The COVID pandemic has created chaos for HR professionals across the board. From layoffs and furloughs to illness and policy changes – HR professionals have been overwhelmed with many different priorities. Now that we are moving towards our ‘new normal’ work pattern, it’s time to address our compensation strategies for the near future and beyond.
Aligning your compensation plan with market conditions at any point in time is critical in the effort to attract and retain a productive workforce. In our present climate, this becomes even more challenging. Some organizations have implemented ‘hero pay’ to reward their staff for staying the course during extremely difficult working conditions. Others have implemented salary reductions in order to keep more staff employed and not lose critical talent. Smart organizations will verify that their compensation practices are in line with the market on a periodic basis, rather than waiting for a significant shift or loss of their workforce.
The best practice in comp planning is to have three data points for each position that you’re incorporating into your organization’s compensation strategy plan. EANE Members can typically find two of their data points from the annual benchmark surveys that EANE and our sister associations facilitate. Through EANE’s partnership with Payfactors, members of all sizes now have access to a reliable third data point.
Historically, smaller organizations have struggled to easily and affordably access the tools and data that positively affect their recruiting and retention strategies. EANE members can leverage their membership benefits with these free and easy resources that help you ensure you’re paying fair market rates and supporting your talent acquisition, employee engagement and retention strategies. Through this Payfactors partnership, EANE members will gain access to salary data for up to 100 job titles for FREE – AND leverage a significant EANE member discount for additional data.
With these resources, organizations of every size can make informed decisions about compensation that will reduce turnover and improve recruiting efforts. Click here for more information about EANE’s complete compensation services which include base compensation, pay grade and salary administration guideline plans. We’re here to help! Need more guidance? EANE’s member hotline serves as an excellent resource where you can speak with an HR professional that has access to a variety of market data to assist you. We are monitoring trends constantly and are happy to help you create accurate benchmarks for your positions.