Articles
Here you’ll find a collection of blog posts and articles — some written by the experts at Beacon HR Advisors, and others sourced from respected industry leaders and publications. Enjoy!
The Importance of Job Descriptions
Whether you are a compensation professional, HR manager, recruiter, generalist or business partner, you certainly understand the importance of an accurate job description. Especially in today’s rapidly evolving job market, job descriptions are the foundation for many HR processes – from Recruitment & Selection to Benchmarking to identifying Training & Development needs.
read moreCapitalizing on Technology to Enhance Compensation Planning
Is your annual compensation process a little like the story of Humpty Dumpty? Do you start with one large spreadsheet that you break into pieces for the different businesses/functions in your organization? When the process is nearing the end, can all the king’s horses and all the king’s men (i.e., you and your compensation team) put Humpty Dumpty (i.e., the master spreadsheet) together again? At any point during the compensation planning process (other than at the very end of the process, when you have finally put Humpty Dumpty together again), do you know exactly where the organization stands versus budgeted merit increases, incentives or LTI grants? Are you dreading the next compensation planning process because of the amount of time and effort involved? Does any of this sound familiar? If so, then it’s time to start thinking about a technology solution that can bring your compensation planning process out of spreadsheet mode and into the 21st century.
read moreThe Changing Landscape of Primary Care Compensation
Over the past few years, changes in the way primary care doctors are reimbursed (by Medicare and others) are impacting pay models for family doctors and internists. Whether the doctor is an employee or a partner in a physician owned medical group, these reimbursement modifications are having a real impact.
read moreThe Impact of the New Accounting Standard on Incentive Compensation
As a compensation professional, I am always interested in any changes (legal, regulatory, economic, societal, etc.) that may influence the way incentive programs are designed, implemented and maintained. Back in 2014, Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) introduced new rules for revenue recognition. The new revenue recognition rules will take effect soon and this new standard will have impacts beyond financial statement preparation. Read on to see what steps companies can be taking now to assess if the changes in revenue recognition will impact their incentive programs.
read moreIt’s All About Pie – Merit Increase Differentiation
When it comes to merit increases, it’s just like pie, and everyone wants a piece! How can companies best optimize their annual merit budget? This article explores how this can be achieved by getting to know the key talent within the organization and then differentiating merit increases and other awards.
read moreCEO Pay Ratio Considerations in a Global Company
In January of 2015, I was responsible for total rewards at a publically-traded, global manufacturer. At that time, the CEO Pay Ratio rule was not yet finalized, but we wanted to begin planning for its eventual passage, so we worked with our outside executive compensation consultant to review various reporting considerations. Our outside consultant was very helpful in summarizing the internal work that lie ahead. What follows are some of the key items we discussed updated to reflect the final rule.
read moreTop 10 Considerations for Creating or Modifying an Incentive Plan
Whether you have a current incentive plan or are in the process of creating a new one, there are many things to consider to ensure the plan promotes intended behaviors and drives business success. As a starting point for the incentive plan design (or redesign) process, here are my top 10 questions to ask when you’re developing broad-based and/or sales incentive plans:
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