Jingcong (“JC”) Zhao is a Content Marketing Manager at PayScale. She enjoys sharing ideas and stories on how compensation professionals, HR leaders and business leaders can build winning organizations.
As HR professionals, we may not need to be experts in math and statistics—but most of us need to have an understanding of compensation metrics. After all, understanding the key metrics is a crucial part of managing your organization’s compensation plan.
If you’re nearing the 50 employee threshold, it’s time to consider implementing salary ranges. Salary ranges are the essential guardrails that help you decide how much you’re willing to pay for new hires and how you plan to reward existing talent—all while keeping your goals and budget in check.
The gig economy is here to stay. According a 2018 study by MetLife, 51 percent of U.S. workers said they were interested in contract or freelance work as opposed to a full-time job. And if freelancing continues to grow at its current rate, the majority of U.S. workers will be freelancing by 2027.
Independent workers value the flexibility, lifestyle, and professional development opportunities that freelancing brings. But more often than not, benefits and perks aren’t part of the equation. They should be.
Many HR professionals fall into HR because they care deeply about making workplaces better. Day in and day out, HR teams focus their time and energy on ways to improve the employee experience. They spend a significant amount of time training managers how to hire candidates, coach employees, and evaluate performance in a manner that removes biases in pay raises and ensures a fair experience to all employees.
In the last couple of years, a new wave of digital disruption swept through businesses in nearly every industry. In 2017, Amazon opened its first supermarket without salespeople in Seattle. McDonald’s decided to replace all of its cashiers with self-serve kiosks, and Caterpillar now invests in driverless tractors.
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