HRO Today April 2016 - 41

Payroll
It's not just that
top performing
companies value their
people more; it's also
that they value the
right people more.
The right people are
those that bring the
most desirable skills,
hit their performance
targets, and ultimately
drive the best
business outcomes
for the company.
From this data, the trend becomes more refined: It's not
just that top performing companies value their people
more; it's also that they value the right people more. The
right people are those that bring the most desirable skills,
hit their performance targets, and ultimately drive the
best business outcomes for the company.
To embrace the trend set by top performing companies,
employers should accept that the world of work has
changed. The rise of Millennials necessitates more
transparent conversations that would have never worked
in a workforce dominated by baby boomers. Technology
has revolutionized the economy, creating a highly
competitive environment for specialized technical and
STEM skills. Organizations are also under tremendous
pressure to show a strong return on investment, leaving
employees more accountable for showing measurable
business results.
Most business practices have been re-evaluated and
updated over the past five to 10 years with the advent of
new technologies. Meanwhile, compensation structures
at most companies remain the exception. Until this
changes, many organizations may struggle to foster a
trusting culture with their employee and achieve a truly
engaged workforce. For the fifth year in a row, PayScale's
research shows that retention was the primary concern
for most employers. The bottom line is that great people
are intrinsically linked to great pay and employers that
understand this will prosper. The path blazed by the most
successful companies sends a clear message: People matter
and pay matters to people.
Pay practices of top performing companies mark a sharp
departure from traditional corporate compensation
practices. And it's clear that with the risk of change
comes the reward. Companies should begin to adapt their
approach to compensation, making positive incremental
changes until they are exhibiting modern pay practices. Big
data and analytics make it much easier for employers to
make fair and accurate decisions about pay.
The road to success is paved with a thousand small steps.
A good start is to equip managers with real-time market
data to foster more open conversations with their teams
around pay. It's challenging for organizations to change
overnight, but adopting new practices will help attract
and retain the most valued talent in today's evolving
business environment.
Tim Low (@tlow) is senior vice president of marketing for PayScale.
APRIL 2016 | www.hrotoday.com
[41]
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HRO Today April 2016

Table of Contents for the Digital Edition of HRO Today April 2016

HRO Today April 2016 - 1
HRO Today April 2016 - 2
HRO Today April 2016 - 3
HRO Today April 2016 - 4
HRO Today April 2016 - 5
HRO Today April 2016 - 6
HRO Today April 2016 - 7
HRO Today April 2016 - 8
HRO Today April 2016 - 9
HRO Today April 2016 - 10
HRO Today April 2016 - 11
HRO Today April 2016 - 12
HRO Today April 2016 - 13
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HRO Today April 2016 - 15
HRO Today April 2016 - 16
HRO Today April 2016 - 17
HRO Today April 2016 - 18
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