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

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with pay dissatisfaction among your talent, confronting unsettling pay gaps, or stepping into a new role with an outdated pay structure, there's always room for improvement.In this episode of HR Coffee Time, host Fay Wallis talks with Rameez Kaleem, Founder and CEO of 3R Strategy,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 TakeawaysPay 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 LinksConnect with Fay on LinkedInFay’s website: Bright Sky Career CoachingConnect with Rameez on LinkedInRameez’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 KaleemStart With Why: How great leaders inspire everyone to take action, by Simon SinekQuiet: The Power of Introverts in a World That Can’t Stop Talking, by Susan CainAtomic Habits: An Easy and Proven Way to Build Good Habits and Break Bad Ones, by James Clear Other Relevant HR Coffee Time EpisodesEpisode 14: Understanding & fixing your organisation’s gender pay gap, with Melissa BlissettEpisode 88: How to write a compelling business case & get approval for your idea, with Jo TaylorLooking For the Transcript?You can find the transcript on this page of the Bright Sky Career Coaching website.Rate and Review the PodcastIf 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: [email protected]. Enjoyed This Episode? Don't Miss the Next One!Be notified each time a new episode of HR Coffee Time is released and get access to other free career tips, tools and resources by signing up to receive the free weekly HR Coffee Time email.Mentioned in this episode:Kara Connect - Help When It's Needed MostMenopause, grief, ADHD, relationship breakdown... Every day, employees dealing with these situations are turned away by their EAP because they didn't qualify for counselling. When someone finally asks for help, they deserve better. Visit Kara Connect, where no employee is ever turned away. Kara Connect