Preparing a Transparency Communication Plan

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performance

CUTrendScan Performance Communication

Benjamin Franklin may not have said, “If you fail to plan, you’re planning to fail,” but that doesn’t mean the adage isn’t true.  

Implementing transparency changes within an organization without a communication plan and a compensation philosophy to match is a plan for disaster. Many credit unions believe they have fair pay and few pay gaps, but employees may not always agree. The last thing any organization wants when implementing transparency is to cause their workforce to look elsewhere for employment under the belief they’re underpaid.

Managers, and sometimes even the executive team, often have difficulty communicating the compensation process. It’s true that both employees and managers need more education and preparation when it comes to compensation matters in order to reach a place where employees feel the company has adequately explained the process and believe it’s fair. Many organizations place the burden of transparency entirely on the shoulders of HR and compensation specialists, but much of the legwork must be handled by managers.
CUTrendScan Performance Philosophy Communication
What to consider before implementing any kind of change:

CUTrendScan Performance Perceive Pay Rate
The right tools make all the difference

Having the right tools to support an organization’s compensation philosophy is invaluable. Not only does software make it easier for an organization to handle the day-to-day work of their compensation process, but in many ways its tools provide structure and insight and keep the organization competitive with the market.

What organizations should look for in modern compensation software:

Having a clear communication plan and the right tools in place will ease the transition into a more transparent compensation culture—for managers, new hires, and seasoned employees alike. Smaller organizations—like many credit unions—can use their size to their advantage. Namely by enabling managers and/or HR leadership to meet with employees and answer any questions they may have about the new information available to them about others’ compensation in relation to their own.

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