THE 2020 Compensation Best Practices Report | PayScale

Talent Management

Attracting and retaining top talent usually requires a strategic approach to compensation, career pathing, better benefits, and more varied and incentivizing ways to reward performance. To gain insights into these areas, the 2020 Compensation Best Practices Survey gathered responses (nearly 5,000) from November 2019 to January 2020 across the US and Canada. While this 60-page report contains various insights, one part of the report that starts on p. 49 is especially interesting and focuses on compensation practices of top-performing organizations – those who exceeded their revenue goals in 2019 (represented 21% of respondents). According to the report, top-performing organizations: 1) consult salary market data more frequently than non-top performing organizations 2) are more generous with variable pay and incentivize employees with a variety of bonuses, 3) are more likely to have trained managers on communicating compensation. Top-performing organizations also share a formal compensation philosophy with employees and their employees have a better understanding of how to get to the next level in their career. This is a useful report for talent strategists as they integrate rewards tactics into their overall talent strategy.

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