3 ways in which Salary Benchmarking can pivot your talent strategy in 2021

Compensation, remuneration or salary as we most commonly know it as, is one of the most critical factors in the people strategy of any organization, and something that HR leaders across organizations focus on getting right.

The pandemic is seeing organisations around the world grow, transform and quickly adapt to change. Those who manage to embrace this change and effectively take advantage of the opportunities it presents will succeed. 

Future ready leaders know that talent is one of the most crucial components of creating a successful and sustainable work machinery. The pandemic has impacted the HR ecosystem drastically where all interactions must be digital in the absence of interviews, assessments or in person meetings. On the one hand, there are clear advantages like access to borderless talent pools while on the other hand there is some struggle in onboarding & integrating & scattered teams. But all of this combined together means that the entire process of Talent Acquisition must now be formulated and supported in a way that ensures promising outcomes to achieve the goal of getting top talent of any given industry.

The above necessitates a need for frameworks that can offer strategic value to an organisations’ Talent Acquisition plans. 

Compensation, remuneration or salary as we most commonly know it as, is one of the most critical factors in the people strategy of any organization, and something that HR leaders across organizations focus on getting right. At a juncture that is uncertain but requires agility, Salary Benchmarking can prove to be a great exercise to stay on top of the Talent Acquisition game. There are distinct advantages that a Salary Benchmarking exercise can provide to organisations, especially amidst such tumultuous times. 

Several startups are trying for leaders who can assist them scale up their product choices and keep forward of the digital adoption curve within the post-Covid world. Leadership hiring specialists advised ET that there’s an uptick in recruitment for senior roles in product and know-how, at the same time as hiring for different capabilities stays muted.

Read the entire article on https://www.peoplematters.in/

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