So how do you effectively attract the best talent in the market? What should you do to retain your top talent? Payscale’s Director of Talent Acquisition, Emily Kent, and Sr. Manager, HR, Tim Douglass, will be answering these questions and more. Register now and find out what you can do to recruit, and keep, the best talent for your organization.
6. 2023 CBPR Highlights
• 49% of orgs say compensation and retention will be a higher priority
investment in 2023
• The average total turnover rate for organizations in 2022 was 26%
• 60% have experienced higher voluntary turnover, labor shortages, or trouble
attracting and retaining talent in 2022 than previous years
• 35% of orgs cite compensation as most to blame for labor challenges in 2022
• 55% of orgs view quiet quitting as work/life balance and are not concerned
about it
Source: 2023 Compensation Best Practices Report
9. Brand
The talent lifecycle starts before you ever
have a conversation with a candidate…
• Careers page
• Job descriptions
• Social Media
• DEIB initiatives
• Job posting pages
10. 10
Poll: What is the top-most mentioned factor in
candidate feedback when assessing the overall hiring
experience?
A. The role and responsibilities
B. Compensation and benefits
C. Interactions with recruiters
D. Interactions with interviewers
11. Recruitment and
Hiring Experience
• Alignment with the business
• Balance time, cost, and quality
• Consider entire employee value proposition
• Job descriptions
• Go beyond the skills: compensation,
benefits, expectations etc.
• Interviews
• Be prepared. It's a two-way street
• How are you selling them, while making sure
they are right for you?
• Ask the good questions
• Be transparent- give honest feedback
12. Values Alignment does not equal Culture Fit
“Culture fit” can be “blurry” and hard to define – often described as a feeling or a
vibe.
Values alignment is best measured via specific examples of behavior; for
example:
1. Demonstrating empathy or customer focus (Customer First; customer centric)
2. Overcoming obstacles (Respect every individual, work as a team)
3. Taking initiative (Bias for action)
4. Being solutions-oriented (Commit to excellence)
5. Admitting failure (Humility)
13. Offer
• What makes up an offer:
• Compensation
• Benefits
• Tangible
• Intangible
• How do you communicate
the offer?
• See and show the value
beyond the number/base
salary
14. Compensation will always be very important in the
hiring process…
What can you do to be competitive?
Offer competitive rates
determined with fresh
market data
Annual bonuses,
signing bonuses, and
stipends
Provide stock options Cover various
employee/office
expenses
15. Benefits
BEFORE NOW
OLD HOT BENEFITS
• Healthcare
• Remote Work
• Flexible Hours
• Unlimited PTO
• Free Lunch
NEW HOT BENEFITS
• Healthcare (Employee pays nothing!)
• 4-Day Workweek (Time as Benefit)
• Volunteer/development time
• Remote Work Stipend
• Wellness Stipend
• Cash Bonuses
• Stock / Equity
• Paid Retirement
• Diversity, Equity, Inclusion, Belonging (DEIB)
• Corporate Responsibility (Environment)
• Ethics, Values, and Progressivism
• Agile Recruitment Processes
• Childcare
17. Onboarding
The talent lifecycle does not stop after an
offer is accepted…
• Have a clear onboarding plan
• Company
• Team
• Job
• Set new hires up for success from the
beginning
• Continue relationships built in the early
stages of the talent lifecycle
• Ensure values are present in the onboarding
process
19. 19
Poll: What is the main cause of turnover in your
organization?
A. Compensation
B. Competition/Better Opportunities
C. Company Culture/Values
D. Career Advancement
E. Manager Relationship
F. Burnout/Worklife Balance
G. Other/Unsure
20. Engagement
In order to keep turnover rates low, and
employees happy, engagement is key-
• Measure engagement and receive
feedback
• Create open lines of communication
• Generate opportunities
• For interaction with leadership
• Career growth
• Learning and development
• Be transparent
21. The pay transparency continuum
Most organizations target being a Level 4, meaning they aspire to train managers on sharing pay
ranges and how data informs salaries with individual employees.
22. 22
What can you do
to retain your
employees?
Reward your employees for a job well done
Emphasize and promote work life balance
Be flexible where you can
Communicate regularly with employees
Correct pay inequalities and focus on pay
equity
Reinforce company values
Increased employee engagement programs
23. Development
Development opportunities can look
different from organization to organization,
here are some to consider…
• Defining career ladders
• Discussing promotion trajectory
• Creating stretch assignments
• Provide learning opportunities
• Focus on skills
25. Choose data sources that reflects
the market & your competition
around the world
Leverage Payscale data and/or
manage and participate in third
party surveys.
Understand Competitive Market
& Determine Data Strategy
Benchmark jobs at scale in alignment with
your pay strategy
Develop your job architecture that supports
the complexity of your entire organization
Reporting makes it easy to make pay
decisions but budget in mind
Benchmark Jobs and
Create Pay Structures
Communicate total compensation internally by securely
delivering customized compensation statements
Confidently develop competitive salary ranges in line
with your strategy for external transparency
Communicate Compensation
Internally and Externally
Facilitate Collaborative
Compensation Planning
Rapidly build, standardize and
maintain job descriptions to ensure
accurate and consistent pay.
Understand Employees Jobs
Complete Pay Equity Analysis
The Payscale portfolio supports you through the entire talent lifecycle
HR Market
Analysis, Employee
Reported, Peer
Payfactors,
MarketPay
The fair pay
journey with
Total Rewards
Statements,
Payfactors,
MarketPay
Automate the merit cycle including HR,
Comp and front-line management teams,
empowering more meaningful pay
conversations
Enforce budgets, strategy and timelines
from a single location
Compensation
Planning
Pay
Equity
Understand representation and statistical
pay gaps within your organization
Complete remediation planning based on
your budget
Compensation
Philosophy and
Strategy
Job Description
Manager,
MarketPay Jobs
Powered by
JDXpert
Develop an internal philosophy that
creates consistency in how pay
decisions will be made
People are still quitting their jobs, moving, making bold decisions, certain amount of risk involved with predicting the job market.
Hiring in conjunction with layoffs- folks still leavingUnemployment is lowUnique landscapes and labor shortages
Quiet quitting
Performance management is out of scope for this- potential to touchLook at all of these stats so much more important to get the right talent
Up from 24% in 2021 (second bullet)
What does it take to land a new hire? To get an offer accept?
75% of job seekers consider a company's employer brand before even applying
Hot trends that we are seeing/updated CBPR data
From passive to active attraction. Not just recruiters, everyone has to be on the same page of people are the most important factor
TalentMind set at the company-
Consider entire employee value proposition: why do ppl want to work here, what do we offer
Seamless, simple recruiting process
Use innovative techniques
Encourage referrals
Active community presence
Chances are, if you have something great to offer, there's buzz about it. ---> Social Media can cause things to go viral, online reputation really matters
*Social/political climate really ignited something in employees and job seekers alike. Diversity & inclusion is no longer a plus, it is a requirement.
Depending on how your organization's values, ethics, etc align with job seekers', that can really impact the trajectory of your talent growth.
Part of attracting talent is closing the deal. Comp will always be a huge factor but hopfully since the beginning of the lifecycle you have been transparent and you don’t have to sell them on the comp you are selling them on the the comp at your company
Chances are, if you have something great to offer, there's buzz about it. ---> Social Media can cause things to go viral, online reputation really matters
*Social/political climate really ignited something in employees and job seekers alike. Diversity & inclusion is no longer a plus, it is a requirement.
Depending on how your organization's values, ethics, etc align with job seekers', that can really impact the trajectory of your talent growth.
Own your decisions and make sure your programs/compensation support your decision and folks can decide what they want to do when they go through the process. Remote work stipend/resources/transparency to support what you are doing, don't waffle- you should know what you are doing and have defined your stance and the trade offs- your competition has.
What levers can we pull, what speaks to the candidates we want to attract?
Mission/value driven companies is a big ask in job seekers and new employees
How do we reassure and firm that a person has made the right choice and is set up for success?
Timeline of engagement/feedback, do you do exit/stay interviews
Tie in grass is greener statistic
(Majority of companies are below level 3 is a key point)
Base pay is often the "go to" retention strategy but if you don't have the budget for it, or when it's simply not enough.there are some other popular strategies we can tap. Philosophically I think if raising pay is the only way to retain an employee who might leave for another company, you are still at-risk of turnover even if you raise pay. To really engage employees, we have to start thinking about some intangibles like flexibility in work location, transparency about career progression opportunities, etc. *Hearing from a lot of companies that career pathing is a popular conversation. You'd be surprised how few companies have that established and are sharing what growth looks like. People are hungry for advancement opportunities – not just for money, but for purpose. This does become more difficult depending on the industry or segment of your workforce we're discussing so I do want to acknowledge ...
Create brand ambassadors/evangelists
Manager, career advancement can be handled if you have good process for promotion and internal engagement. Alumni networks- may be out of scope. How people handle exits. In attraction section- referrals, but also boomerangs and exit interviews- never burn a bridge.