Updating Salary Structure: When, Why and How?
Most organizations try to be good about keeping their salary structure up to date but they tend not to do it as often as they should and, when they do, encounter common hurdles. These pointers can help.
Look for the Union Label for (Sometimes) Higher Pay
Managers and professionals in the private sector earn less if they are unionized than nonunion managers and professionals. But in most other jobs, union employees earn more than nonunion employees, according to the Bureau of Labor Statistics. Union workers generally have greater access to retirement benefits, with the notable exception of defined contribution retirement plans.
Pay for Exectuives Up Modestly
U.S. companies made only slight increases to executive compensation in 2012 for CEOs and financial executives, as emphasis shifted further toward long-term performance incentives.
Multinationals Not Confident About Global Payroll Vendors
Global payroll administration has been made possible, at least conceptually, because of advances in technology, vendor service delivery models and global capabilities. But do multinational organizations agree that a truly global payroll solution exists?
Salaries for Class of 2013 Up 5.3%
First quarter starting salaries for the class of 2013 found a wide divergence by discipline, with year-over-year increases ranging from just under 2 percent to nearly 10 percent.
Tie Pay to Value, Not Market Data
HR professionals too often price jobs based on how much competitors pay instead of customizing compensation to reward the people who produce the most value.
The Art of Setting Pay
Use the best data from salary surveys and good judgment when determining what employees should earn.
Final Payments to Departing Employees
Many tasks must be handled properly when employees leave the company by choice or are terminated. One of the most important items to get right is the last paycheck.
As Economy Recovers, Career Paths Aid Retention
Creating career path opportunities for high-potential performers could be key to keeping talent.
Statistical Sampling in Wage-Hour Class Action
Class certification was improper in a lawsuit alleging that auto center managers were improperly classified as exempt and denied overtime, the California Court of Appeal ruled.
CEO-to-Worker Pay Disparity Increases
CEOs of the largest U.S. companies made 354 times what the average worker was paid in 2012—the widest pay gap in the world—according to a new analysis. Labor advocates urge enforcement of a Dodd-Frank provision requiring public companies to report CEO-to-worker pay ratios.