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05 Jun 2024

The key elements needed to manage and evolve your compensation strategy

For a compensation strategy to succeed in the era of the employee, it not only needs to be managed, it needs to evolve

The key elements needed to manage and evolve your compensation strategy.jpg

 

There’s no shortage of rapid change in this new era of the employee, and compensation is no exception.

Since 2020, employees have had to navigate the financial stressors of a pandemic, skyrocketing inflation, and now, news of layoffs at companies known for their employer brand. Meanwhile, their employers are facing a subdued economic environment while trying to meet varying employee expectations around pay and reward.

We increasingly see employees at all levels—C-suite included—redefining their personal and work priorities. They’ve shifted their focus towards their wellbeing and family goals and away from the “rat race” mentality.

They’re demanding a better, more personalised, employee experience. And, they want better pay.

For a compensation strategy to succeed in the era of the employee, it not only needs to be managed, it needs to evolve. We have put together a checklist which covers what you need to manage and evolve your employee compensation strategy. 

The key areas that need consideration are:

  • Budget - reduce cost-of-living expenses for employees
  • Communication - use surveys, personalised and innovative approaches
  • Competitiveness - benchmark employee benefits and pay data
  •  Job performance and pay increases - advance employee growth; prioritise wellness
  • Legal compliance - invest in cost-effective compliance tech
  • Pay equity - analyse and close pay gaps with software
  • Staffing priorities and work architecture
  • Talent management.

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In partnership with Brightmine (FKA XpertHR)

Brightmine is a leading, global provider of people data, analytics and insight.

Contact us today