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🌍 Is pay equity a reality in your organization, or just a goal on the horizon? 🔢 Did you know that companies with transparent pay practices are 30% more likely to retain top talent? Understanding is the first step toward meaningful change. SHRM offers an incredible range of articles and tools that dive deep into addressing pay equity and promoting transparency in compensation. These resources equip organizations to assess and reform pay practices effectively. 💡 At Pay Equity Pulse, we’ve seen firsthand how access to the right information can drive equitable outcomes. That’s why our platform complements SHRM’s resources by providing actionable insights through our Pay Equity Score, helping you turn understanding into meaningful action. 📈 Let’s turn aspirations into achievements. Explore SHRM’s pay equity resources here: https://lnkd.in/gUqcdPBA 🔖 #PayEquity #FairPay #HRInsights #CompensationTransparency

"Workplaces are strongly aware of pay equity issues, but HR departments may fall short on training and unity regarding this issue", Johnny Taylor Jr., president and CEO of the Society for Human Resource Management, noted in a recent SHRM report. Similarly, while close to two-thirds 62% of organizations already conduct or plan to conduct a pay equity analysis, 27% admit they don’t address severely underpaid employees unless the employee or their manager asks. Another problem is that half of employers don’t yet have a compensation strategy or pay communications in place, but employee engagement hinges on workers understanding the ‘what’ and ‘why’ behind their pay. https://lnkd.in/gz6c_YfN

"Workplaces are strongly aware of pay equity issues, but HR departments may fall short on training and unity regarding this issue", Johnny Taylor Jr., president and CEO of the Society for Human Resource Management, noted in a recent SHRM report. Similarly, while close to two-thirds 62% of organizations already conduct or plan to conduct a pay equity analysis, 27% admit they don’t address severely underpaid employees unless the employee or their manager asks. Another problem is that half of employers don’t yet have a compensation strategy or pay communications in place, but employee engagement hinges on workers understanding the ‘what’ and ‘why’ behind their pay. https://lnkd.in/eJ4F7cea

HR professionals are being pulled in several directions, and that's unlikely to change anytime soon. 1. Maintain morale and engagement 2. Retain top talent 3. Find and recruit talent with the necessary skills 4. Reduce costs and increase efficiencies More below ⬇️

As companies navigate a complex and shifting labor market, a new report from WTW highlights a troubling disconnect between employee expectations and employer performance when it comes to pay programs. While compensation remains the top driver for both attracting and retaining talent, only half of employers believe they are effectively meeting these expectations. The report, published on October 23, 2024, identifies key factors contributing to this gap, including talent shortages, evolving work models, and the lasting impacts of the global pandemic. Additionally, ineffective communication around how pay is determined further exacerbates the issue. With salary compression and competitive compensation becoming increasingly critical, experts argue that organizations need to rethink their pay strategies to improve retention, enhance productivity, and align with broader business goals. Here is a link to the full article: https://lnkd.in/efBnpgAX To stay competitive and retain top talent, companies must reassess and adapt their compensation strategies. If you’re looking to address pay program effectiveness in your organization, consider reviewing your compensation philosophy and improving communication around pay. For more insights or assistance with refining your approach, visit shrspartners.com and complete our contact form or call 917-747-2788 to connect with our experts. We’re here to help you navigate these evolving workplace dynamics.

🚀 The career landscape is shifting, with 48% of employees prioritizing job flexibility over pay. HR professionals face the challenge of balancing these new expectations. How is your organization adapting to these changes? Is flexibility the future? What's your take? #CareerFlexibility #HRInsights

Global employers are missing the mark on workforce pay effectiveness, with less than half delivering on core business objectives, research has revealed. WTW Tom Hellier #effectivepay #strategy #attraction #retention #faircompensation #competitivepay #reward #employees #benefits #performance #payreview https://lnkd.in/gvcbfY6K

Today, BCG and the Partnership for Public Service revealed the full rankings for the 2023 Best Places to Work in the Federal Government! These rankings offer the most comprehensive assessment of how federal public servants view their jobs and workplaces, providing employee perspectives on leadership, pay, innovation, work-life balance, and other issues. Check out the rankings and analysis here: https://on.bcg.com/4aiV4NW #BCGinNorthAmerica

Top thing on my mind this afternoon: Karen Hamilton, Vice President of Consulting Services Marsh McLennan Agency, spoke with Corp! Magazine about compensation #benchmarking, why it's important in today's labor market, how she advises #HR leaders to approach conducting a competitive pay analysis, and more. #Talent #MarshMMA

The increasing labor shortage and expanding skills gap are making it more difficult for employers to attract high-quality candidates. In response, many are boosting employee compensation to address these challenges. This strategy is becoming a global trend. Discover how to create an effective compensation package that can attract and retain top talent.