New regulations are starting to arise that require organizations to share pay data for posted open positions. Most organizations are not prepared for this requirement, often not having a standardized equitable compensation plan. This will result in a negative impact on employer brand and retention if internal pay disparity as well as inadequate pay compared with competitors is identified.
Goals and Objectives
Utilizing equitable compensation tools and pay analysis, organizations have standardized pay scales in an unbiased way that, once made public, not only retains existing employees but draws in new talent due to competitive wages.
This use case is supported by analytics platforms to identify gaps in pay and disparities based upon experience, demographic, or geographic data. Talent acquisition platforms that gather compensation intelligence through recruiter interactions and competitor review will also be of use. This will also include business consulting services to identify competitive pay scales and implement change management to bring equity across the organizations before transparency requirements come into effect.
Use Case Summary
Provide employees and candidates with full transparency on pay scales aligned with job roles and expectations. Offer competitive pay that can be used as a recruitment marketing strategy to attract quality candidates.