HR DATA LABS - S01/EP21:
Pay Transparency
In this episode, we talk about a critically important topic of Pay Transparency with Ruth Thomas Senior Consultant and Co-Founder of Curo Comp. Our conversation talks about how being transparent on pay effects your employees and the business. I hope you enjoy this episode and I am looking forward to your input and feedback.
Ruth Thomas believes that It’s becoming increasingly important as an employer to work out where you sit on the continuum and where you want to be on the continuum in terms of creating an environment of transparency. Ruth’s career and interest in technology in the HR/Reward space took her travelling internationally as the advent of Saas technology hit for HR. Being fascinated by the ability to have a compensation solution that actually worked she co-founded Curo Comp; exploring how SaaS technology could transform traditional approaches to reward and drive fair pay and while designing their innovative product strategy.
Let’s jump right in and learn more about how Ruth drives pay transparency in an HR world where we are increasingly interested in pay equity.
[00:01 – 04:15] Opening Segment
- I introduce Ruth Thomas
- Ruth talks about her background and specialty
[04:16 – 12:20] How Pay Transparency Evolved into a Reward Theme
- Factors that have affected the evolution of PT
- How we continue to progress towards pay transparency
- The growing expectations of PT and the importance of acknowledging it
[12:21 – 19:43] What it Means to be Transparent About Pay
- The continuum of pay transparency – what organizations want to achieve
- The importance of our communication with managers
[19:44 – 25:03] Overcoming Budget Limitations
- How pay reflects on your brand
- Providing managers with clear guidelines around pay
[25:04 – 28:46] How to Make Transparency Happen
- Ruth talks about budgeting for performance and skills/potential
- Using technology to make compensation decisions
[28:47 – 36:41] Closing Segment
- Ruth talks about paying for skill through predictive modeling
- Facilitating the transparent environment
- Summary of our conversation
- Final Words
- “I think it’s important as an employer to work out where you sit the continuum and where you want to be on the continuum in terms of creating an environment of transparency.” – Ruth Thomas
- “My focus has been how you can use technology to help make better-informed compensation decisions.” – Ruth Thomas
- “Pay people for the value that they bring to the organization, don’t pay people based on their pay history.” – Ruth Thomas
In this show we cover topics on Analytics, HR Processes, and Rewards with a focus on getting answers that organizations need by demystifying People Analytics.
