I Hate It Here S7 E1: Compensation 101: It's More Than Money with Sarika Lamont
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Jan 6, 2025 Sarika Lamont, a people executive at Vidyard, delves into the complexities of compensation and the importance of pay transparency. She explains why many employees misinterpret their paycheck and how effective communication can bridge that gap. The conversation touches on creating equitable pay packages and the need for tailored compensation strategies that resonate with today's diverse workforce. Sarika emphasizes that education is vital in fostering understanding and trust around compensation practices.
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Sarika's Wellness Journey
- Sarika Lamont discusses her recent wellness journey, focusing on holistic health improvements due to chronic Lyme disease.
- This includes using a sauna, adjusting exercise routines, and prioritizing personal boundaries, like removing Slack from her phone.
Compensation vs. Total Rewards
- Compensation encompasses salary, bonuses, and equity, while total rewards include benefits, growth opportunities, and company culture.
- Understanding the difference between these two concepts is crucial for both employers and employees.
Factors in Determining Pay
- Consider factors like company budget, goals, job descriptions, market data, and internal equity when deciding employee pay.
- Ensure apples-to-apples comparisons when benchmarking salaries, considering company size and industry.