Many forces are coming together to accelerate the pace of change in the workplace. We’re now in an employee’s market where workers have choices in terms of where they commit their time and talent. Meanwhile, the makeup of the workforce is shifting; by 2025, Millennials will make up 75 percent of the global workforce. This is a generation that desires frequent feedback and pay that appropriately reflects their performance.
Is your organization ready for these changes? Do you have a compensation strategy that allows you to stay nimble? Choosing the right salary structure has an outsized impact on your ability to be agile and responsive. Join Marc Mullis – experienced HR executive and founder of Payformance Partners and Alex Armstrong – product leader at PayScale for a conversation on what it means to create an agile compensation plan. Topics discussed include:
- Workforce trends that impact compensation in 2020
- The limitations of traditional grade-based structures
- The advantages of implementing a pinpoint pricing structure (also known as job-based pay ranges)
- Real world examples of why comp teams have moved to job-based pay ranges
We will also demo how PayScale MarketPay supports the administration of job-based pay ranges.