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HR Famous Podcast: Crocs and Compensation Strategy in a COVID World
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In episode 17 of The HR Famous Podcast, long-time HR leaders (and friends) Kris Dunn and Tim Sackett come together to discuss Crocs, compensation strategy, Facebook’s new location based salary adjustments, and the return of the MLB. The duo discuss the different compensation adjustment strategies companies have been taking, why companies have been choosing which strategy to implement, and how decisions made during the pandemic may translate to problems when life returns to normalcy.
Listen below and be sure to subscribe, rate, and review (iTunes) and follow (Spotify)!
Show Highlights:
2:00 – Haven’t heard about Crocs in awhile? No worries! Tim starts the episode talking about the resurgence of Crocs and talks about his history with the infamous shoe brand.
5:00 – Tim wears his Crocs around the house but KD lives in a strict no-shoe household. Is your house a shoes on or shoes off home?
6:45 – Today’s topic: compensation strategy. Tim discusses the 3 different strategies companies are taking during the pandemic recession.
8:30 – KD wages that the specific compensation strategy chosen by businesses depends on how the economy is looking and how it will be in the future. Some industries will be hit differently at different times.
10:45 – Airbnb recently announced that they’re cutting 25% of their staff. KD discusses the strategy the CEO took for their layoffs and how they went about it.
12:30 – Quick digression: Vegas time! Las Vegas is opening up in June and Tim talks about casinos that are giving away one way tickets for Vegas’s grand reopening.
14:00 – We have seen upper level management and executives cutting a lot from their earnings. KD praises execs for doing a good job of forgoing or cutting salaries during the pandemic.
15:20 – Last compensation cutting strategy: location based pay. Facebook has announced that employees who elect to WFH permanently will have their pay adjusted to their personal cost of living.
19:30 – How to adjust pay becomes a new problem with this compensation strategy. Tim and KD discuss how salary adjustment based on location and cost of living could add to the problem of wages and unfair pay
24:30 – “Stop using forever when you tell people they can work at home.” – Tim Sackett
25:00 – Google is giving their remote workers $1,000 to set their employees up for success in a WFH environment. Tim said he spent $4,000 on his personal home office when he worked remotely. KD seems stunned by the price but Tim reminds him furniture is expensive.
27:40 – KD brings us back to the days of relocation compensation. He thinks that $4,000 seems very high and argues for the side of “bootstrap America”. Bootstrappers don’t need a Herman Miller chair for their home office!
30:20 – Tim discusses the draw of working for highly known brands and how the experience of working for these brands goes away when working from home. Tim says that these companies should have Uber Eats drop off lunch for their WFH employees and KD groans. Okay boomer!
31:50 – One last topic for today: sports! KD and Tim laugh at the potential new plans for social distancing for the 2020 major league baseball season.
34:00 – Want to go visit Spanish beaches? They’re planning on creating beach reservations that adhere to social distancing standards. Tim loves the idea. Who is down for a Spain trip?