Get Pay Right with PayScale Insight Expert
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Watch this 30 minute webinar, as we demonstrate how to get pay right - the PayScale way. -Be confident in your pay decisions with access to pay data that's updated daily. -Price your job positions according to skills, experience, and local market trends. -Save the aging for your wine – PayScale’s data is real-time and always at market. If you're creating, maintaining, or revamping a comp strategy, you won't want to miss this presentation. payscale.com/hr
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Get Pay Right with PayScale Insight Expert
- 1. Get Pay Right with PayScale Insight Expert Presented by: Karaka Leslie Insight Expert Product Manager karakal@payscale.com (206) 576-5035 www.payscale.com
- 2. 14,000 Positions 3,000 Customers 40 Million Salary Profiles 250 Compensable Factors 11 Countries
- 3. AGENDA Why have a compensation strategy? Insight Expert? o Expertise o Deliverables o Process Questions?
- 5. Why have a compensation strategy? • • • • • Eliminate overpayment/underpayment • Improve morale, job satisfaction and productivity Attract & retain the best talent Optimize annual pay changes with company goals Reward top performers who are most valued Improve managers’ tough conversations around pay
- 6. Why Insight Expert? • Expertise/Recommendations • Time/Resources Constraint • Collaboration • Need for manageable structure • Multiple locations/different structures • Experiencing rapid growth
- 7. Insight Expert Deliverables • Compensation philosophy and strategy document aligned with your organization’s business goals • Market assessment of base salaries • 100% of your employees matched to your positions • Base pay structure targeted to your competitive market • Executive summary presenting recommendations for new plan
- 8. PayScale’s Expert Process EVALUATE CURRENT PRACTICE Gather Historic Information FORMULATE COMP STRATEGY Determine Pay Philosophy and Strategy IMPLEMENT STRUCTURE Create, Analyze and Formulate Base Pay Structure Determine Necessary Employee Salary and Position Information Review Job Matches for Accuracy Executive Team Meeting to Understand Business Goals Decide on Appropriate Competitive Market(s) Identify Outliers and Develop Strategy to Adjust Pay Review Results & Recommendations w/ Exec. Team
- 9. EVALUATE CURRENT PRACTICE Gather Historic Information Determine Necessary Employee Salary and Position Information Executive Team Meeting to Understand Business Goals • Who is your market? • How competitive do you want to be? • What do you want to reward?
- 10. FORMULATE COMP STRATEGY Determine Pay Philosophy and Strategy Review Job Matches for Accuracy Decide on Appropriate Competitive Market(s)
- 11. Compensation Philosophy The philosophy behind Company’s compensation program is to create a compensation program that supports the company’s mission and values. We believe our compensation program is a management tool that when aligned with an effective communication plan is designed to support, reinforce, and align our values, business strategy, operational, and financial needs with a goal of growth and profitability. Company’s compensation program is designed to attract, motivate, and retain talented employees who drive the company’s success and uphold the company values. In recognition of the necessity for the toptier talent, we strive to provide base salary that meets/exceeds the market when employees are fully proficient and meeting expectations. We believe that employees consistently performing above expectations and are proficient in the role should be rewarded with a higher base pay. In addition to base salary, the company will provide a benefits package that represents the company’s commitment to employee health and wellness. Finally, the company will utilize incentive or variable pay as a way to meet the strategic goals of the company. Incentive pay will be available to some employees with consideration for a number of factors and will be based on individual goals that relate to the company objectives as well as overall company performance In alignment with our company culture, we will strive to communicate openly about design of the compensation program. The compensation process is intended to be fair and simple so that all employees and managers understand the goals and the outcomes of the process. Company will work hard to administer the compensation program in a manner that is consistent and free of discrimination. www.payscale.com
- 12. IMPLEMENT STRUCTURE Create, Analyze and Formulate Base Pay Structure Cost to bring all Green Outliers to the minimum of the range: $5,221 Identify Outliers and Develop Strategy to Adjust Pay Review Results & Recommendations w/ Exec. Team Current amount paid to Red Outliers over the top of the range: $127,213
- 13. Advantages of Pay Structures Provide alignment to business strategy Clarify relative worth of the position internally & externally Ensure fair pay (legally defensible) Define a pay range for a position Create clear career paths Room to reward your employees based on performance, tenure, etc. www.payscale.com
- 14. Grade Schedules by Location Purpose PORTLAND Schedule D: Main NEW YORK Schedule G: +15% Preserve both competitive pay and internal equity Support simplicity of structure TAMPA Schedule C: -5% Implementation Schedule = set of ranges & grades
- 15. Career Path Job Name Job Name Job Name Job Name Job Name Grade # Grade # Grade # Grade Assignments Grade # Grade #
- 16. Grades & Ranges Hourly Structure Grade A B C D E F G H I J K L M N O P Q Range Width 30% 32% 34% 36% 38% 40% 42% 44% 46% 48% 50% 52% 54% 56% 58% 60% 62% Min $8.75 $9.75 $10.75 $12.00 $13.50 $15.00 $16.75 $18.75 $20.75 $23.25 $26.00 $29.00 $32.25 $36.00 $40.25 $45.00 $50.25 Mid $10.00 $11.25 $12.75 $14.25 $16.00 $18.00 $20.25 $22.75 $25.75 $28.75 $32.50 $36.50 $41.00 $46.25 $52.00 $58.50 $65.75 Max $11.25 $12.75 $14.50 $16.50 $18.50 $21.00 $23.75 $27.00 $30.50 $34.50 $39.00 $44.00 $49.75 $56.25 $63.75 $72.00 $81.50
- 17. ONGOING SUPPORT
- 18. Manager Training Agenda Part I: Compensation Plan Overview Part II: Putting in into practice • Compensation 101 • Compensation structure & policy • Improve performance management practices that link to pay • Understanding the merit matrix • Tips for having “the talk” www.payscale.com
- 19. Questions? Presented by: Karaka Leslie Insight Expert Product Manager karakal@payscale.com (206) 576-5035 www.payscale.com
- 20. Karaka Leslie Insight Expert Product Manager PayScale, Inc. PayScale Delivers Where Other Compensation Providers Fall Short PayScale leads the world in compensation knowledge with the freshest and most detailed data from over 40 million salary profiles. More than 3000 organizations use PayScale’s software and intelligence to get the greatest return on their talent. Smart businesses use PayScale insight to recruit, retain and motivate their people. Visit our Compensation Today blog: http://www.payscale.com/compensation-today Join our Group on LinkedIN: Compensation Today: HR Best Practices Request a customized demo: http://resources.payscale.com/Request-a-Demo.html
Notas del editor
- Hi Everybody,Thanks for attending todays webinar: Get Pay Right with PayScale Insight ExpertFor today’s webinar we will highlight our comprehensive compensation management tool, Insight – with a dedicated Comp Expert.By the end of this call, you will have a clear understanding of the PayScale Insight Expert solution and how it will help your organization with compensation strategies. If you’d like a customized tour of Insight specific for your business, please visit PayScale.com and click on “request demo” or call your Sales Representative directly.A couple housekeeping tips:Adjust your screen size by right clicking in the webinar.Feel free to submit questions via the chat box.All attendees will be automatically muted.This is not an accredited webinar.This should take about 30 min, with time for answering questions at the end of this call. Make sure to type in questions and I would be happy to answer them as we go or at the end. If we don’t get to your specific question, we will contact you directly.A recording of this presentation and copy of the slides will be sent out to all attendees after the call.
- Creator of the largest database of individual compensation profiles in the world, PayScale, Inc. provides an immediate and precise snapshot of current market salaries to employees and employers through its online tools and software. PayScale’s products are powered by innovative search and query algorithms that dynamically acquire, analyze and aggregate compensation information for millions of individuals in real time. Publisher of the quarterly PayScale IndexTM, PayScale's subscription software products for employers include PayScale MarketRateTMand PayScale InsightTM. Among PayScale's 2,500 corporate customers are organizations small and large across industries including Mozilla, Tully’s Coffee, Clemson University and the United States Postal Service. Our patent-pending, real-time profiling system indexes custom employee attributes (such as industry-specific certifications) and specific job titles for every industry.
- Are these some of the factors that get you thinking about compensation? For these things to happen – compensation has to be current with the times. Why Compensation Strategy - Taking a strategic approach to compensation and getting it right will lay the foundation for a loyal workforce and happy organizations. 1) Shows your employees that you value them and their unique qualifications 2) Creates guidelines that make comp decisions clear and easy 3) Ensures that the compensation strategy aligns with the business goals and missions.Insight Expert - Taking Market Data to the next level, PayScale allows you to quickly identify variables in compensation based on your specific competitive set. Our tools give visibility to internal and external data, and arms executives with concrete analytics. - Our experts utilize these to deliver justification for compensation practices across the organization. - This process allows you to easily align your compensation strategy with the business strategy.
- A well-thought out compensation strategy is the key to guiding a compensation plan that will meet your organization’s business objectives. Using the PayScale consulting services feature of your Insight Expert subscription will ensure you get started with a sound strategy. The value of good strategy can not be overlooked:Are these some of the factors that get you thinking about compensation? For these things to happen – compensation has to be current with the times. There are many reasons to invest in your compensation strategy- to start, paying your employees is the largest expense of doing business and if you think of the total average payroll, let’s say for a company of 100 employees, paying an average salary of 45k- a mistake by just 5% in either direction is $275,000. Our experts will help you prioritize which of these categories will make the biggest impact for your employees and your executives. Build a performance culture.Merit Math: how much is the Top Performer’s 2.8% NET ‘merit’ increase worth? Enough to buy a Grande Latte on the way to work each morning. (The Talent Wars 2012)Find the right people.‘Nearly 50% of CEO’s from all sectors and all corners of the globe say that the skill gap has become more difficult to fill’ (PWC 15th annual CEO survey)Keep the right people.World at Work estimates that the cost of losing one employee is equivalent to losing 1/3-1/2 of the employee’s annual wagesCreate a comp budget that rewards output and performance.‘In 2010, across the board increases were down by 50% and the use of variable pay increased 300%’ (Hewitt Survey- US Salary Increases 2009/2010)Increase morale.The top reason people left their job in 2011 was to seek higher pay elsewhere. (PayScale 2012 Best Practices Report)
- In my experience, the reason a lot of companies avoided defining and mapping out their compensation strategy in the past is because it’s always been so time intensive and in many cases, once they found problem areas, most organizations didn’t know how to communicate the problem the changes to their employees and execs.. Or, they felt that once they realized a change was needed,they would haveto fix everything overnight. So that is one thing that we have dedicating to help solve.we focus on making this process straightforward and help you through the data, all the way to the execution of the new plan.Since I started at PayScale, I’ve heard a lot of horror stories from clients who had used a Comp Consultant for $60K put together their comp structure, then the Consultant left and no one had a clue of what the strategy was moving forward on. With PayScale, we guide and work with you every step of the way, explaining and getting your feedback on each recommendation, so it is more of a collaborative effort. Our goal is to give you with as much information and confidence to maintain this competitive new structure for the long term. Give a man a fish and you feed him for a day, teach a man to fish and you feed him for a lifetime.GET ALL YOUR BOATS GOING THE RIGHT DIRECTION…STRATEGY.
- This is what the process of Insight Expert looks like. Over the next few slides, we will break it down by section
- Strategy-12 names in the drawer storyProject Kickoff and Initial Evaluation:• Review the Statement of Work with you to clarify the project scope and timelines.• Make sure you can access your PayScale Insight account.• Gather information on the history of the company’s compensation programs. Our goal is to understand current pain pointswithin the existing program and also understand the business and compensation goals of the organization (retention, financial,productivity, etc.)• Determine all necessary information including employee salary information, job descriptions,organization charts, etc.• Facilitate, or support your efforts to facilitate, a discussion with your executive team to understand business goals and discussthe role that compensation will play attracting and retaining top talent and in reinforcing the Company’s business strategy.Competition in diff industry
- During the executive team meeting, determine the appropriate competitive market for benchmarking and create acompensation strategy. Based on this philosophy and strategy conversation, your PayScale CCP may provide multiplemarkets for comparison so you can determine the best data set to use for your organization.• Using the job description information (e.g., job descriptions, titles, organizational charts, new hire requisitions, etc.) youprovided in step one, your PayScale consultant and team will match your jobs to the PayScale salary database, then reviewthose matches with you.• Your consultant will make recommendations on the appropriate competitive market(s). this is a feature from our Insight software-MDA
- Use your philosophy and strategy to guide your business forward,
- Create, analyze and formalize the organization’s base pay structure and appropriate salary levels based upon yourcompensation philosophy and design input.• Review your structure with you to ensure both internal and market alignment.• Populate your Insight account with your salary structure, including employees, job matches, labor markets, market data, payranges, pay grades and location schedules (if appropriate).• Review compensation structure, results and recommendations with your Executive team. Based upon this meeting and thefeedback, we will make any changes to the proposed structure and submit to you for final approval of your project.This example below shows something common that might happen once you’ve decided on your structure--people that are either over or underpaid. Our compensation profession will then talk you through your options to rectify these inequities. Green:Different strategy recommendations and pros and cons of each. Also help you decide what is right for your business: -minimize outliers-bring everyone up -market based pay increases -market & performance based increasesRed:-do nothing-tier increases by position in range-freeze base pay and offer performance-based bonuses-freeze base pay-decrease base pay
- With on-going compensation management, your dedicated PayScale CCP remains at service to you for the duration of yourPayScale Insight subscription. The strategy and planning phase is only the beginning of our white-glove service to you. In additionto specific projects you want us to work on with you, here are some of the things you can expect going forward:• Ensure your access to on-demand market data, software and analytics through your Insight subscription, allowing you accessto your compensation plan.• Training on all aspects of your Insight compensation software including matching jobs, slotting into structure, and runninganalytic reports.• New information uploads (employees, job descriptions, performance ratings, etc.).• Recommendations on how to address compensation situations.• Executive/management advisement and communication.• Roll out future phases of compensation program.• Conduct an annual evaluation of your compensation plan.• Refresh employee data, benchmark and slot new jobs into the structure.• Analyze ranges to ensure that they are current relative to the market.• Examine individual positions to determine if some have moved faster in the market than others.• Prepare recommendations for employee salary increases.• Conduct a hot job analysis every quarter to make you aware of significant market changes within your positions.
- Compensation 101Compensation plan elementsWhat is “the mix”? Understanding the compensation cakeGlossary of key compensation termsWhat is the purpose of a pay structure? How does it help me?Company’s compensation philosophy and strategyPhilosophy questions: what do we want to reward? Strategy: labor market definition/s and level of competitivenessCompany’s compensation structure SchedulesRanges and how to use rangesGrades and grade assignmentsPosition levels and how to differentiate between I, II, IIICompensation policy / changesHandling red & green outliersPromotions, demotions, and lateral movementUnderstanding levels of transparencyCurrent compensation statusImprove performance management practices that link to payIdentifying the top left corner folks (flight risk)Forced rankingCalibration exercisesUnderstanding the merit matrixHow is it generated?How do I use it and can I edit the recommendations? If so, what are my guidelines?Increase budget allocation exercisesTips for having “the talk”Active listening and clear communication skillsPreparationAddressing green-circled EEsAddressing red-circled EEsAddressing EEs in range
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