Attracting and retaining top talent persists as a major challenge for organizations. In a recent survey, the leading stressor keeping HR leaders up at night is keeping its top people, closely followed by competing for top talent. For employees, compensation is key: 70 percent identify salary as the largest factor motivating them to accept a job offer. Properly compensating high-performing talent through the use of analytics can help organizations looking to boost their talent retention efforts.
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isolved recently announced the launch of its Benchmark Insights, which offers HR teams anonymized and aggregated industry data from millions of U.S. employees to aid organizations in making better, faster, and better-informed hiring and retention decisions, by leveraging the data of over 168,000 businesses that utilize isolved products and services.
Now, isolved is going one step further. To help organizations navigate the complicated compensation and talent landscape, isolved has announced the release of its Compensation Analytics and Talent Intelligence solutions, which build on its recent Benchmark Insights release. These newest releases allow businesses of all sizes to utilize enterprise-grade analytics with easy-to-use products to ensure that all compensation and talent decisions are more strategic and data-driven.
“In the past, powerful analytics were largely only available to enterprise corporations with limitless resources. That is no longer the case,” said Geoff Webb, VP of Solutions Strategy at isolved. “With the release of Benchmark Insights, we gave small and medium-sized businesses access to a solution that would better guide their decisions. Now, with the release of Compensation Analytics and Talent Intelligence, we’re moving to the next phase of actionable analytics that can be used by HR teams of all sizes. Within isolved People Cloud, our customers have the ability to view position-specific salary averages across over millions of employee records within seconds.”
Salient features of isolved Compensation Analytics and Talent Intelligence:
Uninterrupted workflow: Customers can view critical compensation analytics directly within the solution, which allows them to make decisions quickly and without interrupting the flow of work.
Drill-down metrics: To more easily sift through employee big data, the solution allows HR professionals to drill down into compensation metrics to better understand data points like average annual base salary, average compensation ratio and more.
Look into the future: The solution allows customers to leverage predictive capabilities to gain a view into the future of compa-ratio, the number of employees who will be above and below the midpoint, as well as the range penetration distribution.
Significant benefits to help organizations of all sizes better manage talent and retain top performers:
Gain a competitive advantage: Companies gain access to position-specific salary data from organizations across the U.S. to ensure they’re offering equitable and competitive compensation packages. This will not only help keep current talent engaged but assist in future recruiting efforts.
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Plan for the future: Gives HR and payroll professionals a complete view of compensation and performance when planning for promotions and succession scenarios. Further, companies can gain visibility into compensation trends for specific positions so they can plan and prepare for future budgeting needs.
Keep top talent engaged: While only five percent of employees are considered “high performers,” they are approximately 400 percent more productive than the average employee. Additionally, the cost of replacing these employees can be as much as 1.3 to 2 times their annual salary. Rewarding high performers through fair market compensation increases the likelihood of retention.
With 43 percent of HR leaders unsure if the Great Resignation is over, HR teams will need to use every tool at their disposal to ensure they hold on to their top-performing employees—especially using compensation analytics and talent intelligence.
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