At many organizations, newly hired employees are getting paid much more than their long-tenured counterparts for the same or similar job. It stems from what many are calling the “war for talent.”
Companies are fighting for qualified candidates, and in their bids to attract the best person, they’re ramping up compensation to far beyond what they’re already paying, potentially alienating current employees in the process.
But it doesn’t have to be like this. With a realigned compensation philosophy and strategy, you can attract new talent and make sure your current employees feel valued.
In this e-book, we’ll cover the three pillars of a healthy compensation strategy. By the time you finish reading, you’ll have a list of actionable items and plenty of ideas for executing them so you can maintain a happy, engaged workplace.
Review these three important pillars to ensure a healthy compensation strategy.
Pillar #1: Wage Analysis
A pay equity analysis, or wage analysis, is a great place to start not just for compliance purposes – that is, to ensure you don’t have to pay disparities between different groups of employees. It will also show you how your pay practices have evolved, whether they’ve done so intentionally or organically.
Pillar #2: Total Rewards
Today, employees aren’t content with the one-size-fits-all approach to perks and benefits that most of us are used to.
Pillar #3: Compliance
Keeping up with ever-changing laws on compliance is a real challenge. You don’t want to break the law, unknowingly or not.
Download our Three Pillars of Compensation eBook for a deep dive into these important components to a healthy compensation strategy, including some helpful tools to take inventory of where you are as well as create a road map of where you would like to be headed.