the amount of the average worker’s pay.
In today’s job market it is critical to know how much to pay employees while staying competitive with industry and geographic peers.
