The new offering will streamline compensation activities within one secure platform, incorporating performance and other employee data to enable more clearly defined, equitable, performance-based pay strategies.
LONDON, July 19, 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 the release of Lattice Compensation, a new product offering aimed at connecting performance and compensation to drive employee engagement and retention. Lattice Compensation will streamline compensation activities within a secure, centralised hub that seamlessly incorporates employee performance data, giving employees more clarity and transparency into pay decisions and empowering employers to make more equitable choices.
"When it comes to talent management and retention, compensation has always been a critical piece of the full picture," said Cara Brennan Allamano, Chief People Officer at Lattice. "At Lattice, we want to help our customers power employee-centric, holistic People strategies – and Lattice Compensation is a natural evolution of that mission, bringing new levels of efficiency, clarity, and ease to a historically complex, error-prone, and labour-intensive process for HR teams."
A convergence of factors – including a shift in the labour market, increasingly distributed workforces, and rising inflation – are driving changing expectations around compensation transparency from employees while companies continue to focus on effectively managing employee pay. 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 and guidance that ensure compensation practices are equitable, clear, and data-driven.
Lattice Compensation helps People teams make manual processes and complicated spreadsheets a thing of the past. By streamlining the setup and launch of compensation cycles and creating trackable workflows that seamlessly pull performance data, pay decisions become more equitable and data-informed than ever before. It also allows organisations, teams, and leaders to set compensation guidelines using performance ratings, compensation ratios, and more — empowering clarity and consistency across the entire company.
"Our compensation process to date has been largely manual and labour-intensive, with sensitive information spread across multiple platforms and spreadsheets," said Bill Haig, Vice President of Operations at GoodUnited. "Lattice Compensation offered a world-class solution that consolidated all of our processes into one place, pulling in employee performance data to create a structure that allows for increased clarity and transparency around compensation cycles."
By gathering data on company pay bands, team budgets, and more into one intuitive tool, Lattice Compensation will also provide managers and team leads with the information they need to make and communicate pay decisions with transparency, which is increasingly important to employees in the new world of work.
Lattice Compensation works within the wider Lattice platform and is designed to pull relevant data directly, drawing clear connections between employee performance and compensation and powering a more holistic approach to People strategy.
"Having Lattice Compensation as part of the overall product of Lattice tools really ties everything together," said Dan Smolkin, Head of People Operations at Aurora Solar. "As we're talking about an employee's journey with the company, being able to tie compensation in as another part of the product really helps drive everything home."
Learn more about Lattice's new Compensation product and join the early access programme here. You can also learn more about how to evolve your compensation strategy here and in the Lattice library.
Lattice is the People Success Platform that brings together all of the tools, workflows, and data to help leaders at organisations develop engaged, high-performing employees and winning cultures. By combining continuous performance management, goal-setting, employee engagement, compensation management, career development, and people analytics into one unified solution, Lattice helps HR, People and Operations teams develop insights that build enviable cultures and drive impactful business outcomes. Ranked on the Inc. 500 Fastest-Growing Private Companies list two years in a row and certified as a Great Place to Work by 99% of its employees, Lattice serves more than 4,450 customers worldwide including Slack, Monzo, and Tide. Learn more about Lattice by visiting: www.lattice.com.
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