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Salary Benchmarking Guide: How To Pay Your Employees Fairly

AIHR

Salary benchmarking is a powerful tool for building a stable, motivated workforce and decreasing turnover costs. Contents What is salary benchmarking? Why is salary benchmarking important? How to benchmark salaries Best salary benchmarking tools and free calculators What is salary benchmarking?

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Why Your Organization Should Use Salary Benchmarking

Harvard Business Review

A key solution lies in salary benchmarking — using aggregated market data to establish competitive pay rates. payroll processing company revealed that access to robust benchmarking tools doubled the probability of firms setting the “right” salary. That means employers must find new ways to determine appropriate compensation.

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What Is Compensation Management and What’s HR’s Role in it?

AIHR

When it comes to compensation metrics , accurate data is essential for benchmarking the competitiveness of your packages. While online information is both plentiful and helpful in seeding ideas, it may not be reliable. You do this by identifying employee needs, negotiating deals with vendors, managing costs, and ensuring compliance.

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What HRIS Systems Are Best for Small Businesses?

Zenefits

What are human resource information (HRIS) systems? A human resource information system (HRIS) is software for HR administration that unifies various processes into 1 platform, including: Hiring. Improved compliance. Automatically apply policies to ensure compliance with company and regulatory rules. Payroll compliance.

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The 7 Core HR Processes: Your Ultimate 2024 Guide

AIHR

Core HR processes include recruitment, employee onboarding , training and development, performance management , compensation and benefits , employee relations , and compliance. It will help you gather valuable information and quicken your hiring process. Applicant tracking software (ATS) is a useful tool for this purpose.

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15 Employee Retention Metrics for HR To Track

Vantage Circle

Strategic Planning By analyzing retention metrics, companies can make informed decisions about their workforce, including recruitment, training, and development strategies, to align with long-term goals. Are you looking to reduce turnover, improve employee satisfaction , or meet industry benchmarks? Analyzing historical data.

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Interview Notes: 9 Reasons To Take & Best Practices To Follow (+Free Templates)

AIHR

As an HR professional, you can also use interview notes to benchmark best practices based on successful hires. This is especially important if a candidate questions their interview outcome or if a company must address legal or compliance considerations. Contents What are interview notes?