When it comes to making smart compensation decisions, companies and HR teams often have a tough time getting access to the one thing that would help them make those decisions with more certainty — reliable compensation data. But without access to that data, companies may be referencing unreliable sources, leading to major issues that could impact how companies are compensating employees competitively, equitably, and fairly.
Today, Lattice is helping thousands of customers gain access to that critical data with the launch of Lattice Compensation Benchmarking Powered by Mercer now available through our Lattice Compensation product. Mercer is a global leader in redefining the world of work, reshaping retirement and investment outcomes, and unlocking real health and well-being.
Mercer’s data is integrated directly into the Lattice Compensation tool, giving teams everything they need to develop and execute smarter pay policy all in one place. And Mercer Compensation Benchmarking offers companies of all sizes the opportunity to tap into global, curated data based on their specific parameters, which include company size, industry, geographical location, and specific job titles, to make informed and equitable pay decisions.
Lattice Compensation connects performance and compensation to drive more effective strategy and transparency around pay decisions that can have a critical impact on both talent management and retention. With the addition of Lattice Compensation Benchmarking Powered by Mercer, Lattice customers gain access to necessary data in a user-friendly experience, offering new levels of efficiency, clarity, and ease to a historically complex, error-prone, and labor-intensive process for HR teams.
“In today’s dynamic talent environment, companies need access to fresh, well-sourced and trusted benchmark data to inform compensation planning and policies,” said Michael Anderson, Workforce Analytics, Global Career Product Leader, Mercer. “Getting pay right is essential to being considered by top talent and to retain current employees. Lattice Compensation Benchmarking Powered by Mercer ensures that companies have access to trusted benchmark data when, where, and how it’s needed for data-informed compensation decisions.”
“The talent landscape is quickly evolving and HR leaders need to stay ahead of the ball to attract and retain top talent,” said Dave Carhart, VP of Lattice’s Advisory Services. “An effective compensation strategy is such a critical driver of employee retention and engagement, and the trends around distributed work and pay transparency alongside market shifts are only adding complexity to an already challenging process. Lattice Compensation Benchmarking Powered by Mercer enables companies of all sizes to build data-informed insights to make employee-centric pay strategies.”
To learn more, check out the details on Lattice’s Compensation’s page. And to learn more about how the Lattice Compensation can help your company make data-driven compensation decisions or to get more information on the full Lattice People Success Platform, schedule a demo from our team.