What's the buzz? 🐝 HR news from HR experts.
Hey HR professionals! Get ready to uncover the latest buzzwords and trends in the compensation world. We've got you covered with a sprinkle of lightness and a touch of professionalism.
Welcome to the first edition of "What's the Buzz?" 🐝
Want your article or opinion to be featured next? Drop a comment below!
What's trending this month?
- The Big Stay: Why workers are opting to stay put rather than quit
- Think salary transparency will cause outright war among your workers?
- Opaque pay, unclear expectations drive candidates to withdraw applications
Make sure to read to the end to get our best resources.
The Big Stay: Why workers are opting to stay put rather than quit
Say goodbye to the days of "Quiet Quitting" and "The Great Resignation" filling your feed, there's a new term on the block: "The Great Stay."
What is it?
"The Big Stay" refers to a "new phenomenon" where employees are choosing to remain in their current positions, leading to a decrease in resignations and job vacancies. (In this economic situation, it's hardly shocking)
What factors are driving this shift?
Several factors are influencing this change, including news of layoffs, rising inflation, the removal of perks, and budget cuts. Uncertainty in the job market is prompting workers to stay put, while the financial benefits of switching jobs are becoming less appealing.
💡 What can you do about it?
Employees have made their desires clear, emphasizing the importance of work-life balance, purpose-driven careers, and a sense of belonging.
Now is the time to invest in your workforce, nurture their potential, and foster a workplace that encourages innovation and collaboration.
Demonstrate that you value their skills (via compensation), ideas (through feedback), and well-being (through creating a good culture), and in return, you will gain their loyalty and dedication.
What do you think: is this just another buzzword or is there something deeper? 👇 Tell us in the comments below.
Think salary transparency will cause outright war among your workers?
Is transparency the secret ingredient to spicing up employee motivation?
"The main concern among executives when it comes to salary transparency is that workers will be bitter if they find what their peers are making—or how much more their boss takes home. But according to new research, the opposite is true: When workers find out how their earnings stack up against others, it can motivate them to work harder."
💡 What can you do about it?
Implementing salary transparency requires a thoughtful and strategic approach. Remember, to take it step by step.
Here's how you can get started:
- Set up your compensation philosophy
- Investigate quality benchmark data to see where you compare to the market
- Reach out to our expert compensation team at Figures to learn the next steps
Opaque pay, unclear expectations drive candidates to withdraw applications
A recent report by Robert Half, highlighted the similarities among the four generations in today's workforce: Gen Z, millennials, Gen X, and baby boomers.
The report revealed that all generations share common reasons for losing interest in a job opening. These reasons include a lack of salary transparency, unclear or unreasonable job responsibilities, and poor communication with a hiring manager.
Competitive salaries with regular merit increases have the greatest impact on job satisfaction and the desire to remain with an employer for Gen Xers, millennials, and baby boomers, by a significant margin.
💡 What can you do about it?
It's time to ditch the term “we offer a competitive salary” since it may be blocking you from hiring top talent. Here's why and what you should do instead.
Bye to the buzz, hello to the real solutions
Now that you have a better understanding of some of the trending topics in compensation now, we hope you can make more empowered decisions.
Get in touch with our team to learn more about how Figures can help make your compensation decisions more efficient!
If you're not done reading just yet, check out our free resources & guides:
- Levelling Template: Unleash your leveling superpowers with our ultimate guide! It's like having an HR superhero cape that helps you categorize and structure job roles like a pro.
- Compensation philosophy: Ready to unlock the secret to attracting top talent? Dive into our comp philosophy guide and discover how to create a compensation strategy that's irresistible to candidates and clear for your team.
- EU Pay Transparency Directive Checklist: We've got your back with this comprehensive checklist to get ready for those incoming regulations!
Now we know there's lots of work to be done before vacation, but don't forget to take care of yourself as well.
👋 See you next time!