So what is the big difference between salary planning and budgeting and compensation management planning?

So what is the big difference between salary planning and budgeting and compensation management planning?

 
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So what is the big difference between salary planning and budgeting and compensation management planning? Even more importantly, why should I care? Both of these are very good questions and both can be answered very quickly, making your compensation plan work in a "RESET" economy. This white paper was designed to equip you with new thoughts on how to use compensation management systems to your advantage.
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February 2010 Edition
Newsletter Spotlight

Download our free white paper: Salary Planning & Budgeting vs. Compensation Management Planning

Common Compensation Mistakes: Too much focus on trends and hot topics. Not enough focus on customizing programs and processes to address real needs. People have programs looking for an application rather than analyzing the issue and then determining what's the best program or process. Too many start at the end and work toward the beginning. Logically they should start at the beginning. -Bruce Ellig, WorldatWork Keystone Awarded Recipient in 2004

Compensation Planning:

Compensation planning is a finance function. It resides within Human Resources, but it is almost exclusively a financial budgeting process. The goal of HR is not only to run this process but to build in enough business rules and guidelines to ensure that managers are using good judgment and are spending their budgets appropriately. If not, an organization is budgeting without proper checks and balances, which no finance department would want to see happen.

Did you know?

While companies spend 50% to 70% on total labor expenses, on average, they spend less than 1% of revenue on human resources operations.