The pandemic's effect of a virtual workplace can lead us to compensation equality, free of conscious and unconscious bias.
Learning and development.When an employee is hired, and throughout their tenure, they are required to take various compliance and training courses. Although some training is required across the board, these trainings are now widely personalized based on the employee’s role and requirements.
Benefits.The Benefits Exchange Platform now provides recommendations on which health benefits an employee should select based on their life choices. A single skydiver’s plan will look different than a married new father’s plan!Pricing is transparent throughout the process, and employees get to see how the recommendations change based on their selections. Check out
Alex, who engages with employees as they make their selections.[Related: ]Compensation.Overall, compensation has kept a standard and streamlined structure. We have seen a few additions for hard-to-fill positions and executive levels, however, compensation is designed as a “one size fits all” structure.
The Coronavirus effect of a virtual workplace is providing us an opportunity to flex our traditional structure to the needs of our workforce. How can the effects of a virtual workplace lead us to a path of compensation equality, a more engaged workforce, and a decrease in turnover costs?
A 2017 trend study showed the following:97% of employees want to be recognized and rewarded for a wide range of contributions.Fair and competitive compensation ranked #1 for employees in Canada, China, France, Germany, Italy, and the United States.
Transparency on pay calculations ranked #1 for employees in Japan.Transparency.Organizations run market data on open roles and provide market ranges for hiring managers and recruiters to use when they discuss and extend offers. The challenge is, numerous external factors influence an offer. External factors can be everything from budget limitations and internal equity concerns to conscious and unconscious bias.
Additionally, many hiring managers are not well-versed in the art and science of market data and best practices around compensation. Humans have a tendency to gravitate to what Daniel Kahneman describes in as cognitive ease:Anything that makes it easier for the associative machine to run smoothly will also bias beliefs.
Rather than using market data, hiring managers tend to offer candidates compensation based on their own past compensation or a person’s previous compensation, which is the cognitive bias of anchoring.If organizations post roles and ranges internally and externally, employees and candidates can then have authentic conversations to fine-tune where they align within the market range, based on their experience and education. This makes the compensation conversation data driven vs. emotionally driven.
Personalization.Progressive organizations are moving toward a “total rewards” model where their employees now receive a package of benefits. As younger generations enter the workforce, these packages continue to expand with requests for unlimited PTO,
casual attire, and flexible work schedules, to name a few.With the virtual workforce driving organizations forward during COVID-19, personalization has never been more relevant. Employees are starting to look at how the future of the workforce will accommodate their needs to be productive. What might be of value to one person is completely different to the next.
Flexibility to personalize each employee’s experience is key! What an awesome opportunity for organizations to evaluate what their employees need to thrive and allow them the ability to design their own compensation to drive productivity. Organizations can then quantify each request and allot a compensation amount to each factor.
The effects of Coronavirus are providing organizations an opportunity to gather data to better understand how productively their employees are performing and align their employee’s compensation with data. Adjusting to this is an opportunity to end compensation inequalities, increase productivity and retention, and decrease turnover costs.Read more: ForbesWomen »
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