May 2, 2017 · 4:00 am
PayScale has produced its 8th annual in-depth report on compensation best practices: Comp is Culture. If you have anything to do with paying people – so, that’s virtually every manager, everywhere – reading this report will be well worth your time. Even though I’m not an HR professional, much less a compensation professional, I found it fascinating. Especially the impact that compensation practices have on organization culture.
The report is based on responses gathered in November and December, 2016 from 7,700 respondents, of which 5,136 were in the U.S. and 641 in Canada (as well as respondents in Australia, India, South Africa, the United Kingdom, and others);12% were Enterprise organizations’ (5,000+) employees, 13% Large organizations’ (750-4,999) employees, 29% Mid-sized organizations’ (100 – 749) employees, and 46% Small organizations’(1-99) employees.
Not surprisingly, the report identifies the following ass the biggest talent- and culture-related challenges in 2017:
- Finding and growing great talent
- Employee retention/engagement – large number of retirements anticipated in 2017 as well as continued millennial job-hopping
- Competition from younger stage tech startups
- Hiring and retaining the right employees in the face of high growth
- The fierce talent competition shifting the balance of power to candidates
- Improving company culture and fighting attrition for newly trained employees
The picture here is clear: the war for talent hasn’t abated. In fact, in may just be beginning in earnest.
As it relates to pay practices and culture, the PayScale research found the following:
- When it comes to pay, only 20 percent of employees said they were paid fairly, whereas 44 percent of employers said that their employees were fairly paid.
- In a similar vein, employers were significantly more inclined to say their employees were appreciated at work (64 percent), whereas only 45 percent of employees said they felt appreciated at work.
- A question around pay transparency revealed more of the same – 31 percent of employers said their company had a transparent pay policy, whereas only 23 percent of employees agreed.
There are a number of discussions and supporting graphs to keep even the most nerdy among us engaged, but these discussions and graphs are also easily understood and the information flows simply and logically. There’s a lot here, and it’s all good.
Being focused on all things relating to organization culture and leadership’s impact on it, I found the following chart very interesting:
There are two points here that are worth pondering if you think the data might apply to your organization:
- The percentage of respondents in both the employees and employers categories who agree or strongly agree on all five statements is higher than might be expected, with the exception of the final statement.
- Only one statement has a higher percentage of agreement from employees than from employers – and it’s the statement about the state of the employer/employee relationship. Employees report that their relationship with their manager is stronger than the managers report. With rising turnover and many organizations struggling to increase retention, who saw that coming?
This report covers the waterfront in terms of compensation practices, their impact on culture, and employees’ perception of many of the aspects of their pay. There are a number of surprising nuggets of information that could impact your organization’s compenation practices. It’s not an easy read, but it’s a good read. I recommend you spend some time with it.
Filed under China Gorman, Compensation, Culture, Data Point Tuesday, Employee Experience, Employee Satisfaction, HR, HR Data, PayScale, Performance Management
Tagged as China Gorman, Compensation, Cuture, Data Point Tuesday, Employee Experience, Employee Satisfaction, HR, HR Data, PayScale, Performance Management
April 18, 2017 · 4:30 am
I came across this fascinating white paper from SilkRoad the other day. The Big Shift Puts Employees First: HR Transforms from Processes and Transactions to Employee Experiences, is the 2017 contribution to their annual State of Talent reports. This shines a light on how the HR tech conversation has switched from tech to employees. The paper opens with this: ”More than ever, today’s CEOs recognize the tremendous competitive advantage in a workforce that’s highly motivated, excited and tightly connected to business goals. Building a powerful workforce strategy remains front and center for HR teams.”
White papers are, by their nature, primarily marketing documents. The data are collected and analyzed in a way that put a positive light on the vendor/purveyor who commissions the study and report. There appear to be robust data behind this analysis with the use of results from 8 surveys (including one from an analyst firm), fielded throughout 2016, from1,335 respondents in HR leadership positions, It’s a vendor white paper, to be sure, but one of the more interesting I’ve seen.
The topics covered in the report include the following:
State of Talent Strategy
State of Talent Technology
State of the Employee Experience
State of Talent Acquisition and the Candidate Experience
State of Onboarding and the New Hire Experience
State of Talent Development and the Employee Experience
State of Analytics and Technology
State of HR
Top Five Talent Trends
Don’t let this long and timely list deter you from downloading the report: it’s a compact 30 pages full of graphics and survey data. You can read this in under 30 minutes – and you’ll be smarter for it. These are critical topics for HR leaders and professionals in all industries – all over the world.
Introducing the first chapter, The State of Talent Strategy, 4 disruptors are identified that set the stage for the interesting data and discussions that follow:
Disruptor #1: Dissatisfaction with HR Technology
Disruptor #2: Continuing pressure to improve business outcomes
Disruptor #3: Changing workforce, multiple generations
Disruptor #4: Differentiation to attract talent
And then the following chart really kicks things off:
These data points then lead the fascinating analysis and discussions that follow. Even keeping in mind that this is a marketing document, it’s extremely well done and brings to light some important (and maybe surprising) shifts in focus and strategy that leaders (not just HR leaders) are contemplating.
You may not agree with all of the conclusions. And you may not have budgets to move forward in all – or many – of these areas. But the findings are fascinating and worthy of further exploration. Download the report here and have at it.
Filed under Big Data and HR, Brandon Hall Group, Candidate Experience, China Gorman, Data Point Tuesday, Employee Engagement, Employee Experience, HR Analytics, HR Data, HR Tech, HR Technology, HR Trends, HRM Technology, SilkRoad, Workplace Strategies
Tagged as Biig Data and HR, Brandon Hall Group, Candidate Experience, China Gorman, Data Point Tuesday, Employee Engagement, Employee Experience, HR Analytics, HR Data, HR Tech, HR Technology, HR Trends, HRM Technology, SilkRoad, Workplace Strategies