Many forces are coming together to accelerate the pace of change in the workplace. For one, employers have lost their power. We’re now in an employee’s market where organizations fight tooth and nail to get top talent. Thanks to the rise of salary information sites, employees know how much they’re worth in the market and they’re not afraid to demand a fair wage.
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 increases that appropriately reflects their performance. Additionally, technology has made it easy for workers to work from anywhere and for organizations to hire talent globally and on-demand.
It’s now more important than ever for organizations to adapt comp strategies that helps them stay nimble. Creating the right pay structure has the biggest impact on your ability to be agile and responsive. Your pay structure can also make or break your culture.
In this webinar, we will discuss:
- What it means to create an agile compensation plan that meets the changing needs of your workforce
- The limitations of traditional grade-based structures
- The advantages of implementing position-based or job-based pay ranges
- Real world examples of why comp teams are increasing their use of job-based pay ranges
We will also demo how PayScale products support the administration of job-based pay ranges.