Lattice said that data from Mercer Compensation Benchmarks is now available through the company’s new Compensation product.
Lattice Compensation was launched in July 2022 to connect performance and compensation as a way to drive more effective strategies and transparency around pay decisions, which impact both talent management and retention. Lattice said its alliance with Mercer represents “a natural evolution” through its offering of improved efficiency, clarity and ease of use..@LatticeHQ said that @Mercer Compensation Benchmarks data is now available through the company’s new Compensation product. #HR #HRTech Click To Tweet
The new product, called Lattice Compensation Benchmarking Powered by Mercer, offers businesses the ability to tap into curated data based on their specific parameters. Those can include company size, industry, location and specific job titles.
Mercer’s data is integrated directly into Lattice Compensation. Mercer benchmarking data is included at no additional charge for current Lattice Compensation customers.
Changing Times, Changing Numbers
Lattice believes that a number of converging factors – including the shifting labor market, increasingly distributed workforces, rising inflation and legislative changes – are driving a significant shift in employee expectations around compensation transparency: For one thing, its research found that 65% of employees want more transparency about pay practices, and over half want companies to disclose how much everyone at an organization is paid.
“The talent landscape is quickly evolving and HR leaders need to remain agile to attract and retain top talent,” said Dave Carhart, vice president of Lattice’s advisory services. Compensation strategy is a large driver of retention and engagement, he noted, and the trends around distributed work and pay transparency, along with market shifts, “are only adding complexity to an already challenging process.”
To succeed in such an uncertain environment, companies need to execute compensation strategies that allow them to be flexible, reward top performers and also include checks, guidance and benchmarking to make sure compensation practices are equitable and clear, Lattice said.
In March, Lattice launched an objectives, key results and goals product to help companies align their visions with those of their workers. At the time, Lattice said the product was designed to help companies consistently set and manage goals and activate teams in a way that keeps them aligned.