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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
Entering 2023, the labor market has been extremely tight. If we look at the data from the last quarter of 2022, it paints a stark picture of the gap between available workers and job openings. For example, the latest figures in the US show there were 11.4 million job openings in December 2021 and 11 […]
Written by Rosie Greaves, LaborIQ Staff Writer on February 22, 2023
A recent study on compensation and employee performance shows a statistically high correlation between work quality, attitude, reliability, and the competitiveness of the employee’s salary. But how do HR teams ensure they’re offering competitive compensation? In a nutshell, businesses need accurate labor market and salary data to confidently offer top talent competitive wages and quickly respond to […]
Written by Rosie Greaves, LaborIQ Staff Writer on October 24, 2022
Departments that don’t generate revenue for a business are regarded as cost centers. Typical departments tend to be administrative and support services, of which recruitment is one. However, looking at HR departments this way can be dangerously short-sighted in a landscape where businesses continue to face hiring challenges. In 2022, more than 90% of business […]
Written by Rosie Greaves, LaborIQ Staff Writer on September 27, 2022
In 2023, LaborIQ predicts that companies will need to hire 65 million employees. However, although many global authorities have experienced unprecedented economic volatility this year, the employment market remains ever-competitive. Not least because employees are more fearful of leaving their jobs during periods of economic uncertainty, making for an increasingly tight labor market. So, what do employers […]
Written by Rosie Greaves, LaborIQ Staff Writer on September 16, 2022
Although essential, job satisfaction isn’t just about salary. In fact, studies show that 80% of workers would opt to keep a job with benefits rather than take a higher-paying job with no benefits. Put simply, employee benefits have a significant bearing on staff retention. These stats speak for themselves: 72% of companies increase benefits for retention reasons. […]
Written by Rosie Greaves, LaborIQ Staff Writer on June 7, 2022
We’re taking a dive into HR restructuring and how you can use it to improve the employee experience and retain your employees. Generally speaking, ‘restructuring’ describes the systematic ways a company could improve the efficiency of its organizational hierarchy. For instance, a company may not need two people doing the same job or overlappping tasks. […]
Written by Rosie Greaves, LaborIQ Staff Writer on May 19, 2022
Budget season is now underway for many organizations. Headcount planning is a major factor in developing the annual budget. The primary task of headcount planning is analyzing current employee headcount compared to future hiring needs by line of business, department or project based on the company’s overall goals and strategy. It takes into account the […]
Written by Rosie Greaves, LaborIQ Staff Writer on April 21, 2022
When employees enter a new workplace, a three-month probation period is common. At the 90-day review, managers typically evaluate the employee’s overall performance, productivity, cultural fit, and employee satisfaction. Naturally, this is an excellent opportunity to check-in and encourage the new recruit to keep up the good work. But in some cases, the 90-day review […]
Written by Rosie Greaves, LaborIQ Staff Writer on April 11, 2022
