My new HR book !

https://amzn.eu/d/b6M6HRK

Happy to share a concise HR book which i have penned titled "Decision Making in Employee Compensation Management". 

The purpose of this book is to give a view of the basics, how this area is governed and the thought process behind decisions taken in this key HR area within corporates. This is primarily intended for early stage compensation professionals and management students. 

Management students pursuing HR specialization or who are about to decide on which specialization to take, will find it immensely useful. 

Available for free download in Amazon Kindle app on 18th July and 19th July 2023.

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Golden rules of Compensation

Read a nice article and have noted some points below. These are gems of Compensation and expressed very well.
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Compensation is never going to be the thing that makes people stay at a company, nor should it be. Compensation is not a healthy version of retention.

It's better if candidates join for the people,vision, culture, and have to make a hard decision on compensation. They will stay longer. 

Be fair and transparent to get compensation off the table. You can't be transparent if you are not paying fair.

Feelings about compensation are relative not absolute.So be ready to be able to explain and defend everything through a logical set of guidelines.

You can't predict people's performance and the state of the business in a year. It's a good idea to be conservative.

Don’t jump to the numbers, first explain the framework. That will start things off on the right foot.

One of the best things you can do with new hires is to offer fair and not negotiate. If you negotiate, you're primarily rewarding people who are good at negotiating.

Value people who care about the company’s burn rate and know that salaries are the biggest part of that for most companies.

Every new hire should be informed that compensation reviews only happen once a year or when moving to a higher level role, within the purview of market salary ranges. There should be no exceptions.

In addition to providing competitive salaries for the market, you should explain what that means to your employees. Don’t leave people wondering where you got your data set or how credible you’re being on this issue.

Make a huge deal out of the exception to the person in question (not to everyone else). They need to know that you broke your system for them and that it’s a very, very rare occurrence. This communicates both that they are indeed special, but also that it won’t happen again.

Always adjust to the market once a year so that you know for sure that what you’re offering is fair, and that your employees are set up for success in their lives outside the office.

Don’t make exceptions unless you absolutely have to. Exceptions create disparity.

HR: Centers of excellence and leaders

Having worked in HR CoEs in many organizations, i have realized one cardinal mistake which companies do in anointing the leaders for the CoEs.

CoEs should always be led by specialists. Plain and simple. There is no 2 ways about it. People who dedicate many many years of their life first in struggling to get an opportunity in their field of interest and then sticking to that area through organizational and personal transitions, are best suited to lead the verticals. So for instance an L&OD professional or a C&B professional should be heading that particular vertical. They come in with a particular lens and see the organization through those glasses. They have a long term vision. They are then able to identify the gaps and the opportunity areas and then deliver benefit to the organisation.

Unfortunately, with the quality of HR Heads running the show going down day by day, hare brained ideas come into being. I mention deteriorating quality to signify that most have now stopped thinking and keep following what they have seen earlier in their careers. One of such ludicrous ideas is to consider the CoE head position as a transit role for gaining experience in that particular vertical so that HR professionals can become well rounded HR Heads. This is only a temporary stint for them. Without the wherewithal to lead the function, these are the people who do maximum damage  to the credibility of the function. In such organisations, for years employees feel that nothing good is coming out of the HR CoEs. This is the sole reason and the earlier the CEO and Head HR understand that, the less damage will the CoEs and the organization need to bear.