- February, 2017: Talent Attraction & Acquisition in the Age of Digital
- January, 2017: Strategies in Developing a Sound Compensation Program
On Wednesday, February 15th our chapter met to learn about Talent Attraction and Acquisition in Digital Age presented by Jennifer Malach. We had a record number of registered participants and several walk in attendees as well.
Before our meeting even started, our In-Transition group met and 7 attendees benefitted from networking and discussion with others also in transition. We also had Don Dazzo with Human Edge and Lisa Carver with Execu Search in our speed recruiting forum where several interviews were held. Great work Liz Walker!
In addition to the great legislative update provided by our own David Lichtenberg regarding the EEOC’s Proposed Enforcement Guidance, we also welcomed two sponsors of our program!
The law offices of Kamlesh Tewary and Ultimate Software were on hand to share information about their offerings and raffled off some great prizes at the end of the meeting. In fact, there were so many raffles that things got a little crazy! Janet Kearney was the lucky recipient of 2 hours of executive coaching with our featured speaker Jennifer Malach, Daniel Morris and Judy Triebman each won a book offered by our chapter, Kathy Hoffman won a $50 gift card from Ultimate Software, and Renee Luongo won a wine and cheese basket from Ultimate Software.
There were also several announcements about upcoming events including the Legal Breakfast on March 30th, our 2nd Annual Career Fair on Tuesday, May 16th, and the NJC3 Spring Conference on April 21st. Anyone interested in speaking on D&I can submit their interest by clicking here.
Compensation plays a significant role in an organization's success. A compensation strategy must be designed well to attract and retain talent. As the single largest expense for most companies, it's imperative to develop the right pay structure and appropriate recognition methods.
We discussed the nine key components of a sound compensation plan
1. Set Compensation Plan Philosophy: This will serve as the “guiding star” of the compensation plan. It should also be aligned with the company goals. Establish clarity on what you seek to reward. Ensure a tie back to the corporate culture as well.
2. Select a Methodology for Job Analysis: There are a number of different methods to analyze roles. Select the one that best meets your needs. Keep in mind that job analysis is done in partnership with leadership teams and subject matter experts.
3. Compare Job Requirements to the Market: Evaluate comparison to internal and external market. Resources can range from free data bases or “pay for” services.
4. Adjust Pay to the Specific Job: Align with your business plan. Create job descriptions for clarity which will describe the skill, experience and education required for a role.
5. Create Job Families: It’s important to band jobs together because it makes the compensation structure easier to understand. It ensures parity across jobs that are similar. This will also help to avoid disparate impact claims
6. Bonus, Commission and Benefits: These must all be clearly laid out in writing and must be legally compliant. Once guidelines are created, be sure to follow them! Select rewards that will motive a large portion of the workforce. Check to see if people understand the program. Finally, obtain people’s signature that they understand the terms of the compensation program.
7. Performance Reviews: Research from Deloitte showed that quarterly reviews drove 31% higher employee productivity. Be sure that the performance expectations are aligned with the job description.
8. Recruiting Strategy: The compensation strategy must also support the recruitment strategy. Check in with Talent Acquisition to confirm that the compensation strategy augments our sourcing strategy.
9. Measure for Success: Analyze metrics like turnover and engagement surveys. Test compensation structure with the external market annually. Monitor your ability to bring in the right talent into your established ranges. Be mindful of trends in the market.
ABOUT OUR SPEAKER:
Loida Noriega-Wilson is a Director of Business Relations and is an Alliance Partner for Trilogy. Loida is also President of The Norwil Group Inc., a management and corporate development consulting company. She is a consultant, trainer, speaker, and published writer.
Loida, who is bi-lingual, has worked for more than 30 years in domestic and international business and management, guiding individuals, teams and corporations to seek innovative ways to fully develop their business potential. “Linking the business strategies of an organization to the performance of their people is critical to our approach.”
Loida holds a Masters Degree from Rutgers University specializing in Business and Human Resources Management and graduated with high honors from the University of South Florida in Political Science. She has served as an adjunct professor at the Russ Berrie Institute at the Cotsakos College of Business, and William Patterson University, New Jersey.
We thank our January Chapter Sponsor. Business & Legal Resources (BRL) who help US businesses simplify compliance with state and federal legal requirements.