While many employees will stay (within reason) in a job for experiential factors over transactional ones, they often must decide to look outside when pay practices do not keep up with the market and industry standards.
How We Help
We keep up to date on our research, the national, state, and industry norms, and pay practices. We also look at adequate pay for performance plans, wage and hour classifications, equitable pay practices, competitor pay, and variable compensation strategies.
Some states are implementing minimum expectations on pay practices and benefits. We stay updated with new legislation applicable to where your employees live and work.
For instance, New York enacted a new law as of November 1, 2022, called the Pay Transparency Law, whereby covered employers must disclose salary ranges in their advertisements rather than waiting until the applicant asks for the pay range or at the time of offer. This mirrors, or is similar to, what more states require.
Building a strategy to be competitive in your pay practices is more important than ever, particularly when you must openly advertise position pay ranges before negotiations with qualified applicants take place. Moreover, capturing the whole picture of transactional and experiential factors that make people want to work for your company is best.