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.
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.
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.
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.
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.