A strong majority of organizations (58%) still use “Excel” to perform some compensation functions, making live Pay Equity analysis impossible!
By | Nicolas BEHBAHANI | Global People Analytics Leader @ Future of Work | Leading Global HR Analytics, Driving Business Growth
💡To both retain talent now and prepare for the job market of the future, organizations need to get serious about fair pay.
⚠️ It might be surprising but 35% of organizations don’t have a dedicated compensation professional in their organization!
💲 Skills-based pay can be effective at engaging employees by rewarding skills attainment or increased competency with pay progression.
🎯 A quarter of organizations (25%) feel that insufficient pay was a leading reason behind disengagement or a decline in productivity, according to a new interesting research published by Payscale using data 📊 from 5,735 employees from predominantly in US(82% ), with 11% in Canada and the rest from other countries during November–December 2023.
✅Compensation remains the top challenging and highest priorities for companies
Researchers found that like every year, recruiting, retention, engagement, and compensation top the list of both the most challenging and areas of higher investment compared to previous years.
