When New Hires Get Paid More, Top Performers Resign First | Harvard Business Review

Talent Development

If you find value in content like this, sign up for my Talent Edge Weekly newsletter. Fair pay continues to rise in importance as a topic of interest for both employees and HR leaders. According to Mercer’s 2024 Global Talent Trends Report (see p. 28), employees ranked fair pay as the second most important of 20 …

Read More

Tags:

A Better Way for Companies to Address Pay Gaps | Harvard Business Review

Talent Management

Pay equity—equal pay for team members performing “similar” job duties while factoring in variables such as experience, job performance, and tenure— remains a critical concern for many organizations. To enhance pay equity, several states and localities have implemented legislation stressing pay transparency in job advertisements, where employers disclose the wage scale or salary range. While …

Read More

Tags:

The Future of Total Rewards | Deloitte Blog Capital H

Talent Management

This new Deloitte article provides an overview of why and how organizations must continuously adapt total rewards strategies to evolving workforce requirements, primarily focusing on greater personalization. In line with this theme, I’m sharing three resources that provide ideas.  Organize Your Rewards Package Around Employees’ Critical Life Moments, where Gartner provides ideas for organizing and communicating …

Read More

Tags:

Compensation Strategies for an Era of High Inflation | Gartner

Talent Management

Despite the implementation of increased merit pay in 2023, employers are facing challenges in keeping up with rising inflation and meeting the heightened salary expectations of their employees. In the quest to attract and retain talent within this environment, total rewards leaders are exploring various strategies. This article presents three ideas and approaches to consider: 1) Utilizing alternate …

Read More

Tags:

Leverage Employee Preferences to Identify Total Rewards Trade-offs | Gartner

Talent Management

Organizations invest significant time, resources, and effort into developing a competitive employee value proposition (EVP) that attracts, engages, and retains top talent. However, as employee preferences evolve, it becomes increasingly challenging for organizations to stay informed and ensure that their EVP aligns with workers’ preferences. This article offers ideas for adopting a more systematic approach to …

Read More

Tags:

A Cross-Functional Approach to Pay Equity | Gartner

Workforce Trends

Pay equity—compensating employees the same when they perform the same or similar job duties while accounting for other factors, such as their experience level, job performance, and tenure with the employer (SHRM)—is a hot topic for many organizations. While much of this attention has been driven by legislation around pay transparency, there is also a …

Read More

Tags:

The Unintended Consequences of Pay Transparency | Harvard Business Review

Talent Management

Pay transparency—the degree to which an organization openly and proactively shares information about salaries—continues to be a workplace topic of interest. I have shared several resources on this topic, such as this PayScale paper showing how pay transparency can be viewed on a spectrum spanning five stages—ranging from “Here’s what you get paid” to “Here’s everything you want to know about …

Read More

Tags:

Reshaping Your Organization Using a Skill-based Reward Structure | Deloitte US

Talent Management

As organizations shift increasingly toward skills-based talent management, they must consider the impact on various talent practices traditionally built on jobs/roles, such as pay and rewards structure. As noted in this article, “in a traditional reward framework (see Figure 1), a worker’s job title drives their base pay while company and individual performance primarily drive …

Read More

Tags:

How to Redefine Total Rewards for the Hybrid Workforce | Gartner

Workforce Trends

As remote and hybrid work continues to take hold in many organizations, employers are re-evaluating various talent policies and practices. One area in which remote and hybrid work has implications is total rewards. This article addresses how the benefits of hybrid work and location flexibility create challenges for total rewards leaders in four areas: 1) the …

Read More

Tags:

Implications of “Work from Anywhere” – When Remote Workers Cross State Lines | ADP

Workforce Trends

Employers continue to adjust work practices and policies to enable remote and hybrid work. And while much of the attention has focused on workers’ preferences for remote work and organizational policies on the topic (e.g., expectations of the number of days in a physical work location), greater attention is now being paid to other implications …

Read More

Tags: