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Employee compensation – what you need to know and why

Workable

You can determine base salary through benchmarking, where market trends would influence salary ranges or pay grades, where jobs are grouped and ranges are applied to each group. Some organizations use a combination of benchmarking and pay grades to establish compensation structures.

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Industry in Focus: Water | Talent Insight Group

The Talent Guide

Statistics show that just 8% of all UK water workers are under 24, and more than a fifth are less than a decade away from retirement. Meanwhile, the industry is facing a growing talent shortage. Water companies struggle to fill over 35% of skilled roles, compared to a national average of 23%.

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Report: HR Trends 2024 – Navigating the Future of Work

Extensis

Many seasoned leaders are retiring, and their successors may benefit from training to help them become even more impactful in their new roles. On the other hand, many employees are choosing to work past the traditional retirement age or return to work after retiring.

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Top 8 Ways to Find the Best Employees

Hppy

By choosing the right pre-employment test, you get to: Identify if the candidate has both hard and soft skills required for the job How the potential employee solves work-related problems Understand how the potential employee works in groups Know how the potential employee makes decisions 7.

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Salary Benchmarking Guide - Importance, Process, Challenges, and Trends

Empuls

Salary benchmarking is when HR compares the organization's pay levels with market rates for similar jobs. According to HRforecast, 63% of organizations utilizing benchmarking practices are more likely to retain and attract top talent.   Salary benchmarking ensures that employees are paid fairly for their work. 

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Strategic workforce planning: why and how to begin

Insperity

To determine future talent supply , some organizations make projections based on historical turnover numbers or industry benchmarks. Companies with more resources may use predictive people analytics to identify certain risks like turnover and retirement. As a group, determine which are most relevant or potentially catastrophic.

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Workforce Management of the Future

Abel HR

They need to take steps to understand better and manage the shifting group of workers. As an example, instead of following the country’s retirement age, your company should rely on actual retirement age data. Ensure that your workforce management benchmarks are updated.