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Keeping Cool with Hot Jobs (Part 2)

October 29, 2019  |   Uncategorized   |     |   Comments Off on Keeping Cool with Hot Jobs (Part 2)

Keeping on top of the changing job market is key for employers. Accurately assessing when a job is hot and when it’s cooling down is critical to determining appropriate compensation. As discussed in our previous post, when jobs are hot, it’s important for employers to up their compensation game, making sure that their total rewards offerings are on par with, if not surpassing, the competition. Things can change significantly when jobs cool down.  Job postings for ...

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Keeping Cool with Hot Jobs

September 25, 2019  |   Compensation,Uncategorized   |     |   Comments Off on Keeping Cool with Hot Jobs

Pricing hot jobs is a hot topic in the compensation arena. Hot jobs typically fit into two categories: •  A new/emerging job typically requiring specialized skills •  An existing job with high demand and low supply of skilled laborers for the job Why is this such an area of concern for HR and Compensation professionals?  There is a lack of accurate and up-to-date compensation survey data for hot jobs. In addition, it’s difficult to stay ahead of ...

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Non-Exempt (NE) Employees and Calculating Overtime (OT) as Part of Incentives, Commission and Bonuses

August 21, 2019  |   Compensation,Uncategorized   |     |   Comments Off on Non-Exempt (NE) Employees and Calculating Overtime (OT) as Part of Incentives, Commission and Bonuses

NE Salaried Classification A company can create a NE salaried employee classification. A NE salaried employee is paid a set salary on a weekly, bi-weekly or semi-monthly pay period. However, if the position is classified as non-exempt (NE), they must be paid OT for all hours above the defined workweek. If a NE employee is hired at a ...

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Merit Pay – Is It Worth It?

July 23, 2019  |   Compensation,Performance Management,Uncategorized   |     |   Comments Off on Merit Pay – Is It Worth It?

Merit pay systems have been around in some form since the early part of the 20th Century. The objectives of a merit pay system are: •  Attract, retain and motivate. •  Develop a method to distribute pay equitably based on performance. •  Use of merit increase guidelines tied in with objective performance measures. Expectancy Theory There is an Expectancy Theory about motivating with pay. The components of this theory are: •  ...

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Assessing the Impact of the Illinois Minimum Wage Change on Your Company

May 21, 2019  |   Compensation,Uncategorized   |     |   Comments Off on Assessing the Impact of the Illinois Minimum Wage Change on Your Company

Effective Dates of the Changes The following table shows the effective dates of the changes to the Illinois minimum wage regulations: Under terms of the bill, the wage would rise $1.00 to $9.25 per hour on January 1, 2020, and another 75¢ on July 1, 2020. Every January 1st thereafter the wage would rise another $1.00 ...

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