Month: June 2024

Simplifying Pay Bands with LaborIQ: A Step-by-Step Guide

Navigating the complexities of establishing pay bands can be overwhelming, especially if you’re just starting out. The are many factors involved, but it doesn’t have to be difficult. Starting simple is key especially for those HR teams that are building formal pay bands or establishing structures for the first time.   The best way to […]

Written by on June 26, 2024

Crafting Compliant Pay Bands: A Strategic Approach

Now that you understand why pay bands have become such an important part of HR, let’s look at the factors that go into building one. Most HR professionals struggle building pay bands because they don’t know where to start. And it’s easy to see why the idea of pay bands is overwhelming – there are […]

Written by on June 17, 2024

Understanding Pay Bands in Compensation Structures

If you haven’t created them already, you’ve seen an explosion in the use of pay ranges in job postings, interviews, and compensation strategy planning.   Because of the recent adoption of pay transparency laws, along with employee demand for clarity around pay, businesses are opting to formalize their pay structures and philosophies with established pay […]

Written by on June 17, 2024

May Jobs Report Is the labor market as strong as headline numbers suggest?

This week, we are breaking down the latest “First Friday” jobs report. Hiring smashed expectations in May, with U.S. businesses adding 272,000 new jobs. The unemployment rate ticked up to 4%, marking the first time we’ve hit that symbolic level since January 2022. Average hourly earnings also increased by more than expected. Wages grew by […]

Written by on June 7, 2024