In today’s fast-paced, technology-driven world, businesses are increasingly adopting advanced tools and software solutions to enhance their HR processes. One area that has witnessed significant transformation is the reward space. Technology is reshaping the way organisations design, implement, and manage their strategies. It’s revolutionising the way businesses approach salary benchmarking and job evaluation, leading to more accurate, efficient, and informed reward tactics.
It’s all about the data.
Systems that deliver rich management information have been around for over decade. First came automated 360 tools, followed by more comprehensive performance management systems, some linked to remuneration.
The world has changed, and organisations need to shift with this to keep up in the ever-increasing war for talent.
In the last 18 months, as the pandemic eased, the recruitment and retention space has been as febrile as at any time I can remember and, as my kids point out, I am older than most trees!
Certain roles have been so hard to fill, that we have seen £ 40,000 roles being counter offered to £80,000 (yes, that’s a 100% shift) to get those business-critical people in through the door.
Certain sectors that are taking the view that they must pay whatever it takes to onboard the people they need. The other end of that spectrum are organisations that have been battered by endlessly rising costs and consequently cannot match the whatever it takes approach.
Being nimble to market responses, knowing when you need to flex your pay framework and when you are better off not doing so is the kind of management information that todays’ reward systems can give you.
You need to be able to keep a firm grip of your budgets, but equally need to keep legislation firmly in the forefront of your decision making.
Let’s just return to our £ 40,000 counter offered to £ 80,000 role for a moment. It might be one thing having the financial clout to flex in such a fashion for one role, but what would the actual total cost be to your organisation if, by onboarding an individual at 100% more than their peers, you had to uplift 4 other colleagues by virtue of the Equality Act 2010 equal pay requirements.
A further set of great functionalities from our technology Orbit Pro is the ability to ensure your internal relativities are 1. Apparent to you and 2. Complied with.
It’s important to be able to present on boarding managers with irrefutable evidence of the potential budgetary implications of what could be viewed as knee jerk reactions to market variations.
System functionality is now able to provide, in one place, all your legislative and market MI, enabling you to create pay frameworks, underpinned by robust methodologies that in turn inform market rates.
When we say market rates, we at Turning Point HR mean market rates internationally. Not just base pay but typical benefit packages and employer norms across multi jurisdictions.
Our software Orbit Pro gives you these live feeds so you can differentiate between hearsay and factual, evidence-based market shifts.
Orbit Pro provides organisations with the ability to be sure of their internal structures whilst being clear as to what live market variations mean to their short term, medium term, and long-term people strategies.
In short, it’s all about the data.
We are here to support you and your organisation both now and in the long term. To find out how Orbit Pro can support your business contact us.
Turning Point HR Solutions produce sector reports on a quarterly basis and has just completed our UK Remuneration Overview Report for Q1 2023 We have a full market trend and a sector specific housing option also. This is a free product, available now. If you would like to sign up to receive these insightful reports visit: Remuneration Report
Turning Point HR Solutions Ltd are a UK based international reward consultancy, with offices in the UK, Dubai, Lisbon, and Manila. Collectively we provide strategic International HR, Compensation & Benefits advice for both private and public sector companies.
We also provide a wide range of inhouse developed software to help our clients with their reward strategies including organisational charting, job evaluation, gender & equal pay audits, and salary benchmarking.
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