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How to Create A Winning Compensation Philosophy with Chad Atwell
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“A WorldatWork study found that while 92 percent of companies surveyed have a formal compensation philosophy, only 63 percent have it in writing. More importantly, 53 percent of the companies surveyed indicate that most employees don’t understand their company’s compensation philosophy.” Where does your organization fall?
Today’s compensation practices are evolving at an unprecedented pace with new laws requiring organizations to provide pay transparency in certain states. On this week’s episode, we chat with Chad Atwell, a leading compensation expert within Lattice Advisory Services, to uncover the benefits of having a compensation philosophy, the three components that make a philosophy sticky, and what pay transparency means.
You won’t want to miss Chad share his three top trending shifts related to compensation practices and his shocking paradigm shift revealed at the end of the episode!
Guest Information
Chad leads the Compensation Practice within Lattice Advisory Services. With his extensive experience in total rewards as a practitioner, technologist and consultant, Chad helps Lattice’s customers design and deliver sustainable reward strategies for their changing workforce. He has advised organizations across a wide variety of sizes, industries and geographies. Chad is a frequent teacher and speaker on Total Rewards topics, including touchpoints with future of work, performance, competencies/skills, and technology.
Connect with Chad on LinkedIn: https://www.linkedin.com/in/chadratwell/
About Lattice
Lattice is a people success platform that empowers leaders to build engaged, high-performing teams that inspire winning cultures. With Lattice, it’s easy to launch 360 performance review cycles and engagement surveys, keep track of OKR/goals, gather real-time feedback, and encourage manager 1-on-1 meetings. At Lattice, we're on a mission to make work more meaningful.
https://www.linkedin.com/company/lattice-hq/about/
Host Contact Information
Check back weekly for new episodes. Interested in being a guest on the podcast or inquiring about sponsorship opportunities, write to us at paradigmshiftspodcast@gmail.com.
You can find us on multiple podcast platforms - wherever podcasts are listened to or watched: Apple Podcasts, Google Podcasts, Stitcher, Spotify, and YouTube, LinkedIn, TikTok.
Share us with your friends, colleagues, and co-workers and please leave a review, rate, and subscribe. Thank you for your support!
Chapters
1. What is a compensation philosophy? (00:02:18)
2. Two benefits of having compensation philosophy (00:04:24)
3. Employee's perspective on compensation or pay (00:05:19)
4. Less than 50% of organizations actually have a compensation philosophy (00:06:15)
5. What are the 3 different components of a comp philosophy? (00:06:57)
6. What does pay transparency mean? (00:08:01)
7. How do we link performance to pay? (00:11:07)
8. What factor does compensation play in employee retention? (00:15:10)
9. Reward segmentation based on what employees value (00:18:28)
10. Recommendations for smaller businesses (00:19:49)
11. Top 3 key trending shifts around compensation (00:21:46)
12. Delivery of compensation (00:25:54)
13. What's your most recent paradigm shift? (00:29:55)
24 episodes
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