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Navigating the Landscape of Compensation Data Pay transparency works best when pay ranges are established using trustworthy data sources. Otherwise, pay bands will be unrealistic and push good talent away. Compensation data can vary in terms of methodology, source, and even how data is presented. Some methods have decided advantages in quality, while others in […]
Written by Mallory Vachon, PhD on November 25, 2024
If you don’t have an established comp strategy, or are concerned yours has some room for improvement, don’t worry. This article, and our series on building a compensation strategy, offer insights for small- and medium-sized businesses and HR leaders. If you’re just getting started, or maybe you’re a small team with little bandwidth to implement, […]
Written by LaborIQ on March 28, 2024
This week, we are digging into what makes a good (and not so good) job description. Job descriptions are often the first impression potential new hire has of your company. A poorly written job description can be a turn off for candidates, something most businesses can’t afford in one of the most competitive hiring markets […]
Written by Mallory Vachon, PhD on February 19, 2024
This week, we are digging into LinkedIn’s Jobs on the Rise list. The list includes the 25 fastest-growing jobs in the U.S. over the past five years. This shouldn’t come as a surprise, but many of the jobs on LinkedIn’s list – like Nurse Practitioner, Recruiter and Revenue Operations Director – are among the most […]
Written by Mallory Vachon, PhD on January 26, 2024
This week, in our last newsletter of the year, we are recapping 2023. From an economic perspective, we’ll explore how the labor market turned out to be much stronger than many expected. We dodged a recession, and the economy is on track for a soft landing. Then, we’ll look at how thousands of LaborIQ users […]
Written by Mallory Vachon, PhD on December 22, 2023
Irrational pay may be gone, but wage growth is here to stay Pay bumps for new hires have come down. But wage growth is likely to remain elevated, continuing to impact pay equity and turnover. Big picture: Great Resignation to the present To set the stage for what to expect in 2024, let’s go back […]
Written by Mallory Vachon, PhD on November 17, 2023
Are current market-competitive salaries not aligned with your expectations of what you should pay employees? Or does one of the below situations sound familiar to you ❔ Wild swings in the job market made it impossible to keep pay competitive against competitors. You interviewed many candidates who were a great fit, but you were not […]
Written by LaborIQ Staff Writer on November 1, 2023
In today’s competitive business world, attracting and retaining the right talent is crucial for organizational success, and one approach to this is having a clear compensation philosophy. A compensation philosophy is a plan for how you pay your employees, but this philosophy must also align with business objectives. The significance of a compensation philosophy lies […]
Written by LaborIQ Staff Writer on October 30, 2023
Think back to the last time you ran a compensation analysis for your company. How many of your employees had salaries above or below market rates? Or, are you thinking about running a comprehensive compensation analysis for the first time and aren’t sure where to start? Here are some challenges we see HR teams run […]
Written by LaborIQ Staff Writer on August 29, 2023
Compensation benchmarking data is an essential tool for planning and developing fair and competitive pay practices that inform talent strategy, hiring plans, budgets and facilitate continuous improvement in pay practices. For those of you leveraging compensation data, but still losing employees and job candidates because of pay, it might have to do with your […]
Written by LaborIQ Staff Writer on August 18, 2023
