Lattice Powers More Effective Compensation Practices and Pay Transparency for Businesses with Mercer Alliance

Rhea-AI Summary

Lattice has launched a new product, Lattice Compensation, integrating Mercer Compensation Benchmark data to help companies make equitable pay decisions. This collaboration aims to simplify the compensation process for HR teams, offering global data tailored to company size, industry, and job titles. Driven by employee demand for transparency, Lattice's research shows 65% of employees desire clearer pay practices. Mercer’s data is available at no extra charge for current users, reflecting the importance of data-informed strategies in a changing labor market.

Positive

• Launch of Lattice Compensation product enhances compensation strategies.
• Integration of trusted Mercer Benchmark data improves pay equity decisions.
• Mercer data included at no additional cost for current customers.

Negative

• None.

Lattice Compensation Benchmarking Powered by Mercer offers companies the opportunity to tap into global, curated data based on their specific parameters.

SAN FRANCISCO, Nov. 30, 2022 /PRNewswire/ -- Lattice, the leading provider of people success software that empowers business leaders to build engaged and high-performing teams and inspire winning cultures, today announced that Mercer Compensation Benchmark data is now available through Lattice's new Compensation product. Mercer is a most trusted global consulting leader in redefining the world of work, reshaping retirement and investment outcomes, and unlocking real health and well-being.

Lattice Compensation offers companies the ability to tap into global data based on needs to make equitable pay decisions

In July, Lattice launched Lattice Compensation, a new product aimed at connecting performance and compensation to drive more effective strategy and transparency around pay decisions that can have a critical impact on both talent management and retention. The alliance with Mercer represents a natural evolution by offering new levels of efficiency, clarity, and ease to a historically complex, error-prone, and labor-intensive process for HR teams.

Lattice Compensation Benchmarking Powered by Mercer offers companies of all sizes the opportunity to tap into global, curated data based on their specific parameters, which include company size, industry, geographical location, and specific job titles, to make informed and equitable pay decisions. Mercer's data is integrated directly into the Lattice Compensation product, giving teams everything they need to develop and execute smarter pay policy all in one place. Mercer benchmarking data is included at no additional charge for current Lattice Compensation customers.

A convergence of factors – including a shift in the labor market, increasingly distributed workforces, rising inflation, and legislative changes – are driving a significant shift in expectations around compensation transparency from employees: Lattice research found that 65% of employees want more transparency from their companies about pay practices, and over half said that companies should disclose how much everyone at an organization is paid. To stay competitive while navigating an uncertain economic environment, companies will need to execute dynamic compensation strategies that enable them to be flexible and reward top performers, while also including checks, guidance, and benchmarking that ensure compensation practices are equitable, clear, and data-driven.

"The talent landscape is quickly evolving and HR leaders need to remain agile to attract and retain top talent," said Dave Carhart, VP of Lattice's Advisory Services. "An effective compensation strategy is such a critical driver of employee retention and engagement, and the trends around distributed work and pay transparency alongside market shifts are only adding complexity to an already challenging process. Lattice Compensation Benchmarking Powered by Mercer enables companies of all sizes to build data-informed insights to make employee-centric pay strategies."

"In today's dynamic talent environment, companies need access to fresh, well-sourced, and trusted benchmark data to inform compensation planning and policies," said Michael Anderson, Workforce Analytics, Global Career Product Leader, Mercer.  "Getting pay right is essential to being considered by top talent and to retain current employees.  Lattice Compensation Benchmarking Powered by Mercer can provide companies with access to trusted benchmark data when, where, and how it's needed for data-informed compensation decisions."

Learn more about Lattice Compensation at: https://lattice.com/compensation. You can also learn more about how to evolve your compensation strategy here and in the Lattice library.

About Lattice

Lattice is the People Success Platform that brings together all of the tools, workflows, and insights to help organizations develop engaged and high-performing employees within a winning culture. By combining continuous performance management, employee engagement surveys, compensation management, and career development tools into one connected solution, Lattice can deliver powerful people analytics used by HR and People teams to drive impactful business outcomes. Ranked on the Inc. 500 Fastest-Growing Private Companies list three years in a row and rated as a Great Place to Work by 99% of its employees, Lattice serves over 4,800 customers worldwide, including Slack, Solera Health, and the Los Angeles Dodgers. Learn more by visiting: www.lattice.com.

About Mercer

Mercer believes in building brighter futures by redefining the world of work, reshaping retirement and investment outcomes, and unlocking real health and well-being. Mercer's approximately 25,000 employees are based in 43 countries and the firm operates in 130 countries. Mercer is a business of Marsh McLennan (NYSE: MMC), the world's leading professional services firm in the areas of risk, strategy and people, with 86,000 colleagues and annual revenue of over $20 billion. Through its market-leading businesses including Marsh, Guy Carpenter and Oliver Wyman, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment. For more information, visit mercer.com.

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SOURCE Lattice

FAQ

What is Lattice Compensation?

Lattice Compensation is a product launched by Lattice to help companies make informed and equitable pay decisions using integrated Mercer Compensation Benchmark data.

What company is affiliated with Mercer?

Mercer is a business of Marsh McLennan, the world's leading professional services firm, traded under the ticker symbol MMC.

When was the Lattice Compensation product launched?

Lattice Compensation was launched in July 2022.

How does Lattice Compensation benefit companies?

Lattice Compensation helps companies by providing global, curated data that aids in making equitable pay decisions, improving compensation transparency, and enhancing employee retention.

What percentage of employees want more pay transparency?

According to Lattice research, 65% of employees want more transparency regarding their companies' pay practices.