In a recent webinar, Marija Petrovic, Director, People Ops & Recruiting at Sourcegraph, Enrique Esclusa, Co-Founder & Co-CEO at Assemble, and Lisa Wallace, Co-Founder & Co-CEO at Assemble discussed best practices for incorporating pay transparency into your people strategy.
During the webinar, they covered a wide range of topics including how to define goals for a clear compensation philosophy, why you need to outline clear pillars around pay transparency and how to curate one source of truth for compensation information. They also discussed why people leaders need to stop thinking about pay transparency as a binary outcome and how to communicate with employees to build more trust within the organization.
Below are some key action items from the conversation. To watch the full recording, please go here:
- Outline clear pillars for your compensation philosophy and what information will be shared with employees as well as the public
- Provide context behind the “why” when pay decisions are made. Sharing as much context as possible will improve trust throughout the organization
- Create alignment between executive leadership, managers, and employees on youroverall compensation philosophy
- Envision an end point for why your company wants to implement pay transparency because that will ensure you make the right decisions. For example having a goal of “We want to be compliant with our local or state laws” will require different actions than “We want to build more trust at the company”
- Pay transparency is not a binary outcome and there are different ways to approach the pay transparency spectrum
- Launch dynamic, reference-able pay transparency information knowing that questions will always arise
- Create a central source of truth for benchmark compensation information and eliminate multiple spreadsheets
- Implement a thoughtful compensation philosophy with a communication plan that builds trust with candidates and employees
Assemble Content Team
Assemble is the world’s first compensation platform designed to empower your teams to attract, retain, and motivate top talent with fair and equitable pay.