Boyd Davis is the CEO and co-founder of Compright, a cloud-based compensation planning tool. Previously, Boyd helped organizations deploy solutions that leveraged data and AI.
The Great Resignation is among the most significant events in recent U.S. history. We are seeing a post-COVID-19 generation refusing to work under the same conditions as they did before. The U.S. is facing the most prominent labor shortage of the decade, and positions that require high-demand skills are harder than ever to fill.
Midsized companies are finding it particularly hard to retain qualified personnel. Confronted by notable resource constraints, smaller budgets and workers’ demand for flexible solutions, the problems for SMBs are as great or even more significant than for larger organizations.
One way to make your company attractive is by developing attractive compensation strategies and increasing pay transparency and equity. Employees don’t always leave or stay because of their pay, but an opaque model for allocating compensation exacerbates feelings of disconnection and lowers engagement.
Let’s dive into how startups can benefit from compensation analysis, and how they can utilize available data to develop a comprehensive compensation strategy.
Understanding the complexity of compensation
Pay equity is one of the most pressing s …