Developing a Compensation Philosophy and Determining Market Rate - With Andrew BartlowSep 15, 2022
Check out my Free Legal Workshop: 4 Mistakes You Are Making That Lead to Employee Lawsuits - (Sign up HERE).
The war for talent is more competitive than ever before. How do you determine the “market rate” for workers, and how do you attract and retain a team without burning more cash than necessary? Most organizations just guess, or use a limited set of data points. Others ask their HR leaders to benchmark compensation. However, many HR professionals don’t have expertise in this area, and may not even know where to get started.
In this episode, my guest, Andrew Bartlow and I are talking about how HR and businesses can develop a compensation philosophy, understand pay transparency tradeoffs, determining market rate and accelerate their efforts in this critical area to support your business.
Here are the timestamps for this episode:
[6:40]: Finding the “Goldilocks zone” and why pay transparency can be a double edge sword.
[10:40] What should employers share with employees to create pay transparency
[13:00] what is distracting to employees when disclosing benchmarking data
[17:05] How companies can begin the benchmarking process
[21:05]: How to match your organization’s jobs with benchmarking data
Connect with Karly Wannos
Retain an employment lawyer, mediator or investigator at The Wannos Law Firm, PA
Follow Karly on Facebook, Instagram and Linkedin
Join our Private Facebook Community for HR and Businesses
Sign up for my Newsletter on employment law and management topics here.
Connect with Andrew Bartlow on Linkedin and People Leader Accelerator
Get Andrew's Book Scaling for Success here.
LETS WORK TOGETHER:
Visit The Wannos Law Firm, P.A.
Schedule a consultation here.
HR TRAINING COURSES
Mastering Employment Law Concepts: Learn More Here.
ADA: The Complete Course: learn everything you need to know about the Americans with Disabilities Act, to ensure you comply with the law! Check it out here.
Sexual Harassment Course for Managers. More Info Here.
Step-By-Step Guide to Investigating a Sexual Harassment Complaint: Download here.
The Employer's Termination Checklist: A Guide to Terminating an At Will Employee and Avoiding Retaliation Claims. Download Here.
Rate, Review & Subscribe on Apple Podcasts: Please consider rating and reviewing the show. This helps me reach more businesses and provide best practices on issues affecting the workplace.
For informational purposes only. This information does not constitute an attorney client relationship and is not legal advise. Consult with an employment lawyer in your jurisdiction before making any important business decisions.
Free Legal Workshop
that Expose Your Company
to Employee Lawsuits
(And How to Avoid Them)
In this FREE Legal workshop, I'll show you the step by step strategy to making sure you have the proper procedures in place to best protect your company from lawsuits relating to your employees.