How to make sure your employees feel valued at work

How to Make Sure Your Employees Feel Valued at WorkTim Low SVP of Marketing PayScale Rusty Lindquist VP of Thought Leadership BambooHR... How to Make Sure Your Employees Feel Valued at W

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How to Make Sure Your Employees Feel Valued at Work

Tim Low

SVP of Marketing PayScale

Rusty Lindquist

VP of Thought Leadership

BambooHR

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The link between

emotion and

performance

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Employee Landscape Performance / Productivity

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Employee Landscape

Performance / Productivity

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Energy matters most

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ENERGY

We hire for this

We give them this

We expect this

When they’re full of this

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ENERGY

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Employee Landscape Performance / Productivity

Want to drive up performance and productivity? Solve for energy.

ENERGY

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Compensation is the story of how much

we’re valued

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Attracting / retaining talent is about reputation – what would your employees tell others about what the org values?

• What you pay

• How you pay

• Why you pay the way you do

Are You Paying Attention to Your

Pay Brand?

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Feel Fairly Paid

of employers say their

employees are paid fairly

64%

of overpaid workers think they are underpaid

35%

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Employee Pay Perception Is 5x More Impactful Than How You Pay vs Market

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Understanding

Employee “Triggers”

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OPTIMAL ORBIT

WHY

ORBIT OF

EMPLOYEE

ENGAGEMENT

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ORBIT OF

EMPLOYEE

ENGAGEMENT

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ORBIT OF

EMPLOYEE

ENGAGEMENT

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OPTIMAL ORBIT

ESCAPE VELOCITY

CRYSTALIZATION

OF DISCONTENT

SOLIDIFYING RESOLVE

EMOTIONAL DISTANCING

WHY

ORBIT OF

EMPLOYEE

ENGAGEMENT

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question: eNPS

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How an Employee signals when they don’t feel valued

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Signals Employees Send When They Feel Under-Valued

“CAN I GET A RAISE?”

• “I work all the time and I’m tired”

• “I deserve a promotion”

• “I don’t feel appreciated”

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• Quality of work suffers

• Lack of initiative

• Unhealthy behavior

• Apathy when “wins” occur

• Social distancing from colleagues

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Understanding the importance of pay

perception

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HOW WHAT

Start With Why

WHY

Mission Values Beliefs

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HOW WHAT

Start With Why

WHY

Mission Values Beliefs

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How to manage pay

perception

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• Only 24 % of employees say that their company’s pay

processes are transparent

• When employees ask for raises and their employer says

“no” because of ”budgetary constraints”, only 22 % of workers believe this rationale to be true

• Of workers who were denied a raise, 33 % reported that

their employer provided no rationale for the decision

Lack of pay transparency ->

low trust / low morale

Research from PayScale

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Whether workers believe in the rationale provided by their employer

has a big impact on their job satisfaction and intent to leave.

“Do you plan to look for new jobs in the next 12 months?” % Plan On

Seeking New Job

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Even if denied a raise, as long as workers believe the rationale, they are

similarly satisfied with their employer as workers who received a raise

% Highly Satisfied with Employer

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• Develop a formal compensation plan

• Have honest conversations with employees about pay and performance

• Provide growth and learning opportunities

• Instill a sense of pride in your employees:

make them feel like their work matters

How do you make sure

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• Alignment to business goals

• Talent market / competition

• Data sources

• Communication

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1 What talent market(s) do you intend to use for comparison for your org?

2 How competitive do you want to be relative to your talent market(s)?

3 What do you want to reward with your compensation dollars?

4 What are your goals?

Your compensation strategy

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• Have these conversations early and often

• Recognize the employee’s contributions

• Discuss the total compensation package

• Let them know about the market value for their role and skillset

• Provide context: discuss the specific reasons on you’ve decided

to give/ deny someone a raise as well as the big picture

• Discuss with employees their career goals and the paths forward

About Pay and Performance

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The Pay Transparency Spectrum

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Employees want autonomy, growth opportunities and enjoyable work

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role in motivating people

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What can you do?

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Final Takeaways

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BambooHR

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Receive a free copy of the eBook Compensating the Multigenerational Workforce

PayScale.com

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Tim Low

SVP of Marketing PayScale

Rusty Lindquist

VP of Thought Leadership

BambooHR

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