GOVINVEST

Posts & Resources

GovInvest’s Live Compensation Module paves the way for agile workforce strategies

Original article here

GovInvest’s Live Compensation Module paves the way for agile workforce strategies

Jasmine Nachtigall-Fournier is the co-founder and president of GovInvest. She can be reached at jasmine@govinvest.com.

COVID-19 gave employees the power to be selective, prioritize competitive pay, and advocate for nourishing work cultures. In this new era, employers can no longer be reactive when recruiting new employees. It is a call for innovation within the public sector — an area long settled into a static routine — particularly in the realm of compensation studies.

Compensation studies review internal pay relationships between positions and external competitiveness. This helps public sector organizations improve employee recruitment, retention, and pay satisfaction while containing labor costs.

The stakes are especially high for public agencies. They must navigate unique legal constraints and labor negotiations, alongside typical compensation management, recruitment, retention, and workforce equity demands at a time when remote work has become a norm and the competition for talent spans beyond geographical boundaries.

Enter GovInvest, a beacon of modernization for the public sector’s approach to compensation studies. Traditionally, government agencies were shackled to outdated methods of compensation analysis — often embroiled in the laborious task of self-collecting data or resorting to costly consultants for static compensation studies. These reports, which become instantly outdated, reflect a reactive approach that no longer serves the fast-paced changes in employment trends.

GovInvest’s pioneering Live Compensation Module is transforming how public sector leaders address compensation challenges. The Live Compensation Software is the latest innovation in the GovInvest Enterprise Platform, integrating market data with internal personnel costs. The result is comprehensive workforce analytics and confident decision-making.

This innovative module shatters the outdated cycle of infrequent and obsolete data with several key features:

  • Continuous Compensation Data: Agencies are empowered with a constant stream of compensation data, breaking the traditional mold of three- to five-year intervals. This ensures that public sector entities are always equipped with the most current information, allowing them to stay competitive and responsive.
  • Monthly Data Refresh: With compensation data refreshed on a monthly basis, government agencies can make informed decisions swiftly, keeping pace with the ever-changing job market.
  • Visualization of Key Analytics: The module doesn’t just provide data; it offers a visual analytic framework for a proactive recruitment and retention strategy. This proactive stance ensures government agencies can anticipate market trends, rather than react to them.
  • Negotiation Optimization Insights: By harnessing this constant stream of refreshed data, public sector leaders are equipped with insights that optimize the negotiation process, leading to more equitable and effective labor agreements.
GovInvest advertsidement with woman on laptop

For government employees, GovInvest’s Live Compensation Module is not merely an upgrade in technology: It’s a paradigm shift in organizational culture. It beckons towards a more strategic, data-driven approach where employers make decisions based on real-time information rather than historical data.

This transformation demands a new type of government employee — one that is agile, informed, and proactive. In the hands of these dedicated professionals, tools like the Live Compensation Module will not only ensure fair and competitive compensation for public sector workers but also promote a culture of transparency and equity, leading to a more efficient and motivated workforce.

As we continue to traverse through the post-pandemic world, the public sector’s ability to adapt and innovate in compensation management will be a benchmark for its overall resilience and capacity to attract and retain the best talent in the service of the public.

Founded in 2014, GovInvest empowers over 1,000 public sector agencies nationwide to run their own labor, compensation, and benefits analysis at a fraction of the cost and time through powerful software solutions and hands-on consulting. GovInvest is a leading provider of innovative software solutions for government agencies. With a commitment to transparency, efficiency, and equity, GovInvest empowers public sector organizations to make data-driven decisions, attract top talent, and enhance the effectiveness of their operations.

Visit www.govinvest.com to schedule your agency’s personalized demonstration and see how GovInvest Live Compensation Software can revolutionize compensation management for your agency.