Lattice Powers More Effective Compensation Practices and Pay Transparency for Businesses with Mercer Alliance
Lattice Compensation Benchmarking Powered by Mercer offers companies the opportunity to tap into global, curated data based on their specific parameters.
Lattice, the leading provider of people success software that empowers business leaders to build engaged and high-performing teams and inspire winning cultures,announced that Mercer Compensation Benchmark data is now available through Lattice’s new Compensation product. Mercer is a most trusted global consulting leader in redefining the world of work, reshaping retirement and investment outcomes, and unlocking real health and well-being.
In July, Lattice launched Lattice Compensation, a new product aimed at connecting performance and compensation to drive more effective strategy and transparency around pay decisions that can have a critical impact on both talent management and retention. The alliance with Mercer represents a natural evolution by offering new levels of efficiency, clarity, and ease to a historically complex, error-prone, and labor-intensive process for HR teams.
HR Technology News: Federal Funding To Help Mitchell College Upskill Regional Workforce
Lattice Compensation Benchmarking Powered by Mercer offers companies of all sizes the opportunity to tap into global, curated data based on their specific parameters, which include company size, industry, geographical location, and specific job titles, to make informed and equitable pay decisions. Mercer’s data is integrated directly into the Lattice Compensation product, giving teams everything they need to develop and execute smarter pay policy all in one place. Mercer benchmarking data is included at no additional charge for current Lattice Compensation customers.
A convergence of factors – including a shift in the labor market, increasingly distributed workforces, rising inflation, and legislative changes – are driving a significant shift in expectations around compensation transparency from employees: Lattice research found that 65% of employees want more transparency from their companies about pay practices, and over half said that companies should disclose how much everyone at an organization is paid. To stay competitive while navigating an uncertain economic environment, companies will need to execute dynamic compensation strategies that enable them to be flexible and reward top performers, while also including checks, guidance, and benchmarking that ensure compensation practices are equitable, clear, and data-driven.
HR Technology News: Shyft Careers Unveils One-Of-A-Kind Recruitment Dashboard, Website, And Tech-Focused Hiring Tools
“The talent landscape is quickly evolving and HR leaders need to remain agile to attract and retain top talent,” said Dave Carhart, VP of Lattice’s Advisory Services. “An effective compensation strategy is such a critical driver of employee retention and engagement, and the trends around distributed work and pay transparency alongside market shifts are only adding complexity to an already challenging process. Lattice Compensation Benchmarking Powered by Mercer enables companies of all sizes to build data-informed insights to make employee-centric pay strategies.”
“In today’s dynamic talent environment, companies need access to fresh, well-sourced, and trusted benchmark data to inform compensation planning and policies,” said Michael Anderson, Workforce Analytics, Global Career Product Leader, Mercer. “Getting pay right is essential to being considered by top talent and to retain current employees. Lattice Compensation Benchmarking Powered by Mercer can provide companies with access to trusted benchmark data when, where, and how it’s needed for data-informed compensation decisions.”
HR Technology News: HR Technology Highlights – HR Tech Daily Round-Up For 25 November 2022
[To share your insights with us, please write to firstname.lastname@example.org]