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Iconixx Insights BlogIncentive Compensation Management

Compensation may affect feelings of trust in the workplace

By May 1, 2014June 11th, 2024No Comments

A recent survey on workplace attitudes show some workers are not satisfied with their compensation and lack of recognition, according to Harvard Business Review. The survey conducted by the American Psychological Association showed 70 percent of workers are satisfied with their jobs in 2014 – an improvement to the number of staff who said the same thing the year before. While more workers are satisfied with their jobs, Harvard Business Review points out that many workers do not feel valued by their employers, which could lead to feelings of distrust. More than half of workers said their employer is not open and one-third said their organization isn’t honest at all times.

Harvard Business Review analyzed what it meant for workers to trust their employers. Compensation and their feelings of worth at the company make up a large part of this ability to trust their employer. In total compensation management, employers must be able to reward their staff for their high productivity and accomplishments.

The American Psychological Association survey revealed 29 percent of workers said they do not believe they are valued at their organizations. Since workers often stress about compensation, employers must be able to respond to demands for increased compensation. When planning merit increases, companies need easier ways to identify workers who have worked their way up and produce consistent results.

Compensation a big factor in IT skills gap
By recognizing employee achievements and hard work through increased compensation, employers can reduce their turnover rates and keep their top performers. This is especially true for industries that are struggling with a skills gap as compensation could be a prime factor in employee satisfaction. For example, the IT industry is focusing on maintaining high rates of compensation to keep their star workers and attract top job candidates, Staffing Industry reported. The top cause of the skills gap, according to a survey of IT employers conducted by Harris Poll, is a gap in expectations regarding wages.

“Employers have to constantly evaluate their talent needs through workforce planning and ensure their compensation is competitive enough to attract top talent,” said Eric Presley, chief technology officer for CareerBuilder. “IT workers, meanwhile, must always be polishing their existing competencies and acquiring new ones to stay relevant.”

Employers must be able to stay on top of their total compensation management to ensure future growth.

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Ballast Point Ventures

Ballast Point Ventures is a later-stage venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast, and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, financial services, and consumer goods. BPV has $200 million under management and seeks to make equity investments ranging from $3 million to $10 million.

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Harbert Management Corporation

Harbert Management Corporation seeks to generate superior returns for their investors by identifying and investing in the most promising early growth stage companies in the Southeastern U.S. HMC seeks to capitalize on what it believes are compelling regional dynamics, such as a strong and fast-growing economy, significant research and development activities, and an established entrepreneurial community. The HMC team combines substantial investment, advisory, and operating experience with capital and networking contacts to support great entrepreneurial teams in successfully executing their growth plans. With offices in Birmingham, Alabama; Richmond, Virginia; and Gainesville, Florida, it’s well positioned to partner with entrepreneurs throughout the Southeast.

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KBH Ventures

KBH Ventures was an early investor in Iconixx Software. KBH's investment philosophy plays a significant role in the firm's successful track record. KBH believes in running businesses to be cashflow positive and profitable every month. Startups and companies in a startup mode, such as one that has been purchased in distress, are expected to generate revenue within the first six months and reach profitability within the first 12 to 18 months. KBH also only invests in or acquires companies that are in the startup phase or have less than $20 million in revenues. KBH targets technology companies that offer business-to-business services.

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S3 Ventures

S3 Ventures is an early expansion and growth stage venture firm with $200 million under management. It’s focused on information technology solutions that solve large business problems. S3 also invests in medical devices that improve the human condition. S3 invests in category-defining opportunities. It partners with the team and help focus methodically on what it takes to build a successful company. S3 today helps talented entrepreneurs take their technology and market knowledge and form valuable businesses in a repeatable fashion. Investment sizes start at several million or more for Series A, B, and C financing.