Compensation Benchmarks for Winning Bids

by Malak Kazan, CECP, CCP, CBP, GRP 7. March 2016 12:26
Privately-owned and publicly-traded companies have lines of business dedicated to successfully participating in the bidding process initiated with a Request for Proposal (RFP) by a government entity. There are many criteria that companies need to satisfy in order to be awarded a government contract. One is providing pricing that includes reasonable labor cost estimates that reflect the prevailing wage. Companies deriving labor costs from current internal pay levels will generally have a practice of externally benchmarking the prevailing wage. External compensation benchmarks will be specific to geography and industry, have a large sample size, report both the mean and median, and be matched to the job requirements. [More]

Labor Markets and Geographic Differentials

by Malak Kazan, CECP, CCP, CBP, GRP 18. February 2016 12:52
Depending on whether the economy is experiencing growth or a recession, the private and government sectors have different strategies to manage them. Recent macro-level topics focus on the need to create better quality jobs that grow the middle-income household segment while facing skills shortages, as in Science, Technology, Engineering, and Math (STEM) jobs, for example. At ERI, we help subscribers determine the cost impact of their strategies through the application of compensation analytics. As stakeholders, HR leaders want a trusted partner to keep a pulse on the competitive advantages of geographic labor cost differentials in light of external market conditions. [More]

U.S. Labor Market Tightens

by ERI 10. February 2016 09:31
Two recent government data releases have suggested tightening labor market conditions. On February 5th, the government released its Current Employment Statistics monthly employment report for January. Average Hourly Earnings for all private employees was up 2.5% on a year-over-year basis. As the graph below shows, there is a clear upward trend in the last year that is in marked contrast to the preceding five years. [More]

Why Compensation Analytics?

by Malak Kazan, CECP, CCP, CBP, GRP 20. January 2016 12:54
Organizations are leveraging internal and external datasets to generate analytics upon which they can make smarter business decisions. The effective design of robust analytics can be based on time series regression analysis. This generally is the result of iterative analytics that lead to identifying meaningful independent variables. These independent variables help to predict with some reasonable certainty a probable outcome. [More]

Job Descriptions: Start with a Baseline

by Malak Kazan, CECP, CCP, CBP, GRP 9. December 2015 12:43
Organizations are faced with two business imperatives: global competition and constant change. To respond and seize market opportunities, organizations need to deftly identify their workforce talent who can be mobilized in a timely manner. One way that HR professionals and business leaders can navigate this decision making process is by leveraging the knowledge amassed on job content collected by job analysis. [More]

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