Compensation strategy is so critical right now. Higher pay, fair pay, equitable pay, and pay transparency are increasingly expected by talent. Organizations need to push the boundaries on what it means to be strategic about compensation by embracing a mindset of continuous compensation with near real-time data and the right mix of people, processes, technology, and data to support strategic programs and innovations.
Compensation strategy is central to talent acquisition and engagement
For those managing compensation at organizations, it’s imperative to make a strong case to leadership that the business needs to invest in compensation strategy, with a process that maintains or continuously rebuilds the organization’s compensation maturity so that strategic programs such as pay equity analysis, pay transparency, and pay-for-performance are attainable and maintainable.