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Webinar-Compensating the Workforce of Tomorrow

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The future is now. PayScale’s 2017 Compensation Best Practices Report noted that a third of top-performing companies are changing their strategies to accommodate millennials. These top organizations take a proactive approach to anticipating the needs of tomorrow’s workforce today.

Join Caitlin Williams and Mykkah Herner on this May the Fourth as they explore the best ways to compensate tomorrow’s workforce, now.

Register for this webinar and you’ll learn about:

-Ways to examine and define your workforce
-The value of having a great comp strategy that fits
-The impact of automated jobs

Published in: Recruiting & HR
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Webinar-Compensating the Workforce of Tomorrow

  1. 1. • Compensating the Workforce of Tomorrow Caitlin Williams Talent Acquisition Partner Mykkah Herner, MA, CCP Modern Compensation Evangelist
  2. 2. www.payscale.com #CBPR17www.payscale.com 54 Million Salary Profiles 250 Compensable Factors 15,000 Positions 6,000 Customers 2,300 Skills Hi, We’re PayScale!
  3. 3. www.payscale.com #CBPR17www.payscale.com Caitlin Williams Talent Acquisition Partner https://www.linkedin.com/in/williamscaitlin/ Mykkah Herner, MA, CCP Modern Compensation Evangelist https://www.linkedin.com/in/mykkahherner
  4. 4. www.payscale.com Agenda Work trends of tomorrow Understanding tomorrow’s workforce Tailoring compensation to your workforce Things to do right now
  5. 5. www.payscale.com Biggest Predicted Challenges for 2017 www.payscale.com/cbpr Finding and growing great talent Employee retention / engagement – retirements and millennial job-hopping Competition from younger stage tech startups Hiring and retaining the right employees in the face of high growth Fierce talent competition shifting balance of power to candidates Improving company culture and fighting attrition for newly trained employees
  6. 6. www.payscale.com Work Trends of Tomorrow
  7. 7. www.payscale.com Automating Jobs https://www.payscale.com/compensation-today/2017/03/robots-creating-jobs
  8. 8. www.payscale.com #CBPR17www.payscale.com Slashies • Front Desk Attendant / Receptionist / Admin • HR / Accounting • Office Manager / HR / Payroll • Sales / Account Management
  9. 9. www.payscale.com #CBPR17www.payscale.com Gig Economy
  10. 10. www.payscale.com Interview of Tomorrow • Video Interviews • Online Skills Testing • Data Analytics • Pay Brand http://www.payscale.com/data/future-work-force/future-interviews
  11. 11. www.payscale.com Open Offices & Remote Work
  12. 12. www.payscale.com Understanding Tomorrow’s Workforce
  13. 13. www.payscale.com Skills Gap • 44% cited writing proficiency • 39% called out public speaking • 60% identified critical thinking/ problem solving • 56% noted attention to detail • 46% mentioned communication more broadly http://www.payscale.com/data-packages/job-skills
  14. 14. www.payscale.com Five Generations of 2020 Gen Z Millenials Gen X Baby Boomers Traditionalists Bureau of Labor Statistics Employment Projections
  15. 15. www.payscale.com Baby Boomers 1946 – 1964 Generation Size: 74M Communication About Comp: Private Average Tenure: 15 Years Career Mindset: Loyal; Self-driven; High Work Ethic Focused on: Retirement Generation X 1965 – 1979 Generation Size: 66M Communication About Comp: Semi-private Average Tenure: 5 Years Career Mindset: Pessimistic; Self-reliant; Work/Life Balance Focused on: Management Millennials 1980 – 1995 Generation Size: 74M Communication About Comp: Public Average Tenure: 18-24 Months Career Mindset: Idealistic; Fairness & Flexibility; Work/Life Integration Focused on: Advancement Generation Z 1996 – Present Generation Size: TBD, 69M+ Communication About Comp: Semi-private Average Tenure: TBD Career Mindset: Realistic; Multicultural Fluency; Technology Native Focused on: Learning with a Purpose
  16. 16. www.payscale.com of top-performing companies plan to change their compensation strategies to accommodate millennials vs. 23% of typical companies 33% www.payscale.com/cbpr
  17. 17. www.payscale.com Workforce Characteristics • Generation • Life stage or lifestyle • Income and/or class • Urban and/or rural • Size of organization • Job function & skills • Education & certification https://www.bamboohr.com/webinars/diverse-workforce/
  18. 18. www.payscale.com Tailoring Compensation to Your Workforce
  19. 19. www.payscale.com Mix of Pay
  20. 20. www.payscale.com Preferences by Generation Rewards & Recognition Low Med High Variable Med Low High Base High High Med Foundational High Med Low
  21. 21. www.payscale.com #CBPR17www.payscale.com Get Creative, But Don’t Skimp on the Cash ✓ Passes to sporting events ✓ Catered lunches for winning teams ✓ Days off after big deadlines ✓ Choice of work assignment ✓ Development opportunities ✓ Lunch with the CEO ✓ Remote work
  22. 22. www.payscale.com Millennials Care About Fairness… …but fair doesn’t necessarily mean equal EqualFair
  23. 23. www.payscale.com Learning & Development #1 way of retaining top talent is providing learning and development opportunities (58% of respondents) www.payscale.com/cbpr
  24. 24. www.payscale.com Career Ladders, Paths, and Other Structures to Improve Flexibility Rental Coordinator General Manager, Rental Rental Coordinator Supervisor Rental Manager Grade 3 Grade 5 Grade 7 Grade 12
  25. 25. www.payscale.com Connecting Pay Guidelines to Generations Now, with much greater mobility and flexibility: Level III Level II Level I Then, with much higher tenures and pensions:
  26. 26. www.payscale.com Communication
  27. 27. www.payscale.com Drive Greater Transparency
  28. 28. www.payscale.com Know your Pay Strategy 51% of organizations pay more for competitive jobs Industry: Tech Size: 10,000 EEs Location: San Francisco Industry: Healthcare Size: 500 EEs Location: Fresno
  29. 29. www.payscale.com Immediate Actions 1. Consider the business changes that will change your workforce by 2020 or 2025; evaluate your current and future workforce 2. Identify all the elements of your total rewards plan; assess them for fit with current and future workforce 3. Begin developing your pay brand
  30. 30. www.payscale.com #CBPR17www.payscale.com PayScale Delivers Where Other Compensation Providers Fall Short PayScale offers modern compensation software and real-time, data driven insights for employees and employers alike. More than 6,000 customers, from small businesses to Fortune 500 companies, use PayScale to power pay decisions for more than 13 million employees. Visit our blog: www.payscale.com/compensation-today Join our Group on LinkedIn: Compensation Today: HR Best Practices Caitlin Williams Talent Acquisition Partner Mykkah Herner, MA, CCP Modern Compensation Evangelist www.payscale.com/cbpr

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