How do you recruit, retain and motivate top-performing employees in California’s tight labor market?
Faced with stiffer competition for talent, a growing number of employers are adopting a “total rewards” approach to pay that manages compensation, benefits and retirement as a single, integrated program.
The holistic approach of a total rewards strategy breaks down the silos typical in many HR departments. With closer coordination between different HR disciplines, companies can create compelling pay strategies that differentiate themselves in the marketplace. At the same time, HR leaders can address the concerns of Chief Financial Officers, who increasingly want data to justify compensation.
A total rewards strategy makes sense given the three challenges facing employers in the most competitive labor market in nearly a decade.
First, California, like other states, has adopted pay equity laws. Those laws should bring greater equity to the workplace over time, but most immediately, they will impact existing pay structures and go-to-market strategies.