There are many challenges facing today’s workplace regarding recruitment and retention. Prospective employees demand higher salaries, better perks, and more flexibility, and many companies are adjusting their compensation packages to attract the best talent.
At the same time, these same companies must pay attention to ensuring that their tenured employees receive fair compensation that’s on par with new hires or put themselves at risk of high employee turnover rates.
To retain employees, HR needs a compensation strategy that ensures pay equity across the organization and eliminates pay gaps based on gender, ethnicity, geography, or other factors. Using salary data