It’s becoming more common for employee resource groups to voice their concerns about internal pay equity. Over the last year, we have been getting more calls from leaders either responding to requests or proactively doing their due diligence to ensure they are rewarding their people equitably.
Recently, I was working with a General Counsel who was tasked with putting together an analysis of the pay for their top five leaders in preparation for their annual Board Meeting. As pay equity regulations trend towards increased levels of transparency and as organizations respond to the COVID-19 impact on the US economy, it is no surprise the Board wanted to take a closer look at their executive pay.
A frequent question our clients have been asking is what to do with compensation now that their workforce is remote and choosing to relocate.
We’ve had clients say to us, “The younger generation doesn’t understand the value of our benefits package and we’re losing them to slightly higher base salary offers. We know the competition’s total package is not as strong as ours!”
Many business leaders will agree that people are your most valuable asset and while this intuitively makes a lot of sense, organizations still struggle with their human capital strategy. In today’s United States job market, with low unemployment rates, it is important for HR to be a strategic thought partner to business leaders, ensuring that your most valuable asset, your people, are aligned with business goals.
