Employers are scrambling to revamp compensation programs to attract, incentivize and retain top performing employees according to a Willis Towers Watson survey. With a complex blend of labor market and generational changes, finding the “sweet spot” mix of base pay and incentives is increasingly difficult. Another consideration is pay equity, an important factor among many employees and applicants who are emboldened by the #MeToo movement to ask pointed questions about pay decision-making practices. The survey indicates employers are pursuing these strategies:
- Redesign base pay and incentive plans
- Add transparency to pay decision making
- Invest in technology to support compensation planning
- Shift focus of performance management to be future oriented
- Introduce new recognition programs
In budget planning for 2019 and beyond, are your compensation practices and strategies serving your organization well? Consider the potential ROI of taking extra time and effort to evaluate your compensation planning processes at a deeper level:
- Improved employee morale, engagement and retention
- Enhanced competitive position in the marketplace for talent
- Reduced risk of claims or findings of pay discrimination
- Aligned resources to support employer goals and objectives
Employers Council membership offers these resources and services to assist you:
- Survey Data: housed on the members website, numerous surveys with validated data on compensation, benefits and other practices to guide your planning.
- Expertise: HR and compensation consultants are available to discuss your goals and share their expertise and research with you.
- Compensation Planning: expert consultation, along with customized data analysis, are provided to create a compensation plan that aligns with and supports your goals.
- Pay Equity Analysis: this new service provides an independent third party statistical review of compensation equity in your organization.
Request more information on Employers Council’s Compensation Planning Service.