Employer of Choice E1: The Elephant In The Room: Compensation Podcast By cover art

Employer of Choice E1: The Elephant In The Room: Compensation

Employer of Choice E1: The Elephant In The Room: Compensation

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  • Introduction:
    • Hosted by Tom Parks, Director of Retirement Plan Services at Annex Wealth Management.
    • Guests: Eric Becher (21 years at Hatch Staffing) and Lori Malett (29 years in recruiting).
    • Focus: A series exploring how employers can become an "employer of choice" through topics like flexibility, wellness, community, leadership, and brand.
  • Compensation Overview:
    • Compensation historically focused on salary but has evolved to include a "total rewards" package.
    • Lori: Post-2022 salary spikes (10-30% increases), employees now prioritize the full package (benefits, etc.) over just cash, with this shift evident in 2023-2024.
    • Candidates now demand benefits details upfront before interviewing, unlike past decades when benefits were discovered post-hire.
  • Changing Dynamics:
    • Tom: Compensation acts as a baseline "disqualifier" (e.g., too low = no interest) rather than the sole lure.
    • Eric: Employees are savvier, researching market rates online and openly discussing salaries with peers—once taboo.
    • Employers now include salary ranges in job postings, a shift from 10 years ago, though detailed salary talks still occur later in interviews.
  • Industry and Demographic Variations:
    • Lori: Manufacturing (big in Wisconsin) focuses more on hourly wages than benefits, unlike college graduates who seek the full package.
    • Eric: Compensation priorities vary by industry and career stage, but market awareness is universal due to accessible data.
  • Resources for Compensation Insight:
    • Lori: AI tools like ChatGPT provide current, reliable salary data for both employers and employees—updated within six months.
    • Eric: Employers share market rates with recruiters like Hatch, giving a broad view of competitive pay.
  • Salary Range Flexibility:
    • Lori: Ranges are firmer due to internal pay equity—new hires can’t out-earn existing staff to avoid turnover and morale issues.
    • Placement within a range depends on experience, project scope, and added compensation like bonuses or commissions.
  • Key Benefits Beyond Cash:
    • Lori: Time off is the top benefit candidates seek, surpassing expectations of health or retirement perks.
    • Eric: Salary becomes less critical if employers effectively showcase their brand and offerings early in the process.
  • Employer of Choice Takeaways:
    • Lori: Employers should calculate and present total compensation (salary + benefits) in interviews, collaborating with CFOs/controllers.
    • Eric: Employees should be upfront about compensation needs early to align expectations and avoid late-stage mismatches.
    • Lori: Leverage AI to ensure salaries align with market trends.
  • Looking Ahead:
    • Series will cover flexibility, wellness (financial and health), and community—interconnected with compensation themes like time off.
    • Goal: Help employers stand out by holistically addressing employee needs beyond just pay.
  • Closing:
    • Guests emphasize proactive communication and market awareness for both employers and job seekers.
    • Podcast aims to provide actionable insights for becoming an "employer of choice."
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