Comp and Coffee

In this episode, Bill, Matt, & Russ discuss the questions that most compensation practitioners are asking themselves now: How unique are the current economic conditions and talent market? What are going to be the challenges of getting accurate market data for 2020? Are their opportunities to look to the past for guidance? Are there risks?

Just as everyone seems to be adjusting to the new normal of working from home if possible, the country is starting to reopen and businesses are now focusing on trying to determine when and how to return to work post COVID-19 shutdowns. In this episode, Matt, Bill, & Russ discuss what we're hearing and seeing regarding the details, approaches, and challenges organizations are working through to safely and efficiently open while meeting the evolving expectations and concerns of their talent. Would you like to leave us feedback? Email us: coffee@payfactors.com  

To help facilitate communication in these uncertain times Payfactors has been hosting virtual industry meet-ups of compensation and HR professionals.  To date, we've met separately with members of several different industries including hospitality, airline, retail and healthcare. In this episode, Matt, Bill, & Russ discuss the trends, topics, and insights that have come from the practitioners on the front line. Would you like to leave us feedback? Email us: coffee@payfactors.com

On this episode we're joined by Margarita Wear from the Maier Law Group in San Rafael, California. https://maierlawgroup.com/margarita-wear   Margarita talks with us about California's assembly bill 5 (AB-5) law and what it means for HR and compensation pros.   Relevant links: Vox Cuts Hundreds of Freelancers: https://www.latimes.com/business/story/2019-12-17/vox-media-cuts-hundreds-freelancers-ab5 Instacart Likely to Flunk AB5:  https://www.sfchronicle.com/business/article/Court-says-Instacart-flunks-AB5-shoppers-should-15083096.php Borello Law:  https://www.dir.ca.gov/dlse/faq_independentcontractor.htm Cali Court Exempts Truckers From Gig Law:  https://www.reuters.com/article/us-employment-california-truckers/california-court-says-truckers-exempt-from-gig-worker-law-idUSKBN1Z82TP Uber, Postmates Sue California Over AB-5:  https://www.cnbc.com/2019/12/30/uber-postmates-sue-california-over-ab5.html NY to Become Next Battleground for Gig Law:  https://news.bloomberglaw.com/daily-labor-report/new-york-said-to-become-next-battleground-for-gig-worker-law

Exploring metrics like turnover rates, ROI on compensation, and aligning with company goals. Importance of organizational goal alignment and SMART goals framework. Using marathon training schedule for measuring compensation. Strategic approach to compensation budgeting in 2021. Involving others in compensation planning for value addition in organizations.

Exploring the strategic importance of compensation in hiring and retention, aligning tasks with business goals, aligning personal and organizational goals for job performance improvement, and aligning job performance with business goals. The podcast discusses challenges in measuring compensation effectiveness, demonstrating its value, and the critical role of customer satisfaction and employee engagement in organizational success.

Exploring the value of compensation strategy in driving profit, managing risk, and supporting growth. Discussing how compensation professionals can align with business goals to show the value of compensation to executives.

Before we dive fully into 2020, we look back at the happenings of 2019 through the eyes of compensation. A comp retrospective, if you will.   Links to items we mention: Massachusetts Equal Pay Act (July 2018): https://bit.ly/30kDsi7 Minimum wage changes in 2020: https://abcn.ws/30jnvc8 Minimum Wage Map: https://www.minimumwagemap.com/ The NYT article on tax cuts: https://nyti.ms/2Tu686S The LA Times article on the same topic: https://bit.ly/30kcU0B Upcoming W@W Webinar, "How Should Compensation Be Measured?": https://bit.ly/2NotbMT

In this episode we discuss the importance of job descriptions, why compensation should own them, and then we cover some ways that keeping them updated can be relatively painless.

We talk a lot about how technology has changed compensation. But we don't often discuss how technology has changed how we work in general. In this episode we step back and do just that. We also discuss how to use technology in the right ways to help your productivity.