When it comes to employee compensation, accuracy is everything. You want your business to attract and retain top talent without blowing the budget, and that requires reliable data. However, with so many compensation data sources out there, finding the right one can feel like a maze. Each option has its strengths, weaknesses, and quirks, so understanding these can make a huge difference in building a compensation strategy that’s competitive, fair, and sustainable. Let’s explore the key factors in choosing the best data source for employee compensation, focusing on what makes each option valuable and how to leverage them to your advantage. The Core of Good Compensation Data To make smart decisions on pay, you need data that’s: • Accurate – Ensuring fairness and reducing the risk of pay inequity. • Comprehensive – Covering all compensation elements from base salary to benefits and incentives. • Granular – Allowing detailed comparisons across job roles, industries, and locations. • Timely – Reflecting the latest market shifts to stay competitive. Exploring Key Compensation Data Sources Each compensation data source comes with pros and cons, so a blend is often the best approach. Salary Surveys These surveys are still the gold standard for compensation benchmarking. They provide detailed, industry-specific insights, making them ideal for setting accurate compensation ranges. Salary surveys offer a robust view of the market by collecting data from hundreds or thousands of organizations, often segmented by industry, job level, and geography. However, they may lag slightly due to the time required for validation and analysis. Pro tip: Use salary surveys as a foundation for understanding baseline pay and supplement them with real-time data from other sources to stay on top of emerging trends. Government Data Government sources, such as the Bureau of Labor Statistics (BLS) in the U.S., provide reliable, objective data at no cost. They’re perfect for high-level benchmarking and tracking long-term wage trends across regions and industries. However, government data tends to lack the granularity many companies need for specific roles and doesn’t reflect immediate market changes. Best use: Incorporate government data to establish macro-level benchmarks and monitor geographic pay differentials, then adjust with more targeted sources as needed. HCM Data Aggregators Human Capital Management (HCM) data aggregators pull compensation data directly from company HR systems. They offer broad, real-time insights, especially useful for large organizations needing frequent updates. However, aggregators may not capture industry-specific data as deeply as surveys or job boards. Value add: HCM aggregators work well for continuous monitoring of internal compensation practices relative to the external market. They’re also excellent for tracking emerging job roles and skills. Professional Associations Many industries have associations that collect compensation data for niche roles. While these sources may not have large datasets of surveys or aggregators, they offer highly specialized information that can be invaluable in fields like finance, law, or healthcare. Practical tip: For companies in specialized industries, professional association data can provide the focused insight you need to stay competitive and appeal to top talent in your field. Job Boards and Web-Scraped Data Job boards and web-scraped data give a real-time view of compensation trends by gathering information from job postings across industries. This data source can be a quick pulse on current hiring pay but often lacks detail and reliability, as advertised pay may not always align with actual salaries. Best for: Use this data to supplement your primary sources when assessing immediate changes in demand, especially for new or high-demand roles. Crowdsourced Data Platforms that rely on employee self-reporting (e.g., Glassdoor, PayScale) provide a unique perspective on compensation by reflecting employee sentiment. However, self-reported data can be prone to error or bias, as it’s often skewed by employees with strong opinions. How to use it: Crowdsourced data can supplement more formal data sources, offering additional insight into how employees perceive their compensation and providing an “on-the-ground” perspective. Building a Well-Rounded Compensation Strategy With so many data sources, the best approach is a layered one. Combining different types of data allows you to balance accuracy with timeliness, ensuring your compensation strategy remains competitive. Here are some steps to consider: • Start with Surveys and Government Data for a stable, reliable foundation. • Add HCM Aggregators or Job Boards for ongoing market insight and tracking emerging trends. • Use Crowdsourced and Association Data to refine niche roles and understand the employee perspective. When it comes to compensation, there’s no one-size-fits-all solution. Every data source has its strengths and limitations, so leveraging a mix allows you to create a compensation strategy that’s fair, equitable, and aligned with the realities of the current job market. At Pivot Point Talent Solutions, we’re here to help you make sense of it all and build a compensation strategy that supports your goals. Is your business ready to optimize its compensation practices? Start with the right data to drive informed, impactful decisions that make your business a top destination for talent.

Every small to mid-size business owner dreams of breaking through to the next level. That magical moment when your business isn’t just surviving—it’s thriving. Hypergrowth. It’s like the rocket fuel that launches businesses into new realms of possibility. But here’s the thing: hypergrowth isn’t some mystical, unattainable goal only reserved for startups in Silicon Valley. With the right focus, strategies, and a people-first mentality, your business can achieve it too. It’s All About the People Let’s get this straight—business growth isn’t just about chasing the latest tech trends, or the hottest marketing strategy. It’s about people. Your people. Employees, managers, clients—they are the heartbeat of your business, and without them, even the most innovative ideas fall flat. You can have the best product or service in the world, but if your team isn’t engaged, empowered, and passionate about your mission, it’s going to be a tough climb. Creating a culture where employees feel valued and part of something bigger than themselves sets the foundation for hypergrowth. Think about it: Employees who love where they work tend to go the extra mile, stay longer, and contribute innovative ideas. When you foster a culture of trust, collaboration, and continuous learning, you create an environment that naturally drives growth. And that growth? It’s sustainable because it’s built on the people who are there with you for the long haul. Forget the Silos—Collaboration is Key Remember, no one department operates in a vacuum. To unlock hypergrowth, your teams need to communicate and collaborate across every level of your organization. The days of “this is the marketing team’s problem” or “that’s just for HR to worry about” are gone. Every single person in your organization should be rowing in the same direction, working towards shared goals. Want to know the companies that thrive? They’re the ones that tear down silos and foster a culture of collaboration and agility. Employees across departments understand how their roles contribute to the larger mission, and when everyone knows how they fit into the big picture, they work better and smarter. Agility Is the New Superpower Let’s face it—nothing stays the same. Markets change. Customer preferences shift. Technologies evolve. The businesses that thrive aren’t the ones that dig their heels in and resist change. They’re the ones that embrace it. And, no, I’m not talking about changing direction at every turn. I’m talking about building flexibility and resilience into the DNA of your company. Being agile doesn’t mean abandoning your core mission. It means having systems and structures in place that allow your business to pivot quickly and efficiently when the unexpected happens. It’s about recognizing opportunities (or threats) early and responding decisively. Here’s a thought: When you adopt an agile mindset, you’re empowering your team to take calculated risks and innovate in real-time. Agility is the ultimate competitive edge in today’s fast-paced world, and when done right, it can be a major growth driver. Leadership That Sets the Tone Here’s another nugget of truth: Leadership is crucial to hypergrowth. I’m not just talking about the C-suite execs either. Leaders exist at every level of your business, and they’re the ones who set the tone for your company’s culture, vision, and success. Hypergrowth demands leaders who are not only visionary but also adaptable and empathetic. Leaders who can inspire, coach, and build trust. They’re the ones who will carry your business through times of change, help scale operations without losing the heart of your mission, and keep your team aligned with long-term goals. Great leaders empower their teams, give them the autonomy to make decisions, and focus on developing talent from within. They build other leaders along the way—and this cycle of leadership creates a powerhouse of people who know how to lead through hypergrowth. Innovation Isn’t Just Tech—It’s Mindset If I had a dollar for every time someone equated innovation with technology, I’d have a pretty decent side hustle. Sure, technology can fuel innovation, but innovation is much bigger than that. It’s about mindset. It’s about encouraging curiosity, creativity, and experimentation in everything you do. True innovation happens when your team feels safe to challenge the status quo and think outside the box. Whether it’s finding new ways to deliver your service or improving internal processes to boost efficiency, innovation is the spark that drives hypergrowth. Small tweaks can lead to massive breakthroughs. It’s about fostering a culture where no idea is too crazy and where failure is seen as a learning opportunity, not a setback. What’s Next? So, what’s holding you back from unlocking hypergrowth? Whether you’re a small business looking to scale or a mid-size company aiming to break into new markets, it starts with your people and your mindset. Focus on empowering your team, stay agile, break down those silos, and lead with vision—and you’ll be amazed at how far you can go.

In the ever-evolving world of talent acquisition, 2024 has brought significant changes that businesses must adapt to. For small to mid-sized companies, staying competitive in attracting and retaining top talent requires embracing emerging trends and rethinking strategies. Let’s explore the key shifts and how your organization can leverage them to your advantage. 1. AI and Automation in Hiring Artificial intelligence (AI) is no longer a distant future concept—it’s here, and it’s transforming recruitment. Small and mid-sized businesses can benefit from AI-powered tools that streamline processes like resume screening, candidate sourcing, and even predicting cultural fit. These tools allow you to quickly identify the best candidates from a larger pool without sacrificing quality or human connection. The right ATS can help you automate repetitive tasks while freeing up time to focus on building meaningful relationships with potential hires. Takeaway: Consider adopting AI-driven applicant tracking systems to enhance efficiency, improve hiring accuracy, and stay competitive in the talent market. 2. Embracing Remote and Global Talent The rise of remote work has created access to a global talent pool. Small to mid-sized companies can tap into this diverse skill set, breaking free from geographical restrictions. While remote work offers flexibility, it also requires you to adjust your onboarding and team management processes. Companies that offer hybrid or fully remote roles with thoughtful virtual onboarding will attract top talent. Takeaway: To compete with larger organizations, ensure your hiring strategies include remote work options, flexibility, and virtual engagement tools. 3. Data-Driven Decision Making Leveraging data to make informed hiring decisions is more than a trend—it’s becoming a standard practice. By tracking key recruitment metrics such as time-to-hire, cost-per-hire, and candidate engagement, your organization can continually optimize your hiring process. Data helps minimize bias, improve diversity in hiring, and ensure you’re making objective decisions that benefit the business long-term. Takeaway: Start tracking and analyzing recruitment data to improve both efficiency and fairness in your hiring processes. 4. The Candidate Experience Matters More Than Ever With candidates having more options than ever, creating a stellar candidate experience is essential. From transparent communication to timely updates, every interaction with a potential hire impacts your employer brand. In a world where candidates expect personalization, businesses must focus on crafting positive, engaging, and thoughtful experiences throughout the hiring process. Takeaway: Focus on improving the candidate experience by enhancing communication and personalizing outreach at every stage of the process. 5. Prioritizing Internal Mobility and Employee Retention As competition for external talent grows, retaining top performers has become increasingly critical. Offering clear career paths, mentorship, and opportunities for internal mobility can keep your employees engaged and reduce turnover. For small to mid-sized businesses, this not only helps maintain a stable workforce but also reduces the constant need to seek outside talent. Takeaway: Prioritize career development and internal mobility programs to retain talent and reduce the pressure on your external hiring efforts. 6. Diversity, Equity, and Inclusion (DEI) Diversity and inclusion have shifted from “nice-to-have” to essential. A workforce that reflects diverse perspectives and backgrounds drives innovation and success. Companies with effective DEI strategies have better employee engagement and higher retention rates. Small businesses should focus on writing inclusive job descriptions, using diverse interview panels, and ensuring a bias-free hiring process. Takeaway: Strengthen your DEI efforts to create a more inclusive workplace and attract a broader range of candidates. In 2024, small to mid-sized businesses need to stay ahead by adopting technology, embracing flexibility, and focusing on the candidate experience. As the talent acquisition landscape continues to evolve, ensuring your organization is agile and future-focused will make the difference between thriving and struggling. Is your business ready to navigate the future of talent acquisition? Contact us today to learn how our tailored solutions can help you attract and retain top talent while driving organizational success.

The US labor market is at a crucial turning point. After a period of post-pandemic recovery, we’re now seeing signs of a slowdown, leaving businesses to navigate a much more complex hiring landscape. This shift was detailed in a recent RPOA Expert Panel webinar, where Daniel Culbertson, a senior economist at Indeed’s Hiring Lab, highlighted key trends impacting employers. Why Should Your Business Pay Attention? At Pivot Point Talent Solutions, we understand how essential it is to stay ahead of these trends, especially when it comes to attracting and retaining top talent. Here are the key takeaways from Culbertson’s analysis and how they can impact your business: 1. Slower Job Growth—What’s Next? The US labor market isn’t shrinking, but it’s growing at a slower pace. While September saw job gains of 254,000, this falls short of the 2023 average of 250,000. The post-pandemic boom has subsided, signaling that companies need to be more strategic in hiring. How You Can Adapt : To thrive in this environment, businesses must sharpen their focus on quality over quantity. At Pivot Point Talent Solutions, we help our clients streamline their talent acquisition process by honing in on the most qualified candidates—saving time and reducing costly hiring mistakes. 2. Contrary Unemployment Rate The unemployment rate currently hovers around 4.1%, slightly higher than previous years but still indicative of a tight labor market. This means hiring is competitive, and retaining talent has never been more critical. Why Retention Matters: The great resignation has shifted into what many are calling “the great stay.” Employees are increasingly hesitant to leave their current roles, which means the right retention strategies—competitive salaries, meaningful perks, and clear career development paths—are crucial. We offer tailored retention solutions to ensure you’re not just filling seats but building loyalty among top performers. 3. Remote Work—A Lasting Trend Despite the push for a return to the office, remote work is here to stay. Culbertson’s research shows that job seekers are still highly interested in remote roles, and while the trend has slowed in industries like tech, it remains strong in others. How This Impacts You: Offering flexibility can be a significant competitive advantage in this market. Pivot Point Talent Solutions specializes in helping businesses craft remote and hybrid work policies that attract top talent without compromising on productivity. 4. Wage Growth Normalization Wage growth has cooled to 3.2% from its 9% post-pandemic peak, signaling a return to pre-pandemic levels. However, competitive pay remains a top priority for job seekers, with salary transparency becoming a game-changer in attracting candidates. Make Salary Work for You: Are you still hesitant to post salary ranges on job ads? We’ve seen firsthand how salary transparency can widen your talent pool. Pivot Point Talent Solutions can help you structure competitive, transparent compensation packages that appeal to today’s workforce while staying within your budget. 5. Hiring Slows Despite Labor Supply Improvements Although the labor supply has improved, hiring rates continue to slow. This means that while more workers are available, businesses are taking longer to make hiring decisions. The Pivot Point Difference: With our data-driven approach, we can help accelerate your hiring process without sacrificing quality. We connect you with the right candidates quickly, so you don’t lose top talent to competitors with faster turnaround times. Final Thoughts: The Time for Action Is Now The labor market is in a delicate balance. While demand for workers remains healthy, businesses face slower growth, tighter competition, and the challenge of maintaining flexibility in the workplace. The good news? By adjusting your strategies now, you can stay ahead of the curve. At Pivot Point Talent Solutions, we partner with small to mid-size businesses to develop talent acquisition and retention strategies tailored to this evolving market. Whether you’re looking to fill roles faster, retain your star employees, or navigate the complexities of a hybrid workforce, we’re here to help. Want to learn more? Reach out to us at info@pivotpointtalent.com to see how we can support your business needs in this changing labor landscape.