NFP Compensation Insights | May 2023
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Keeping Compensation Programs Competitive and Equitable
The war on talent persists as organizations struggle to attract, motivate and retain their employees. The recent focus on pay transparency and equity are adding a new level of complexity to the mix. Companies are trying to figure out how to keep compensation programs competitive, yet fair and equitable while also juggling budgetary concerns and business performance issues overall.
This topic is the focus in this edition of Compensation Insights. In our featured article, NFPCC discusses some of the best practices companies can adopt to achieve and maintain competitive and equitable compensation programs. We hope you find this information helpful as you think about your attraction and retention strategies. Don’t hesitate to reach out to NFPCC for expert guidance through your compensation review or pay equity analysis.
By Madison Lewis
Routine compensation reviews, particularly for a whole company population, aid in assuring the organization is offering competitive compensation packages that can attract and retain top talent. By regularly reviewing compensation, employers can identify areas where their compensation packages may be falling behind those of their competitors or where they may need to adjust salaries to keep up with changes in the labor market.
Pay Transparency Requires Leaders’ Commitment
Human resource executives should be aware that 95 percent of companies surveyed by The Josh Bersin Co. have not developed an advanced pay equity practice, even though such practices can effectively close unfair pay gaps among workers who have similar education levels, experience and performance ratings and do similar work.
2023 Best Compensation Practices Report
With an increase in pay transparency laws, inflation, and pay equity concerns, employers need to be confident in their pay decisions. Payscale’s 14th annual Compensation Best Practices Report (CBPR) offers valuable insights into current compensation management practices with visual charts and insights to help.
NEWS & UPDATES
Need Guidance with Shareholder Outreach?
Our Say-on-Pay specialists are ready to assist you in educating investors about the strategy and reasoning behind executive compensation plans. A properly structured outreach plan can ensure positive voting outcomes and strengthen your governance practices overall.
