PayScale has produced its 8th annual in-depth report on compensation best practices: Comp is Culture. If you have anything to do with paying people – so, that’s virtually every manager, everywhere – reading this report will be well worth your time. Even though I’m not an HR professional, much less a compensation professional, I found it fascinating. Especially the impact that compensation practices have on organization culture.
For more on compensation and culture and what the PayScale report calls “The Corporate Chasm” see “Your Comp Plan Is A Reflection Of Your Culture.”
The report is based on responses gathered in November and December, 2016 from 7,700 respondents, of which 5,136 were in the U.S. and 641 in Canada (as well as respondents in Australia, India, South Africa, the United Kingdom, and others); 12% worked for enterprise organizations (5,000+); 13% large organizations (750-4,999); 29% mid-sized organizations (100 – 749); and 46% small organizations (1-99).
Not surprisingly, the report identifies the following as the biggest talent- and culture-related challenges in 2017:
The picture here is clear: [clickToTweet tweet=”The war for talent hasn’t abated. In fact, in may just be beginning in earnest.” quote=”The war for talent hasn’t abated. In fact, in may just be beginning in earnest.”]
As it relates to pay practices and culture, the PayScale research found the following:
There are a number of discussions and supporting graphs to keep even the most nerdy among us engaged, but these discussions and graphs are also easily understood and the information flows simply and logically. There’s a lot here, and it’s all good.
Being focused on all things relating to organization culture and leadership’s impact on it, I found the following chart very interesting:
There are two points here that are worth pondering if you think the data might apply to your organization:
This report covers the waterfront in terms of compensation practices, their impact on culture, and employees’ perception of many of the aspects of their pay. There are a number of surprising nuggets of information that could impact your organization’s compensation practices. It’s not an easy read, but it’s a good read. I recommend you spend some time with it.
This originally appeared on China Gorman’s blog at ChinaGorman.com.