Legal.io’s Post

Every compensation professional has been asked at least once what "the right pay" was for a job and enjoyed a good chuckle. Rest assured that correct answers do not exist in this line of work. At best you'll receive a recommended range to negotiate within, based on a job market with infinite factors at play, not least of which the ever-expanding diversity between employers, jobs, localities and candidates. Even if you invested in a salary survey with a 5-figure price tag and glimpsed the pay data from a few select employers you deemed similar to you and reviewed jobs you surmised are comparable to your offerings, your organization's culture and financial position will impact any decision based upon it. You may as well ask what the correct diameter of an apple is.

You have 2 options: 1. Do something you're more than capable of, have the people, tools and skills to do; In a location you've already invested heavily in. Visibility of every little aspect 2. Pay someone else an inflated rate to do it including the cost of their people, skills, tools and location and with limited day to day visibility. It seems simple right? 99% of people would choose option 1... Certain companies seem to favour the 1% and the in house vs 3pl debate rumbles on. #LookAfterYourOwn

Is your legal tail wagging the future of work dog? It's always great to see other people's suggestions on reward innovation, as well as actual case studies (thanks Gerry Murphy). My own response to this post is: ✔ Yes to simplification, as much as possible. But the real issue is that pay will become more complicated, as we seek to compensate for team and network contributions, often based on skills; and jobs themselves have more autonomy, spread and stretch. Reducing the effort and communication that goes into differentiating performance for often very small differences in pay, and which take us away from a person's future value, is definitely one thing we can do to help increase focus on some of these other, increasingly important areas. ✖ No, this shouldn't reduce differentiation or effectiveness in employer branding. All of the above complexity means that there are increasing opportunities to differentiate in varying ways, linking pay and reward to what an organisation considers most important. But we do have to reduce focus on pay benchmarking for this to take place. ➕ And we should never confuse the future of work with what legislation and scrutiny make harder or easier. There are good compliance based reasons for keeping everyone working in the same job the same. But as work itself changes, it will be increasing nonsensical to allocate such a large proportion of someone's reward to something which is decreasingly their major contribution. At the very least, we need to plot out how we think we should reward people as organisations and everything else change. And only then look at what legislation may allow. Otherwise, we'll find the future of compensation hasn't changed much at all. #hrinnovation #rewardstrategy #compensation

If you’re the Head of People at a startup with salary data but no comp strategy, here’s what will steadily chew up your time. • When your salary survey has gaps in pay data 🫥 • Levelling on titles alone |⎺⎼| leading to over/underpaying • Unable to defend from cowboy hires from the hiring manager 🤠 • When paying ‘mid-market’ isn't working 📊 • “What’s the right amount for a promotion?” 💸 • Inability to budget for pay review cycles 📈 • No effective way to forecast for growth 🔮 If you’re seeing these things, it’s time to consider a better pay strategy so you can move with certainty and agility to scale your team. What other cracks do startups see when they scale? — If you like this content, repost this to your network and follow me Matt McFarlane for more.

Don’t you hate it when there are a bunch of hidden costs in an agreement? We hate that too. When BPOs offer a lower rate than everyone else, they’re either: 1)    not paying their talent a living wage (which means your new worker is already looking for another job) 2)    have a bunch of hidden fees, masked as legit services that will keep popping up Our approach has reshaped my understanding of cost-efficiency, and taking a client-forward approach. We’ve cut out the usual initiation and recruitment fees, and any tricky hidden costs, which builds trust – and allows our clients to do accurate long-term forecasting. Our Build-Operate-Transfer (BOT) model incorporates a flexible 30-day termination policy, and really caters to businesses looking for flexibility. How does your company define cost efficiency? #ConsciousOutsourcing #Economic Alignment #ValueDriven #DOXADifference #DOXATalent

The difference between where you are and where you would like to be is not going to be realized in what you know and are doing. It's going to be realized in what we don't know and what we are NOT doing This explains why people we consider to be very successful would still - read more books like they know nothing - pay and hire people to research history to avoid mystery - Pay Futurists to collect possible scenarios they can plan for or against. They know what got them here won't keep them there or take them farther The question is what don't you know?

Check out some of the pay trends to watch in 2024! #techindustryinsights

Talking about money is awkward in most circumstances. 🤑 But between managers and their employees, it can be particularly excruciating - for a few key reasons. Read our article to understand why people avoid 'pay conversations' and how you can make the whole exercise easier: https://lnkd.in/eeVt44uP #salarybenchmarks

$102,679* That’s the number my college professor (who looked a lot like Santa 🎅🏼) wrote on the chalkboard on the first day of class (it was a cultural psychology course). After a pregnant pause, he explained the number was his current salary. My immigrant, working-class brain 🧠 didn’t know what to immediately make of this, but I do recall thinking this was a huge sum of money 💰, and how strange, unorthodox yet cool of the professor to be so transparent about his “worth” in the workplace. This was many, many moons ago, one of the first (and, to this day, one of the most powerful) demonstrations of salary/pay transparency that I have personally witnessed. The course ended up being one of my favorite classes of my academic life. It was one where we went deep. Students would occasionally be in tears (not because of fear, but because of how resonant and cathartic the topics were). We discussed gender, race, class, power, politics, joy, fear, community, alienation, pretention, b.s.—all of it. Human culture, in a nutshell. These days, even before pay transparency laws came into being, my clients would always tell me their salaries (current and ideal), which is something they didn’t usually share with even their best friends. I have so many thoughts to share on the topic, but let me just share one: Some people are grossly underpaid (and don’t know it), some people are way overpaid (and do know it), and many people avoid salary negotiation like the plague. Which bucket are you in 🪣? Helping people help themselves to be more thoughtful, confident, and assertive negotiators is one of the many joys of my career. *Memory isn’t perfect, so this may not be the exact number. But I do recall it being in the low six figures, which, at that time (for my immigrant working class self) felt gargantuan and unattainable. #paytransparency #paygap #negotiation #knowyourworth #salarynegotiation [ Photo and text are my own | Not AI-generated 🤖]

How do you reach the stage of talking about salary with major international companies? To see the full conversation, follow and send a message