What’s so important about Data-Driven Decision Making?
Imagine the process of hiring a new employee. Would you ever consider hiring someone without first reviewing their resume? Or perhaps rely on a CV that's five years old? Would you skip the interview, or maybe interview their sibling instead? How about forgoing reference checks? It's safe to assume that the answer to all these questions is a resounding "no."
So, why would you depend on outdated remuneration data?
Every day, whether consciously or subconsciously, you seek out information to make informed decisions.
Should you schedule a meeting over coffee or wine? You check the potential times on Calendly and ask about their preferences via WhatsApp or LinkedIn.
Deciding which route to take at an intersection? You look up the fastest path on Google Maps.
Wondering what to have for dinner? You check the weather app and look on Instagram for inspiration.
The importance of current and accurate data is evident in these everyday decisions. Similarly, when it comes to remuneration strategy, relying on old data won't cut it. It's essential to understand not only the current hiring market but also the broader landscape of active professionals in the specific role you are evaluating.
Enter LiveRem, a dynamic tool designed to enhance your remuneration strategy, whether for hiring new roles or assessing the market position of current employees.
LiveRem offers three key features:
Market Data: Unlimited access to current market valuations for various roles.
People Data: A real-time, always-on report showing how your employees' salaries compare with the market.
Company Insights: Analyses your organisation's data to deliver critical insights, including an always-on gender pay gap index.
These features empower you to:
Gain a deep understanding of current market valuations for different roles.
Obtain real-time comparative analysis of your employees' remuneration against the market.
Access significant organisational insights, like the gender pay gap, aiding in informed strategic decisions.
The platform shines with its deep-dive capabilities. You can filter the data by location, gender, industry, tenure, and company size, providing targeted and impactful insights to refine your remuneration strategy.
Here are the top three benefits of data-driven decision making with LiveRem:
Market Alignment: Ensure you're paying your employees competitively by setting a target percentile that aligns with your market positioning.
Proactive Strategy: Stay ahead by identifying if you're underpaying or overpaying relative to the market, enabling timely adjustments.
Informed Hiring: Leverage up-to-date data for hiring new employees or reviewing current ones, ensuring you offer competitive remuneration.
Avoid the pitfalls of outdated or nonexistent remuneration data when shaping your remuneration strategy.
