Employer of Choice E1: The Elephant In The Room: Compensation
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Employer of Choice E1: The Elephant In The Room: Compensation
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A proposito di questo titolo
- Introduction:
- Hosted by Tom Parks, Director of Retirement Plan Services at Annex Wealth Management.
- Guests: Eric Becher (21 years at Hatch Staffing) and Lori Malett (29 years in recruiting).
- Focus: A series exploring how employers can become an "employer of choice" through topics like flexibility, wellness, community, leadership, and brand.
- Compensation Overview:
- Compensation historically focused on salary but has evolved to include a "total rewards" package.
- Lori: Post-2022 salary spikes (10-30% increases), employees now prioritize the full package (benefits, etc.) over just cash, with this shift evident in 2023-2024.
- Candidates now demand benefits details upfront before interviewing, unlike past decades when benefits were discovered post-hire.
- Changing Dynamics:
- Tom: Compensation acts as a baseline "disqualifier" (e.g., too low = no interest) rather than the sole lure.
- Eric: Employees are savvier, researching market rates online and openly discussing salaries with peers—once taboo.
- Employers now include salary ranges in job postings, a shift from 10 years ago, though detailed salary talks still occur later in interviews.
- Industry and Demographic Variations:
- Lori: Manufacturing (big in Wisconsin) focuses more on hourly wages than benefits, unlike college graduates who seek the full package.
- Eric: Compensation priorities vary by industry and career stage, but market awareness is universal due to accessible data.
- Resources for Compensation Insight:
- Lori: AI tools like ChatGPT provide current, reliable salary data for both employers and employees—updated within six months.
- Eric: Employers share market rates with recruiters like Hatch, giving a broad view of competitive pay.
- Salary Range Flexibility:
- Lori: Ranges are firmer due to internal pay equity—new hires can’t out-earn existing staff to avoid turnover and morale issues.
- Placement within a range depends on experience, project scope, and added compensation like bonuses or commissions.
- Key Benefits Beyond Cash:
- Lori: Time off is the top benefit candidates seek, surpassing expectations of health or retirement perks.
- Eric: Salary becomes less critical if employers effectively showcase their brand and offerings early in the process.
- Employer of Choice Takeaways:
- Lori: Employers should calculate and present total compensation (salary + benefits) in interviews, collaborating with CFOs/controllers.
- Eric: Employees should be upfront about compensation needs early to align expectations and avoid late-stage mismatches.
- Lori: Leverage AI to ensure salaries align with market trends.
- Looking Ahead:
- Series will cover flexibility, wellness (financial and health), and community—interconnected with compensation themes like time off.
- Goal: Help employers stand out by holistically addressing employee needs beyond just pay.
- Closing:
- Guests emphasize proactive communication and market awareness for both employers and job seekers.
- Podcast aims to provide actionable insights for becoming an "employer of choice."
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