
Last Updated on December 26, 2024
Are you struggling with managing compensation and workforce processes in your business? You’re not alone. As Lisa Wallace, co-founder of Assemble, a compensation management platform, notes in this episode, many large organizations struggle with this challenge. But the good news is that there are solutions out there.
Lisa believes that pay transparency is here to stay and that companies will need to manage it, along with paid data reporting. She emphasizes that pay transparency is a continuum and that companies fall somewhere between minimal compliance and full transparency, depending on their culture and program maturity.
Overall, this episode highlights the importance of fair compensation management in businesses and how it can lead to positive impacts on business efficiency.
If you want to learn more about compensation management and how it can benefit your business, be sure to listen to this episode of The Long Game.
Topics
- The Pain of Compensation Management
- The Challenge of Managing Compensation
- Employee Portal and Comp Planning
- Pay Transparency Laws
- Compensation Analytics
- Pay Equity Challenges
- The Progress of Wage Gap
- Importance of Measuring Workforce Data
Show Links
- Visit Assemble
- Connect with Lisa Wallace on LinkedIn and Twitter
- Connect with David Khim on LinkedIn and Twitter
- Connect with Omniscient Digital on LinkedIn or Twitter
Listen to the podcast:
Key Takeaways:
[00:05:04] The Pain of Compensation Management
Lisa and her co-founder experienced the pain of compensation management while working at Expanse, which led to the idea of Assemble.
[00:07:43] The Challenge of Managing Compensation
Lisa Wallace discusses the challenges of managing compensation, including the lack of software solutions and the sensitive nature of the data involved.
[00:15:33] Employee Portal and Comp Planning
Lisa Wallace explains the features of Assemble’s compensation management platform, including an employee portal and the ability to run a comp planning cycle.
[00:23:12] Pay Transparency Laws
Discussion on the current state of pay transparency laws and how companies are approaching it.
[00:30:43] Compensation Analytics
Lisa explains how companies can use compensation analytics to track regrettable churn, identify pay range issues, and make informed decisions about employee compensation.
[00:36:09] Pay Equity Challenges
Lisa and Enrique share their personal experiences and observations of pay inequity and the need for tools like Assemble to proactively identify and address these issues.
[00:37:57] The Progress of Wage Gap
Lisa Wallace discusses the progress of wage gap and how it is measured, and the increasing diversity in the workforce.
[00:42:00] Importance of Measuring Workforce Data
Lisa Wallace emphasizes the importance of measuring workforce data and having the right instrumentation to comply with paid transparency laws and track promotion rates.
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