The unemployment rate in the US now stands at around four percent while over six million positions remain vacant. Companies are thus struggling to match skills with key positions as testified in a study by PwC where seventy-seven percent of CEOs have confirmed that for their organizations, talent recruitment is proving to be the biggest challenge. To get this done, companies are partnering with high schools and colleges seeking a course overhaul. They’re even using business analytics tools to sieve through long employee application lists. However, the one ingredient that has repeatedly proven to be most crucial is – fair pay practices. Some crucial steps have been identified to ensure fair pay at the organization. First of all, fairness principles must be clearly laid out on paper. These must further be processed into formal people policies. Before venturing ahead, one must start by a present-state evaluation. Metrics need to be established for performance measurement. Finally, companies must embrace transparency at such dealings. They must be ready to tell people about their fair pay practices, as done by PwC.

Source:https://www.strategy-business.com/blog/Why-Fair-Pay-Is-a-Potent-Weapon-in-the-War-for-Talent?gko=486e0

Uploaded Date:19 January 2018