From Karly Wannos, host of the Employment Experience Podcast...
The war for talent is more competitive than ever before. How do you determine the “market rate” for workers, and how do you attract and retain a team without burning more cash than necessary? Most organizations just guess, or use a limited set of data points. Others ask their HR leaders to benchmark compensation. However, many HR professionals don’t have expertise in this area, and may not even know where to get started.
In this episode, my guest, Andrew Bartlow and I are talking about how HR and businesses can develop a compensation philosophy, understand pay transparency tradeoffs, determining market rate and accelerate their efforts in this critical area to support your business.
Here are the timestamps for this episode:
[6:40]: Finding the “Goldilocks zone” and why pay transparency can be a double edge sword.
[10:40] What should employers share with employees to create pay transparency
[13:00] what is distracting to employees when disclosing benchmarking data
[17:05] How companies can begin the benchmarking process
[21:05]: How to match your organization’s jobs with benchmarking data
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For informational purposes only. This information does not constitute an attorney client relationship and is not legal advise. Consult with an employment lawyer in your jurisdiction before making any important business decisions.