Pay transparency refers to how open employers are about what, why, how, and how much employees are compensated. As noted in a previous post, a World At Work survey found that while 67 percent of firms view pay transparency as increasingly important, only 14 percent are giving it more than “moderate” attention. And with the gender pay gap continuing to widen, many are …
As workers’ attitudes and preferences continue to shift, employers are rethinking their total rewards strategies. This article provides a four-step approach to designing reward packages that fit today’s changing world: 1) start with the data, 2) customize, 3) communicate, and 4) continually monitor. A few data points include: The relative importance of financial compensation has declined by 11% over the past decade. Many employees will trade 20 to 25% …
This report by The Talent Strategy Group provides compensation insights for talent management, learning and development, and organization development/organizational effectiveness roles. It is based on data from 101 companies and shows the average compensation for the roles mentioned above. For select roles, the report provides additional information. For example, for Talent Management roles, compensation information …
As organizations develop and implement practices for managing talent remotely, there are several implications to consider, including the impact of remote work on rewards and compensation. This topic has spurred a debate on whether workers that move to lower cost-of-living areas should face a salary change to align with labor costs at their new location. Google …
Many firms continue to re-evaluate and shift their compensation strategies, considering remote work. Behind this evaluation is determining whether remote workers—who moved to lower-cost areas during the pandemic—should face a salary adjustment to align with labor costs at their new location. I asked this very question to readers of this newsletter in an April 2021 poll: based on …
As firms implement policies to allow some jobs to work remotely long-term, a segment of workers is using this opportunity to move to lower cost-of-living locations. This trend has sparked discussion on whether remote workers living in lower-cost areas should face a salary adjustment to align with labor costs at their new location. I asked readers …
Although the fight against the COVID-19 pandemic is still underway, “return-to-office” planning has gained heightened attention as vaccinations get increasingly distributed. As firms contemplate what the office’s future will look like in a post-COVID-19 world, this article provides six predictions on how things will be different in 2021. They include 1) As recruiting and remote work go …
As the nature of skills continues to shift rapidly, organizations need to keep a pulse on what skills they need from their workforce (demand) and ensure that the talent with those skills is available when required (supply). And for skills that are in short supply and high-demand (usually referred to as “hot skills”), firms need …
While organizations continue to support flexible work in a pandemic-altered workplace, many are thinking through the implications of this trend for rewards and benefits programs. This survey, conducted between October 6 and 21, 2020, provides insights on this topic by exploring the perspectives of 344 organizations in North America, employing 4.83 million employees. Among the …
As the number of remote jobs increases, many employers are increasingly able to recruit skilled candidates from anywhere. Not only does this enable organizations to gain access to a deeper pool of talent, but it can also help them to attract and employ diverse candidates. While these are a few of the positives that have …
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