Do the Work: Proactive Employers Retain Talent

With inflation at a 40-year high, employees are feeling the pressure and speaking up about pay. Coming out of the pandemic, faced with the Great Resignation and now inflation, employers are asking, “What do I do?” 

Companies need to decide what is right for their organizations and take a thoughtful approach to the market in order to be informed and make the right pay decisions. 

Now is a good time for organizations to review if salary structures align with the labor market and can attract top talent. Organizations should consider if current budget dollars recognize top performers.

Where to Start to Retain Talent

Employers need to research to find any weaknesses and see what they are doing right. HR professionals should start by working with leadership to establish a pay philosophy or revisit their pay philosophy to ensure it supports transparency. Organizations will go a long way in retention and recruitment by market pricing their jobs, reevaluating their salary structures and ensuring managers understand how compensation decisions are made.

Organizations need to take a proactive approach to ensure pay across the organization is fair, equitable and remains competitive in the marketplace. Such practices establish a good foundation that allows organizations to communicate to employees that they’ve done the work  and here’s the plan. 

Just remember, compensation is never done, and we should always be doing the work. 

People Performance Resources, PPR, works closely with our clients to formulate a strategic direction for their compensation programs and develop a compensation framework that helps achieve their business objectives.