💼💰 No surprise here. When it comes to retaining your top talent, compensation matters. But it goes beyond dollars... According to data from our own survey (to be released soon!), 6 in 10 executives said compensation has a significant or extreme impact on their employer loyalty. Over half said it had a significant or extreme impact on their trust in their employer. How does compensation affect your loyalty and trust in an organization? Join the conversation in the comments section below. #retention #TalentRetention #compensation #loyalty #WorkplaceTrends #trends #insights #data
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📢 Gallagher’s 2023 Workforce Trends Report highlights a focus on comprehensive benefit packages through voluntary benefits. Gain insights into how you can have a competitive advantage to attract and retain talent. https://lnkd.in/gzbbzsVE #EmployeeBenefits #VoluntaryBenefits #WorkforceWellbeing
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The years-long, rapidly changing recruiting and retention landscape has kept employers on edge. The new year will bring continued evolution of worker expectations and retooled employer offerings. We identified the top five talent trends affecting the workforce and businesses in 2024. For ADP Demo: Lisandra.mediavilla@adp.com #Performance #learning #compensation
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As we step into the first quarter, businesses must stay ahead in the ever-evolving compensation landscape. At Compensation Works, we specialize in guiding companies through this complex terrain. Here's our expert advice on building a robust compensation program that not only adapts to market changes but also ensures fairness and consistency: 1️⃣ Emphasize Consistency in Your Compensation System: Implement a uniform process for all offers, promotions, and pay decisions. Regularly assess internal compensation health metrics like offer acceptance/rejection rates, promotion frequency, and attrition rates. 2️⃣ Select the Right Data Provider: Choose based on demographics similar to yours (industry, revenue, company size). Evaluate their data quality and role-matching criteria (consideration of outliers, role responsibilities vs. titles). 3️⃣ Benchmarking and Pay Bands Strategy: Limit benchmarking to once or twice a year to avoid confusion and reactionary adjustments. Set clear targets and budgets, then monitor deviations monthly or quarterly. 4️⃣ Leverage Analytics for Targeted Adjustments: Use your compensation system’s analytics to identify roles needing urgent attention. Focus on roles with high rejection or attrition rates for pay band corrections based on data rather than market speculation. This approach, while seemingly straightforward, has been very effective. It's not just about following market trends; it's about understanding how they uniquely impact your organization. Relying solely on surveys might lead to ineffective corrections, costing your business significantly. At Compensation Works, we're here to help you navigate these challenges with tailored solutions. Ready to optimize your compensation strategy for Q1? Contact us today for a consultation tailored to your company's unique needs. #compensationmanagement #compensationplanning #hr #hradvice #hrtrends #humanresources #consultants #payequity #consultants #salarybenchmarking #compensation #salarytransparency #benchmarking
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Educating employers and employees on how to get most out of their health plan. Vice President, Employee Health & Benefits at Marsh McLennan Agency
Attention HR Professionals! Register now: https://bit.ly/46ziugB Gain valuable insights into the financial wellness of your workforce and organization. Join us for a timely presentation where you'll learn actionable strategies for improving workforce stability and engagement, and receive data for ROI discussions. Plus, earn 1 CE credit for SHRM and HRCI. #financialwellness #workforceengagement #CEcredit
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ADP’s Research Institute has done it again. Releasing our Today at Work Q3 report sharing insights around promotions and the impacts it has on an employee to leave your organization. A different perspective is what ADP brings to the table. Read more and let me know your thoughts in the comments below: https://lnkd.in/gbD59ukd
TaW_Q32023v1
adpri.org
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I had a sneaky suspicion that we were underestimating the monetary benefits of the employee relationship. And guess what? This chart from Boston Consulting Group (BCG) fully confirms that. The company ran a survey among 11,000 employees asking them what really matters at work. And when asked for the top reasons to accept a new job, Pay & Compensation, Benefits and Perks ended at the top. BCG calls those "functional needs". Most of the report focuses on meeting the "emotional needs" of employees, like attrition (28% of employees are at risk of leaving) and manager quality (major reason to stay). And I get it, those are important too. Especially because they correlate with retention more than Pay & Compensation. But I it find fascinating that there is no paragraph in the report to explain what you should do to meet these functional needs. Not a word. And that's strange. Because you can focus on emotional needs all you want, but if you can't convince candidates to sign with you, then what do you do? Don't worry, I've got you covered on these "functional" topics like pay, compensation, benefits and perks! Stay tuned as you'll hear about some exciting new initiatives coming later this month. And what do you think: do you spend enough time meeting employees' functional needs? Or are emotional needs better covered? Let me know! And if you want to read the report, you'll find it here: https://lnkd.in/e5zDhg8J #futureofwork #payroll #hrtech #humanresources
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Here's how you can craft smart compensation and benefits: This won't come as a surprise to you, but yes, data is of course our compass for effective compensation and benefits strategies. 🔍 Benchmark trends to attract top talent. 💡 Personalize packages for diverse needs. 📉 Predict retention patterns for proactive action. 💰 Optimize benefits with cost-benefit analysis. 📋 Gather feedback for continuous improvement. 💥 Drive excellence through performance incentives. 📚 Stay compliant and ethically responsible. 📣 Communicate value for engaged teams. What else could be relevant? #Compensation #Benefits #DataDriven #EmployeeSuccess
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We at Exec-Rem look forward to your participation in Executive Total Rewards Survey. Please write to info@exec-rem.com to confirm your participation and get data-backed insights to take informed executive compensation decisions in upcoming season. - Complimentary participant report with position data - Raw and regressed analysis - Long-Term Incentives plan design insights #executivecompensation #executivepay #equitycompensation #governance
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We've said it before and we'll say it again: compensation is table stakes when it comes to retaining top talent. So, how does your compensation stack up? We'd love to know... 📊 As part of our commitment to empowering the Consumer Economy workforce, we invite you to participate in our Spring 2024 Compensation Pulse Survey. Your feedback is invaluable in helping us shape the future of workplace compensation strategies. 🕒 The survey takes just 5 minutes of your time and your insights will directly impact how companies approach compensation structures. Whether you've recently experienced a salary increase, received a bonus, or have thoughts to share about your current compensation package, your input is crucial in driving positive change. 🔑 Rest assured, your responses are 100% anonymous. We aggregate the data to provide meaningful insights without revealing individual identities. Take the survey here: https://forceb.co/3TR2Rwk #CompensationSurvey #compensation #salary #salaries #TalentAcquisition #hiring #ConsumerEconomy
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💭 How does compensation affect your loyalty and trust in an organization? We invite you to join the conversation.