LaborIQ

Why should you consider running a now?
External and internal factors cause pay gaps to continue to widen:

▶External factors: , interest rates, cost of living, increased competition

▶ Internal factors: off-cycle raises to prevent employees from leaving, above-market counter-offers to hire new talent and backfill roles quickly, discretionary bonuses – - the list goes on

Benchmarking salaries in advance of budget setting allows you to strategically plan for adjustments that align with today’s market conditions.

Being proactive with compensation will position your company to close pay gaps, reduce the risk of voluntary turnover, and make progress toward a fair and equitable compensation strategy.

Doing nothing can morph into a troubling cycle that grows year after year. And if you had salary discrepancies before, imagine what that landscape may look like now or in the future.

We know the time it takes to conduct a compensation analysis and we want to help. We have created a three-step Compensation Analysis Template with all the calculations built in.

Download 👉🏼https://laboriq.co/hubfs/LaborIQ%20Comp%20Benchmarking%20Template.xlsx

Join us tomorrow at 11 AM CT with Jay Denton, Chief Analyst at LaborIQ, and Mallory Vachon, Ph.D., Senior Economist at LaborIQ as they provide actionable insights into navigating the labor shortage and compensation demands of 2023.

Katie Coleman, Product Marketing Manager at Circa will provide some “must-have” resources that are essential to any recruiter’s outreach strategy including ways to amplify your diversity recruiting efforts.

Register today: https://hubs.li/Q020R0vy0

For those of you leveraging data, but still losing employees and job candidates because of pay, it might have to do with your data source.

The methodology used to benchmark salaries can give you a different insight into what it takes to attract and retain employees.

Methodology matters when it comes to your compensation benchmarking software and your best approach is to leverage robust data sets that are brought up to date through economic forecasting and data science.

Knowing the rate to offer is critical for all of your roles, and having to do guesswork is both time-consuming and risky.

What to look for in your data source:

☑ Robust and comprehensive data sets that are based on tens of millions of salary observations across industries and locations that are validated by actual paystubs. This removes the bias of small sample sizes but still lets you customize the results by industry.

☑ Time-adjusted, or aged, data based on changes in the economy and labor market. By definition, salary surveys lag due to the timing of collection and depending on when the employee last had a pay adjustment. Leverage expert forecasts rather than making assumptions or using out-of-date salaries from other providers.

☑ Specific salary recommendations based on attributes of job requirements. This is the biggest gap missing from almost all compensation benchmark providers. Having an up-to-date range of salaries is a plus, but you still need to know the exact amount to offer a new hire or for merit planning. Broad ranges still leave you guessing.

☑ Ability to have your jobs added if they are missing so that all of your roles get benchmarked. For jobs less prevalent in certain industries or locations, traditional surveys, and other sources often will not include them. Leveraging data science helps provide answers for job titles that are not as common.

What would you add?

The State of Employee Retention 2023 survey is now live, and we'd love your input. The survey only takes a couple of minutes.

https://bit.ly/employee-retention-survey

We have some newcomers to the top searched last month, but and remain at the top of the demand list.

This Baby Boomer grew up at a time when men worked in an office at least eight hours a day; sometimes seven days a week. Later, women joined the in-office workforce while bearing the bulk of the housework and child-rearing responsibilities. Working remotely was not on any company’s planning board.

Then the Pandemic hit in 2020 and it let the proverbial “genie out of the bottle”, requiring almost everyone to work from home. Read more about this CEO’s change of heart . . . https://lnkd.in/gkwF5upH

These were the top states for in March. The most populous states top the charts in hiring totals, but on a relative basis, smaller states had impressive labor market activity.

We've seen steady demand for HR, Accounting and Operations roles since the first of the year. Now Marketing takes its place in the top 5 of the most searched titles.

LaborIQ is pleased to share the news of a strategic commercial partnership with Circa. 📰http://prn.to/41zCXzj

Compensation matters in attracting top talent to your company, as it plays a significant role in , value recognition, , and reputation. By offering a competitive compensation package, you can attract the best candidates and maintain a competitive edge in the industry.

Is your compensation program competitive and aligned with the company goals?

Here's a look at some of the most in-demand across industries 👇🏼

✔ HR
✔ Operations
✔ Accounting
✔ C-Suite
✔ Marketing