How Being Paid Is Changing in the Workplace

In today’s working world, it isn’t always about the money. Sure, the Benjamins matter, yet these days it’s about much more than just base pay for many employees. Work-life balances, gym memberships and flexible work hours are all part of this new working world which recruiters and hiring managers should know about.
 
Variable pay can take form in different ways depending upon where it is implemented. In some companies, an employee might receive a bonus for staying late at their job, or helping other employees with their projects.
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While variable pay catches on in the market place, especially through innovations to align compensation and performance and types of plans, some entities simply find that variable pay isn’t a good solution.
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Pay raises do nothing to motivate or make workers feel appreciated. In fact, with the usual raise totaling no more than 2% more of a person’s paycheck, the annual pay raise is more an indignant face slap than a reward.
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There are many types of variable pay, such as incentives, recognition and bonuses. Keep reading to find out more types of variable pay.
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As a hiring manager or employer, a great way to kick-start your employees to the next level is by giving them skill-based bonuses and pay. Read more to find out if skill-based pay might work for you.
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Some businesses are not set up for competency-based pay plans. Read this article to see if your business can support a competency based pay plan.
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Just in the way that one job doesn’t resemble another, even if it is a similar job, one employee doesn’t exactly mirror another employee. This may be especially true as far as compensation is involved, as well as the type of business an employer has. Read this article to find out what compensation plan is best for your business.
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This article offers a comprehensive pro and con list of various compensation plans your business may be able to use.
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Are you thinking of arraying your workforce into a knowledge-based pay structure? Check out this article to find out the pros and cons of switching from a job-based pay structure to one that is knowledge based.
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Read about the advantages that can come about for your business through skill-based pay.
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This article looks into how law firms divide their revenues and how that process is coming under increasing pressure that law firm management must now face.
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Improperly incentivized associates can lead to a law firm’s collapse. Read this article to find out how one partner reconsidered his compensation program for his associates.
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