HRO Today April 2015 - 36

Compensation
recent article in Forbes declared that HR departments
are fi nally " getting serious about analytics. " According
to the article's author, Josh Bersin, founder of Bersin
by Deloitte, they " understand the potential, they
understand the problem, and they have the skills to get
work done. And they are not just analyzing HR issues,
they are analyzing the business. "
Analytics can play a major role in developing a
compensation structure by leveraging a regular analysis
of wage data refl ecting real-time market trends. An
organization's ability to get compensation right-
based on benchmarking competitors-is a prerequisite
for achieving its growth projections. Yet, the CBPR
found that nearly one third of companies don't
regularly perform market and compensation analysis to
understand the changing dynamics of their respective
talent markets. Many respondents are dissatisfi ed
with their data, and most don't train their managers
While companies are investing
in ways to secure talent, most
lack suffi cient insight about the
compensation needed to meet
their goals: Only 41 percent
of employers have a formal
compensation strategy.
[36]
HRO TODAY MAGAZINE
| APRIL 2015
to have tough conversations with employees about
compensation.
" In our age of data overload, many businesses still
take a 'play it by ear' approach when it comes to talent
management, " says Michael Moon, human capital
management research director at Aberdeen Group.
" However, these results show that companies need
to get very serious, very quickly about retention and
compensation by adopting modern technologies and
approaches if they want their businesses to not only
survive, but thrive in the new economy. "
Top Concern: Retention
According to the CPBR, employees are most likely to
leave their organizations in 2014 for personal reasons,
more pay, and greater advancement opportunities.
In smaller and medium-sized companies, money was
the primary cause of employers handing in their
resignation letters.
This is driving organizations to remain concerned
about retention. To date, however, most employers
have been reluctant to address retention issues with
fi nancial incentives. According to PayScale's U.S. Trends
in Compensation Index, real wages are down 7.5
percent since 2006.
When these data are viewed in light of employer
retention concerns and the reasons people are
leaving jobs, now may be the time for employers to
" open their wallets. " The CBPR fi nds that 60 percent
of organizations intend to focus on learning and
development opportunities as the means to retain
the best and brightest and 89 percent have plans for
raises.
Top Concern: Talent Scarcity
Half of all CBPR respondents agree with the statement:
" there is a lack of qualifi ed applications for our
open job positions. " In 2014, IT, management, and

HRO Today April 2015

Table of Contents for the Digital Edition of HRO Today April 2015

HRO Today April 2015 - 1
HRO Today April 2015 - 2
HRO Today April 2015 - 3
HRO Today April 2015 - 4
HRO Today April 2015 - 5
HRO Today April 2015 - 6
HRO Today April 2015 - 7
HRO Today April 2015 - 8
HRO Today April 2015 - 9
HRO Today April 2015 - 10
HRO Today April 2015 - 11
HRO Today April 2015 - 12
HRO Today April 2015 - 13
HRO Today April 2015 - 14
HRO Today April 2015 - 15
HRO Today April 2015 - 16
HRO Today April 2015 - 17
HRO Today April 2015 - 18
HRO Today April 2015 - 19
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HRO Today April 2015 - 24
HRO Today April 2015 - 25
HRO Today April 2015 - 26
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HRO Today April 2015 - 28
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