121 | Pay practices that pay off: how to attract, reward & retain talent fairly, with Rameez Kaleem

HR Coffee Time

Are you struggling with how to get pay right in your organisation, feeling the weight of its complexity and cost? You're not alone. Payroll can be the largest expense for a business, running into millions, and it's a crucial aspect of HR that doesn't come with a handbook. Whether you're facing challenges with pay dissatisfaction among your talent, confronting unsettling pay gaps, or stepping into a new role with an outdated pay structure, there's always room for improvement.

In this episode of HR Coffee Time, host Fay Wallis talks with Rameez Kaleem, Founder and CEO of 3R Strategy, to shed light on creating pay practices that truly pay off. He breaks down the building blocks of fair and effective pay practices that can attract, reward, and retain the best talent for your organisation.

Key Takeaways

• Pay transparency is about openness and honesty in pay processes, not about disclosing everyone’s salaries (a common misconception). It builds trust and demonstrates fairness in how pay decisions are made.
• Pay transparency helps in attracting talent; candidates are more likely to apply for a role when the salary is included in the job posting.
• Well-communicated pay equity is 13 times more important in retaining your employees than higher pay levels.
• Why you should never ask the question, “What’s your current salary?” Or, “What are your pay expectations?” when interviewing.
• Rameez’s Five-Step Pay Transparency Project Plan:
• Step 1: Establish a reward strategy and pay philosophy.
• Step 2: Conduct benchmarking with reliable data to understand market rates.
• Step 3: Develop a career framework for clarity on career progression and pay scales.
• Step 4: Build pay structures aligned with the career framework.
• Step 5: Consider pay progression and how employees can progress within the pay range.

Useful Links

• Connect with Fay on LinkedIn
• Fay’s website: Bright Sky Career Coaching
• Connect with Rameez on LinkedIn
• Rameez’s website: 3R Strategy

Buy the Book Recommendations

(Disclosure: the book links are affiliate links which means that Fay will receive a small commission from Amazon if you make a purchase through them)

• A Case of the Mondays: Attract and retain the best talent through pay transparency, by Rameez Kaleem
• Start With Why: How great leaders inspire everyone to take action, by Simon Sinek
• Quiet: The Power of Introverts in a World That Can’t Stop Talking, by Susan Cain
• Atomic Habits: An Easy and Proven Way to Build Good Habits and Break Bad Ones, by James Clear

Other Relevant HR Coffee Time Episodes

• Episode 14: Understanding & fixing your organisation’s gender pay gap, with Melissa Blissett
• Episode 88: How to write a compelling business case & get approval for your idea, with Jo Taylor

Looking For the Transcript?

You can find the transcript on this page of the Bright Sky Career Coaching website.

Rate and Review the Podcast

If you found this episode of HR Coffee Time helpful, please rate and review it on Apple Podcasts or Spotify. This video shows you how to rate and review the podcast on Apple Podcasts (because it isn’t very intuitive). If you're kind enough to leave a review, let Fay know so she can say thank you. You can always reach her at: [e-mail].

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Mentioned in this episode:

Join 3R Strategy's free Pay & Reward Academy

Become a member of 3R Strategy's free Pay & Reward Academy, or access their free resources by visiting: https://bit.ly/3racademy.

The Essential HR Planner & In-Person Planning Day

Visit https://essentialhrplanner.co.uk to learn all about The Essential HR Planner and the in-person planning day.