Payscale

"Everybody on my HR team has to understand compensation." Register now to unlock all Compference24 sessions by getting access to all upcoming live sessions plus on-demand recordings you may have missed. Sign up for free through the link below! 👇 https://lnkd.in/eJUpHT9F Check out this clip from Tuesday's 'The Future is Now: Unpacking the Urgency of Compensation Practices in Modern HR' keynote.

How does Gen Z's trust in employers compare to that of previous generations? 🔍 Fortune reports that, according to Kate Duchene, CEO of RGP, there’s a noticeable shift. “I would say there’s a lower level of trust coming in,” she notes, emphasizing that Gen Z demands more flexibility, choice, transparency, and control in their work relationships. Duchene highlights that Gen Z is less inclined to commit to a traditional career path, preferring entrepreneurial approaches and valuing purpose over promotions. This generation is not afraid to push back and leave if they feel unheard, marking a departure from the loyalty seen in baby boomers. For managers, communication is key. Gen Z employees expect to understand the “why” behind an organization's mission and purpose. They generally thrive in team environments but are less interested in hierarchical management roles, which could lead to flatter organizational structures. Trust is a two-way street. Duchene advises that Gen Z should also work on building trust with employers by embracing constructive criticism and viewing failure as a learning opportunity. There are currently five generations working shoulder-to-shoulder in the American workforce, with the Gen Z slice of the pie only growing. For any organization looking to secure and retain top talent and build a healthy and engaged workforce, it's going to be crucial to understand and account for the desires and priorities of the younger generations in their compensation strategy. Read the article here:

At Compference24, the blend of tactical and innovative sessions was truly striking. Marc Mullis described the immense value found in practical tactics like reporting techniques and career path leveling as essentials in today’s comp landscape. At the same time, innovative topics and forward-thinking HR practices also took center stage — from unpacking the urgency of modern comp practices to advocating for transparency to customized comp programs that consider the diverse needs of five workforce generations. The balance of tactical and innovative discussions fostered rich insights, driving home the importance of both strategy and execution in comp practices. Take a listen to the whole episode of Comp & Coffee: https://lnkd.in/gUk38ifN And if you weren't able to attend Compference24, you can still sign up to have free access to all the sessions on demand: payscale.com/compference #Compference24 #CompensationStrategy #CareerPaths #InnovationInComp

A coalition led by Pete Stavros, Co-Head of Global Private Equity at KKR, is championing legislative reforms to make employee stock ownership plans (ESOPs) more accessible for larger organizations. HR Brew reports that this initiative, called Expanding ESOPs, includes partners like Deloitte and UBS and aims to enhance wealth generation and reduce employee turnover. ESOPs, established under the 1974 Employee Retirement Income Security Act, allow employees to gain part ownership in their organizations without using their own wages or savings. However, larger orgs often avoid ESOPs due to insufficient tax incentives and litigation risks. The coalition advocates for policy changes that would support "partial ESOPs," where employees own a portion of the org, by adjusting tax incentives and establishing protective guidelines. The potential benefits of ESOPs extend beyond employees. Private equity firms like KKR see these plans as opportunities for higher returns through increased employee productivity and satisfaction. As Joseph Blasi from Rutgers University notes, the success of ESOPs also relies on strong HR practices, such as maintaining competitive wages, ensuring job security, and offering short-term incentives. Ultimately, the goal is to make ESOPs more accessible, particularly for frontline workers, enhancing both employee engagement and business performance. Read the article for more:

Elaina Van Kirk, PHR shared on a recent episode of Comp & Coffee about the excitement of engaging with a diverse group of industry leaders. Our Compference24 event offered invaluable insights into the nuanced world of compensation across different organization sizes — from large corporations to smaller enterprises. Engaging with fellow professionals was a highlight, providing a rich tapestry of perspectives. Why is this mix of insights crucial? It reflects the importance of broad, inclusive discussions in shaping compensation strategies that genuinely cater to various business needs and workforce expectations. Whether you're working within a big comp team or navigating the challenges solo, events like Compference24 help in broadening horizons and challenging conventional wisdom. Tune in for the full episode: https://lnkd.in/gUk38ifN Were you at Compference24? What were your key takeaways? If you weren't able to make it live, we've got you covered! Sign up for free today to get access to all the sessions on demand: payscale.com/compference #Compference24 #CompensationStrategy #PayTransparency

Modern HR needs to redefine its role from merely implementing business strategies to becoming a staunch advocate for employee interests. An insightful piece from MIT Sloan Management Review comments that during the pandemic, "all the big issues were HR issues," but now, fours years later, "HR is asked to return to its traditional role of bridging between what business leaders insist on and what will keep the workforce at least partly happy." Instead of this return to the traditional role, imagine HR's role as a Venn diagram where one circle represents business goals — market share, product innovation, and efficiency — and the other represents employee needs, such as fair wages, meaningful work, and a supportive environment. These circles overlap, and it's within this intersection that HR can truly thrive. The goal is to expand this overlap, aligning business success with employee satisfaction. This means creating programs that enhance team dynamics, fostering environments where employees can excel, and ensuring leadership is equipped to support their teams effectively. By understanding and advocating for the essential conditions of human flourishing, HR can unlock greater levels of performance, innovation, and productivity. Read the article here: https://lnkd.in/gNTmDnsR

With five generations now sharing the workplace, each comes with unique perspectives and expectations. In the the latest episode of Comp & Coffee, Marc Mullis discussed how Millennials, once a focus of concern, have enriched workplaces with fresh ideas — and Generation Z is poised to do the same, emphasizing the need for incentives, professional development, and a strong cultural fit. Base pay is a given, but the broader cultural and developmental aspects of compensation packages play a crucial role in retention and satisfaction. For example, Gen Z prioritizes incentives and growth opportunities. To thrive, organizations must innovate. Compensation structures that align with these emerging trends can significantly influence organizational culture. By embracing diverse thoughts and developing innovative compensation plans, we can shape org cultures that not only attract but retain top talent. How is your organization adapting to the needs of a multigenerational workforce? Listen to our conversation on this topic today: https://lnkd.in/gUk38ifN If you missed Compference24, we invite you to sign up for free today on our website to watch the sessions on demand: payscale.com/compference #GetPayRight #CompensationStrategy #GenZ #CulturalTransformation

A recent survey by Robert Half reveals that some employers are willing to offer up to 20% more in salaries to new hires who commit to in-office work. The findings highlight that two out of three managers express readiness to increase pay for those willing to return to the office. Interestingly, 59% of these employers are prepared to pay this premium for employees who work in the office four to five days a week. While this approach aims to meet candidates’ pay expectations, Robert Half advises that employers should also consider a holistic evaluation of their compensation packages, including benefits and work-life balance opportunities. The trend aligns with broader industry movements, as research indicates that a growing number of organizations — including major players like Amazon — are implementing return-to-office (RTO) policies. However, it's crucial to recognize the potential challenges, such as talent retention issues, as highlighted by a Resume Builder report where 80% of employers noted talent loss due to RTO policies. As the conversation around RTO continues, it's essential for orgs to weigh the benefits of in-office work against the potential costs and explore flexible solutions that address the diverse needs of their workforce. Read the article here: https://lnkd.in/gyZsDMey

The latest episode of Comp & Coffee is out, and in it we're joined by some brilliant guests to talk all things Compference24! Payscale's Ruth Thomas, along with industry experts Marc Mullis from Payformance Partners and Elaina Van Kirk, PHR from Exude Human Capital, share their experiences and key takeaways from Compference24. They highlight the theme of clear communication and innovative approaches to managing compensation — both vital in today's rapidly changing workforce. They also cover pay transparency, innovative compensation strategies, and the essential role of data in effective compensation planning. Other key topics include: - The balance between tactical and innovative compensation strategies - Effective data usage for making informed compensation decisions - Enhancing manager influence on equitable salary growth - Navigating the intersection of transparency and trust in pay communications Whether you're a seasoned HR veteran or a newcomer to the field, the conversation offers valuable insights that will help you and your organization not only adapt but thrive in the modern compensation landscape. Don't miss out; tune in to explore how to #GetPayRight. Catch the full episode here: https://lnkd.in/gUk38ifN #CompAndCoffee #Compference24 #CompensationStrategy