HRO Today May 2018 - 54

The Benefi ts Package
HOW TOP-PERFORMING COMPANIES
APPROACH COMPENSATION
Top-performing organizations are more likely to connect the dots
between compensation and culture. They are intentional about how they
spend their compensation budgets, with 46 percent leveraging a formal
compensation strategy compared to 35 percent of average performers.
These organizations consider pay to be an ongoing conversation with
employees, not just an annual review process. In fact, 56 percent of topperforming
organizations have completed a market study within the past
year compared to 51 percent of typical organizations.
5. Pay equity is top of the mind, but not on top of the
to-do list for 2018. Top-performing organizations are
more likely to report that they're actively addressing
workplace inequities than typical organizations. This
is true across gender (35 percent versus 26 percent);
race and ethnicity (28 percent versus 23 percent); and
other protected classes (27 percent versus 21 percent).
That said, 63 percent of top-performing organizations
have no plans to conduct a race or gender pay equity
analysis in 2018, compared to 66 percent of average
performers.
2018 Outlook
In many ways, compensation in 2018 will look very much
like 2017, with 84 percent of organizations planning to
give increases. While 25 percent of companies averaged
three percent raises in 2017, 30 percent predict that they
will give an average raise of three percent in 2018. The
numbers also show that the majority of organizations
predict that their bonus or incentive budgets will not
[54]
HRO TODAY MAGAZINE
| MAY 2018
change in 2018.
In order to stand out, organizations need to focus on
their pay brand. Pay brand is the way existing and future
employees feel about the compensation and rewards
at an organization. Its backbone is the organizational
compensation strategy and it is not only shaped by
the way an organization pays-including how much
and why-but also by how they talk about pay with
employees.
Organizations should be clear and transparent about
the reasons that lead to a particular compensation
structure plan. To attract future employees, retain
current employees, and stand out among competitors,
HR needs to ensure that the pay brand is crafted with
intention and err on the side of over-communication
with employees about these topics.
Wendy Brown is director of content marketing at PayScale.

HRO Today May 2018

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