Compensation is one of those areas of HR that I haven’t spent a lot of time in, outside of knowing just enough to make job offers! I’ve never been apart of conversations around compensation strategy or, even without a strategy, what my company has used to benchmark the market and decide which positions should be above, below or at market. There’s a lot that goes into compensation for any organization, or at least there SHOULD be a lot that goes into it. So, when Heidi Pancake suggested compensation as a topic for a Twitter chat, I hesitated. After all, we don’t normally talk about this kind of topic on the #HRSocialHour. We like to keep it a little lighter. Even so, this is a great time for #HRPros to understand more about compensation in general and the strategy for your organization. And it can help if you understand some of the basics.
We hope you will join us on 4/25, 6 pm CT for the next #HRSocialHour Twitter chat, even if you aren’t an expert in compensation. This is a great opportunity to learn a little bit, ask questions of some that may be more comfortable with compensation than you are and if you are comfortable with comp, join us to answer questions from some of us n00bs!
- Q1. What’s in your glass?
- Q2. How would you rate yourself in compensation knowledge? Beginner, know enough to be dangerous or expert? Why?
- Q3. Does your company have a compensation philosophy? Is it budget driven-or people driven?
- Q4. How do you think budget driven decisions align with performance management?
- Q5. How is a people driven approach managed from a pay equity perspective?
- Q6. Are compensation benchmarking tools still relevant? If so, which one(s) do you use?
- Q7. How do you (or would you) communicate compensation information to your employees/hiring managers?