Pay Transparency: Now What (Part 1) with Chris Ward

Paul discusses a framework for understanding the CompTech landscape, driven by thinking about how Compensation teams create value in their organizations. In recent research, Novo Insights has identified distinct categories of technology Compensation teams can use to make a bigger impact with greater efficiency. For more on our perspective, check out this blog.To participate in the Comptech Market Insights Survey, click here.

Paul has a wide-ranging conversation with Cole Napper, VP of People Analytics and product Evangelist at Orgnostic. In their discussion, Paul and Cole chat, debate, and have a little fun on a variety of People Analytics topics. Among the resources and sites mentioned in the show:Directionally Correct newsletter (with links to podcast)The Black Swan articleOrgnosticThe Information to Impact processThe Talent Magnetism concept and related solutions

Paul covered three topics under the broad theme of disruption:The World Economic Forum Future of Jobs report, which explores disruption in the labor marketA recent academic paper on the occupation-level impact of generative AI (and a handy Washington Post summary visual)Thoughts on how measuring churn and gross change can inform a different perspective than simply measuring net change.

In this episode, Paul summarizes our recent research on the size of compensation teams and the factors that affect team productivity and growth. Access to the research report can be found here:https://www.novoinsights.com/insights/is-your-compensation-team-understaffed

Paul is joined by Richard Rosenow, VP of People Analytics Strategy for One Model. In this conversation, they explore the distinction between People Analytics and the current boom in generative AI, the importance of data modeling and data strategy for generating useful analytics, and some important considerations for People teams as they build and scale a People Analytics function.Among the content referenced in the episode:The One Model blogThe People Data Platform whitepaper

As the People Tech market explodes with AI innovation, it's critical that People leaders become wise consumers of AI. In this podcast, Paul explores the key questions you need to ask when your People Tech vendors release AI innovations. 

Paul provides his take on two key hot topics in the People space: AI and Pay Transparency.Artificial Intelligence In The SpotlightChatGPT is unavoidable, and the applications for HR are real. Related article here.Workday is getting sued about their algorithm (linked here), but also is describing very valuable ML-based enhancements to their product suite. Their strategy announcement is here.Cool innvation in People Analytics using AI. Orgnostic announcement.Making Pay Transparency WorkNovo Insights blog here.

Paul and Bryan discuss what the medium to long-term impact of pay transparency might be, based on academic research and other thought leadership in the space. Will wages go up - or down? Will pay equality increase? What unintended consequences might we see? What new pay strategies might arise?Studies cited in this episode:The economic effects of expanded compensation disclosuresDoes Transparency Lead to Pay Compression?Equilibrium Effects of Pay TransparencyThe Austrian Pay Transparency Law and the Gender Wage GapDo Firms Respond to Gender Pay Gap Transparency?The influence of pay transparency on (gender) inequity, inequality, and the performance-basis of pay

Paul chats with Justin Hampton, Founder of CompTool, about what organizations are doing in an era of pay transparency in job postings. They share what the data shows is happening in posted pay ranges and idenify how organizations should think about these ranges as they compete for talent.Referenced in the show:Article that states number of job postings on Indeed fell after transparency law went into effect: Here(Note that underlying JOLTS data did not show a corresponding change in opennings)CompTool.com

Part 1 of 3 to discuss what's happening with Pay Transparency. Paul is joined by Chris Ward, Partner with Foley & Lardner, to discuss the changes in the law and how to approach compliance with those changes.Foley article summarizing 2023 changes: https://www.foley.com/en/insights/publications/2023/01/navigate-new-state-pay-transparency-laws-2023Cheat sheet of laws: https://synd.io/blog/us-pay-transparency-legislation-cheat-sheet/