The survey found that organisations need to establish a clear, documented compensation philosophy.
A recent survey commissioned by the Chartered Professionals in Human Resources BC & Yukon and undertaken by Western Compensation & Benefits Consultants (WCBC), shows that employers in BC have a significant opportunity to enhance their compensation practices across all levels.
The WCBC survey found that organisations need to establish a clear, documented compensation philosophy. Half of the respondents do not currently have a formalised philosophy, and nearly 40% of the survey organisations have conducted a pay equity analysis while another 37% are planning to do so.
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According to WCBC Partner, Linda Reid, “In the course of conducting this survey, we learned that a significant proportion of organisations either lack a fully developed compensation philosophy or have not documented it comprehensively, which could lead to inconsistencies and questions about fairness and transparency.”
“With increasing requirements to address pay transparency, organisations can expect more employee inquiries regarding compensation levels and how they are determined. Having a well thought out, defensible compensation philosophy can go a long way to build trust and understanding of your workforce,” added Reid.
The survey was conducted between September and November 2023. It contains data from 205 organisations and provides comprehensive information for 36 human resources positions.
Over two-thirds of the organisations surveyed have undertaken diversity, equity, and inclusion (DE&I) initiatives. These initiatives have led to such things as education and training for managers and employees, implementing policies to ensure that the organisation is attracting a diverse pool of candidates, and amending human resource policies and plans.
“The findings from the survey are particularly significant in light of the BC Government’s introduction of the BC Pay Transparency Act to address wage disparities and promote equity in the workplace,” said Anthony Ariganello, FCPHR, CEO, CPHR BC & Yukon.
“While the Act has clear advantages in terms of reducing discrimination and enhancing accountability, organisations across the province that have yet to take steps on this issue, need to get a handle on it fairly quickly if they want to avoid administrative burdens, as well as the potential of unintended consequences by not adhering to the Act.”
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