Pay Matters with David Weaver
Most organizations fail to pay their employees properly — not because they don’t want to, but because they don’t approach compensation with a plan. The compensation landscape is changing rapidly. If you don’t pay your employees what they’re worth, not only will your competitors leave you behind, but you’ll also leave yourself open to legal, social, and political backlash. As an HR professional or manager, how do you navigate the confusing world of compensation? Pay Matters is your go-to podcast for demystifying the art and science of employee compensation. David Weaver and his guests will discuss how to calibrate base salaries, reward programs and enticing incentives so you'll be able to retain your best employees.
Pay Matters with David Weaver
S2/Ep9: How to Cure Pay Compression
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David
Pay compression occurs when new hires are paid more than existing employees in the same role, leading to resentment and higher labor costs. This discussion, based on David Weaver’s article explains the symptoms and causes of pay compression, such as hiring for in-demand skills, long-term employees, salary freezes, and a lack of market adjustments. It also outlines steps to diagnose, and address pay compression, including internal equity analysis, market adjustments, and implementing a pay "wellness" program to prevent future issues.