There’s a seismic shift happening in how founders and business leaders think about compensation, especially in the startup world, where compensation has been a blackbox for too long due to a lack of data, resources to get it right and/or commitment to pay transparency.
Salaries and wages are the number one reason that workers seek new jobs, according to a PwC study. In response, competitive companies are changing how they approach compensation. After all, compensation is more than what you pay your people. There's power in the how — your company’s perspective on pay and how it’s determined, awarded and communicated. Giving attention to both how much to pay and how to pay is a highly effective instrument to attract top talent, empower and retain high performers and scale workplace equity and inclusion.
What do today’s business leaders — CEOs, functional heads and hiring managers — need to know and do now? Forbes interviewed Thanh Nguyen, the co-founder and CEO of OpenComp, on how to win the war on talent this year.