How Pay Transparency Helps You Win the War For Talent in 2022 (and Beyond)
Watch a lively discussion between Compa CEO and Co-founder Charlie Franklin and HR rockstar Susan Lovegren. This is a great opportunity to learn more about the shifts in pay transparency as the role of Talent Leaders has a new kind of influence and impact on the success of a company.
Watch the video to see an open conversation about:
- The “War for Talent” - how we got here & what's next for 2022
- The future of HR/comp/talent
- How to use openness as a competitive advantage
About the Speakers
Webinar TLDR
The conversation highlights why pay transparency is a critical component of the employee journey that helps people leaders attract and retain top talent.
That's everything from bonuses, benefits, commission, comp structure, how performance is measured (or isn’t measured), and giving your people a clear understanding of what they can expect when they join your company.
And it’s becoming more and more important…so much so that states and cities across the country are beginning to mandate pay ranges in job postings.
If you think about everything that’s happened, pre-pandemic, post, and during the pandemic, all of these things (e.g. the normalization of remote work, labor shortages, etc.) have added pressure into the system. Which means Talent Leaders who embrace pay transparency will improve the chances of securing and retaining the right talent in a company.
The evidence is overwhelming:
- According to HR Morning, 79% of people are more likely to apply for a position that lists the salary range
- The Pew Research Center states that 63% of people who quit a job in 2021 did so because the “pay was too low” and there was “no opportunities for advancement”
- More recently, Microsoft even announced it would disclose salary ranges in all U.S. job postings by early 2023
That’s why pay transparency shouldn’t be ignored (not if you want to beat your competitors).
Because what used to be a pit-stop on the employee journey - is now a critical junction. It ensures that candidates as well as existing employees understand your compensation package thoroughly (because nobody cares more about compensation than them). It helps them feel valued. And it’s a major factor in retaining top talent.
In 2022, the writing is on the wall: get on board, or get left behind.
Salaries, Open Conversations & Increased Flexibility
The comp culture is shifting amongst the Gen Z millennial population toward two things: starting salary and increased flexibility.
These are of utmost importance because recent economic challenges have made the road ahead unclear, and uncertain. Unlike the old days, people these days have a pretty good understanding of what other people in the office are making (before they even interview).
So there's a sense of fairness in the War for Talent that hasn’t manifested quite like it has now, in 2022. One where people voluntarily disclose their pay.
And even more shocking… candidates are showing up to job interviews with more data than the interviewer.
So how can you be ready, stay ahead of the curve, and win the Talent War in 2022 and beyond?
