Ep 81 - Retention Report: Will pay transparency make 2023 the year of retention?

In January, we saw 22 U.S. states boosting their minimum wage rates with effect from the 1st of the month and three more planned later this year. So now there will soon be 30 states with minimum wages higher than the federal standard, which is $7.25 per hour for non-exempt workers. In this episode, we're talking about the impact this is having and will have.

Have you ever wondered how minimum wage could impact your pay? Tune in, and let's find out! Join Ruth and her guests, Vicky, Lulu, and Kim, as they delve into the specifics of minimum wages. 

Gain practical tips on attracting and retaining top talent, understand the effects of minimum wages on pay dates, and discover how increasing the minimum wage may align with environmental, social, and governance policies. Join us in this discussion as we explore the rewards and complexities of the expanding job market.

Key Takeaways:

• Minimum wage in U.S. history

• The Wage Act bill proposal

• How to attract and retain your best workers

•  The impact of minimum wages on pay dates

• How increasing the minimum wage will contribute to environmental, social, and governance policies

• How to solve pay compression

Resources:

• Payscale Website: www.payscale.com 
• Minimum Wage Report: https://payscale.com/research-and-insights/minimum-wage-report
• Email: coffee@payscale.com 

Curious about job market trends in 2024? Join us in this episode as we delve into market predictions and the evolving compensation landscape for this calendar year. 

Our thought leaders at Payscale will discuss the fate of talent acquisition and share insights to help you navigate the changing world of work. Tune in with our guests, James and Lulu, as they break down key aspects of the job industry this 2024. 

Key Takeaways:

• Legislation and advancements in technology

• What is ahead in the legislative landscape in 2024 and for those managing compensation?

• Does the 2024 presidential election impact the legislation?

• Pay transparency and its impact on compensation data

• Using job posting data as an additional source for compensation professionals

• How does Payscale use AI for this calendar year?

• What is the one thing that surprised them in 2023?

Resources: 

• Payscale Website: www.payscale.com 
• Payscale End-of-Year Report:  https://www.payscale.com/research-and-insights/2023-end-of-year-report/ 
• Payscale HR Predictions Guide: 
• https://www.payscale.com/research-and-insights/2023-end-of-year-report/#module-23 
• Email: coffee@payscale.com

As we close out the year, this discussion centers the state of the labor market as we pivot into 2024 as well as hot jobs and this year. What are the predictions from our thought leaders here at Payscale? Listen to find out!

Let's dive into Payscale’s 2023 End-of-Year Report! In this episode, guests Amy Stewart and Lexi Clarke provide insights into the state of the job market as we approach 2024. They highlight the top 10 in-demand jobs of 2023 with significant wage growth and reveal the jobs people are most inclined to quit, drawing from Payscale’s employee-reported survey data.

Key Takeaways:

• How do you come up with the end-of-year report?
• What is the condition of the labor market in the upcoming years?
• Labor force specifications are at historic lows.
• Employer and employee friction is not going away.
• Is pay going to be as high in 2024?
• Transparency is huge.
• The "hot jobs" list highlights 
• Sneak Peak: Top predictions for 2024

Resources:

• Payscale Website: www.payscale.com 
• Payscale End-of-Year Report:  https://www.payscale.com/research-and-insights/2023-end-of-year-report/ 
• Email: coffee@payscale.com 

Vicki, Liz, and Ruth discuss the gender pay gap -- what it is and how it's looking for next year. Is your organization taking necessary action to close the gap?

In this episode, we're peering into the future—2024, to be exact—to predict what changes lie ahead for the gender pay gap. Our guests, Vicky Peakman and Liz Sheffield, will be breaking down the factors that could impact who earns what, exploring everything from how workplaces are evolving to new policies on the horizon.

Join us for this chat as we talk about the possibilities, making sense of what the working world might look like in just a few years and how we can bridge the gap together!

Key Takeaways:

• Looking at potential predictions in the year 2024 on gender pay gaps.
• Setting your intentions straight
• The mean pay gap for full-time workers.
• Examining the uncontrolled pay gap versus the controlled pay gap.
• How will the gender pay gap evolve throughout the next year?
• Exploring how the pay gap reached its lowest amount during the pandemic.
• Do women of different races experience varying impacts from the gender pay gap?
• Measure your pay gaps at all times.

Resources:

• 2023 Gender Pay Gap Report
• Payscale Website: www.payscale.com 
• Email: coffee@payscale.com 

Amy, Ruth, and Russ discuss remote work, RTO mandates, and the impact this is having on the workplace. How will new policies and expectations impact your workforce?

In this episode, we delve into the dynamic landscape of remote work and the evolving scenarios surrounding return-to-office mandates. Explore the latest trends, challenges, and opportunities shaping the future of work as we navigate the intersection of technology, workplace culture, and the ongoing impact of global events. 

From the thrill of flexible schedules to the challenges of Zoom fatigue, we're dissecting it all!

Key Takeaways:

• Remote work policies, expectations, and return-to-office policies
• Adjusting to the shift in our working environment
• Increase in hybrid and remote organizations compared to traditional offices
• Challenges when it comes to return to the office
• Is productivity really the issue when moving to remote work?
• Building company culture from a distance
• Differences in pay with remote and traditional workers

Resources:

• Payscale Website: www.payscale.com 
• 2023 Remote Work Report: https://www.payscale.com/research-and-insights/remote-work/
• Email: coffee@payscale.com 

Liz, Lulu, Ruth, & Russ discuss Pay Transparency from the employees perspective. Is this your company's opportunity to build a better brand?

Assets:

Payscale Comp Quick Guide: Understanding Employee Reaction to Pay Transparency

We discuss this topic and the broader implications of algorithmic pay.

Related links:

New NY Anti Bias in AI Law effective this month https://hrexecutive.com/why-ai-is-not-a-get-out-of-jail-free-card-for-talent-bias/?oly_enc_id=5456A4959923A9Y  

The potential of "algorithmic wage discrimination": 

We discuss the growing number iniatives, such as those lead by 4dayweek.com, around the 4 day work week and the concept of 100:80:100.  100% pay for 80% time worked with 100% productivity targets.

Is this working smarter, harder, both, or neither?  

Related links:

• https://worldatwork.org/resources/publications/workspan-magazine/the-power-of-four   
• https://www.businessinsider.com/work-from-home-return-to-office-sexism-women-bosses-employees-2023-4?r=US&IR=T
• https://www.pewresearch.org/social-trends/2023/03/30/how-americans-view-their-jobs/
•  https://www.4dayweek.com/about-us
• https://www.wsj.com/articles/after-testing-four-day-week-companies-say-they-dont-want-to-stop-a06089cc
• https://www.cnbc.com/2023/02/24/worlds-biggest-4-day-workweek-experiment-shows-big-health-benefits.html#:~:text=Employers%20and%20workers%20around%20the,their%20health%2C%20finances%20and%20relationships

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Amy joins Ruth and Russ to share insights from our newest research report!  It's a first-of-its-kind look at the top reasons employees consider quitting their jobs, and specially looks at does pay transparency help to retain workers — or is pay transparency a retention risk?

Report Overview:

https://www.payscale.com/research-and-insights/retention-report/

Report details:

https://www.payscale.com/press-releases/new-payscale-research-reveals-top-drivers-behind-employee-turnover-and-the-impact-of-pay-transparency/

Ruth, Bill, & Russ are joined by Amy to review the 2023 Payscale Compensation Best Practices Report (CBPR) and share their insightes.  How are things changing as we move into Q2 of 2023?