Comp Planning

Planning for a Successful Compensation Cycle

By: Bella Chow, Director of Client Delivery at CompTrak Whether you are just finishing your year-end compensation cycle or starting to plan for the next, it’s never too early or late to plan for your upcoming cycle to ensure its success. Regardless of company size, proper planning will prepare you to identify risks or opportunities early on, align your compensation …

Compensation Management Strategy

How Compensation Can Be a Strategic Lever for Organizational Growth

By: Perry Doody, Chief Product Officer at CompTrak Too often, organizations see HR as a purely operational function, rather than a strategic lever. Successful companies, however, are shifting away from this mindset and viewing the role of HR as a strategic one, not purely tactical or operational. A strategic lever refers to a strategy, function, or initiative that enables or …

What You Didn’t Know: 3 Ways Remote Work Affects Compensation Planning

By: Perry Doody, Chief Product Officer at CompTrak Remote work is here to stay. Across many industries organizations are being forced to embrace digitization as they implement long-term work from home (WFH) strategies. World-leading companies, such as Google, Facebook and Amazon have already announced that employees can work remotely for the long-term future. But there is something that many of …

4 Strategies to Successfully Manage your Bonus Cycles

By: Perry Doody, Chief Product Officer at CompTrak Like a smoothly revolving wheel, any company’s bonus cycle should operate with fluid regularity. But sometimes, you can encounter obstacles in the road.  Managing bonus cycles can be complicated by the increase in remote working, missing or outdated data and by shifting market conditions. Any one of those factors can easily confuse …

Trends in Compensation Management for Forward-Thinking Organizations

By: Perry Doody, Chief Product Officer at CompTrak As an HR professional its imperative to keep an eye on compensation management trends as you strategize and prepare for each new cycle. So far, 2020 has seen significant disruptions to normal business operations that few anticipated. For many, it has meant reprioritizing and taking a new perspective on compensation. Here are …

From Legacy Systems to SaaS – Compensation Management in the Cloud

As SaaS (software as a service) and cloud technology become more commonplace in Compensation Management, it’s important for companies to understand how the cloud can bring security, transparency and increased focus to their organization. With an increasing trend towards a remote workforce, the importance of the cloud and SaaS Compensation Management will continue to grow over time.   Pros of …

COVID-19 Impact on Incentive Compensation

The COVID-19 pandemic’s impact on our daily lives has been unprecedented. Organizations are scrambling to realign their businesses to adapt to the challenges of a global pandemic. For those companies with incentive compensation, employees and managers are already speculating how the virus will affect their upcoming bonus cycle. Now is the time to start looking at how you can adjust …

Engaging Employees with Digital Platforms

Although most people go to work in order to earn money, they can be surprisingly passive when it comes to performance-based compensation. Of course, the companies they work for are partially to blame for this. Unless objectives and progress are visible and transparent, the journey toward betterment can be vague for all the parties involved. Fortunately, digital platforms are here …

Entrepreneurship

The True Heroes of Entrepreneurship

A few weeks ago I came across an article that profiled a well-known entrepreneur –  they were quoted as saying “The great thing about entrepreneurship is that you only have to be right once.”  The essence of the article was that you can have many failures, but if you hit it big that one time, it will be all worth …