Compensation professionals use accurate, timely, and strategically sourced market data to hire and retain talent. Real-time market data remains the best approach in establishing a competitive pay strategy, but how we rely on market metrics to inform decisions can be the difference between reactionary comp planning and strategic comp planning.
Professionals don’t have to rely on anecdotal evidence and news headlines to sort out wage & labor trends if they have the right data resources. A high performing pay strategy leverages data to understand competition for labor and pay expectations among workers. Thus, it’s helpful to rely on key market indicators from the Bureau of Labor Statistics in addition to compensation data.
Our 2021 Wage & Labor Market Trends whitepaper features selected market metrics from the BLS, accompanied by compensation data trends, to explain and observe market behavior. Download Payscale’s latest resource for data driven compensation planning to get pay right.