Insight Expert Webinar Slides - 2014

•

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As you build out your compensation strategy, it's imperative to have reliable data to inform your salary decisions, easy to use software to automate compensation processes, and expert guidance to walk you through getting pay right.

Software

Get Pay Right with
Insight Expert
Karaka Leslie
Product Marketing Manager
www.payscale.com

14,000 Positions 3000 Customers 11 Countries
40 Million Salary Profiles
250 Compensable Factors

Agenda
Why have a compensation strategy?
Insight Expert
• Why?
• Long Term Benefits
• Process
Questions?

THE REASONS
YOU’RE
CREATING A
COMP PLAN
1. IT MAKES GOOD
BUSINESS SENSE.
2. IT HELPS ATTRACT AND
RETAIN TALENT.
3. IT SUPPORTS THE
MISSION, STRATEGY AND
CULTURE OF THE
ORGANIZATION.

Compensation is a keystone
that holds organizations
together. In particular, good
compensation design can
impact:
• Recruitment
• Retention
• Budget / Revenue
• Performance
• Employee Engagement
Good
compensation
design ensures
organizational
success

This image cannot currently be displayed.
• Expertise/Recommendations
• Time/Resources Constraint
• Collaboration
• Need for manageable structure
• Multiple locations/different
structures
• Experiencing rapid growth
Why Insight
Expert?
Compensation
Terms Defined

LONG TERM
BENEFITS
Improve budgetary impact
Ease recruitment efforts
Increase retention
Improve performance
Better employee engagement

Partnering with PayScale
ESTABLISH PLAN IMPLEMENT PLAN MAINTAIN PLAN
CLARIFY BUSINESS GOALS
& ESTABLISH IMPACT
MEASUREMENTS
DESIGN COMPENSATION
STRUCTURE TO ALIGN
WITH STRATEGY
ADVISE ON MITIGATING
OUTLIERS & RISK
PROVIDE ONGOING COMP SUPPORT
INCORPORATE
PERFORMANCE/MERIT
PROCESS AS DESIRED
ANNUAL PLAN
REFRESH
UNDERSTAND
COMPETITIVE MARKET
ROLL COMPENSATION
POLICY & CHANGES
WITH EXECUTIVES
SPOT MARKET CHANGES
AND ADDRESS IMPACT TO
COMP PLAN QUARTERLY
MEASURE EMPLOYEE
ENGAGEMENT
DEFINE COMP STRATEGY
& ROLL OUT PLAN
TRAIN MANAGERS ON
COMMUNICATING
COMP PLAN

COMP
DESIGN
ELEMENTS
PHILOSOPHY
STRATEGY/IES
STRUCTURE
POLICY

WHAT IS MY
MARKET?
WHAT DO YOU
WANT TO
REWARD?
HOW
COMPETITIVE DO
YOU WANT TO BE?

COMMUNICATING
COMP
• Train managers on communicating
compensation plan effectively
• Compensation 101
• Compensation structure & policy
• Improve performance management
practices that link to pay
• Tips for having “the talk”

PLAN
MAINTENANCE
• Assist with budget increase preparation
• Quarterly updates
• Advise on comp issues
• Keep plan current to market annually
• Support communication

Karaka Leslie
karakal@payscale.com
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

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Insight Expert Webinar Slides - 2014

1. Get Pay Right with Insight Expert Karaka Leslie Product Marketing Manager www.payscale.com

2. 14,000 Positions 3000 Customers 11 Countries 40 Million Salary Profiles 250 Compensable Factors

3. Agenda Why have a compensation strategy? Insight Expert • Why? • Long Term Benefits • Process Questions?

4. Why Have a Compensation Strategy?

6. THE REASONS YOU’RE CREATING A COMP PLAN 1. IT MAKES GOOD BUSINESS SENSE. 2. IT HELPS ATTRACT AND RETAIN TALENT. 3. IT SUPPORTS THE MISSION, STRATEGY AND CULTURE OF THE ORGANIZATION.

7. Compensation is a keystone that holds organizations together. In particular, good compensation design can impact: • Recruitment • Retention • Budget / Revenue • Performance • Employee Engagement Good compensation design ensures organizational success

8. Insight Expert

9. This image cannot currently be displayed. • Expertise/Recommendations • Time/Resources Constraint • Collaboration • Need for manageable structure • Multiple locations/different structures • Experiencing rapid growth Why Insight Expert? Compensation Terms Defined

10. LONG TERM BENEFITS Improve budgetary impact Ease recruitment efforts Increase retention Improve performance Better employee engagement

11. Partnering with PayScale ESTABLISH PLAN IMPLEMENT PLAN MAINTAIN PLAN CLARIFY BUSINESS GOALS & ESTABLISH IMPACT MEASUREMENTS DESIGN COMPENSATION STRUCTURE TO ALIGN WITH STRATEGY ADVISE ON MITIGATING OUTLIERS & RISK PROVIDE ONGOING COMP SUPPORT INCORPORATE PERFORMANCE/MERIT PROCESS AS DESIRED ANNUAL PLAN REFRESH UNDERSTAND COMPETITIVE MARKET ROLL COMPENSATION POLICY & CHANGES WITH EXECUTIVES SPOT MARKET CHANGES AND ADDRESS IMPACT TO COMP PLAN QUARTERLY MEASURE EMPLOYEE ENGAGEMENT DEFINE COMP STRATEGY & ROLL OUT PLAN TRAIN MANAGERS ON COMMUNICATING COMP PLAN

12. COMP DESIGN ELEMENTS PHILOSOPHY STRATEGY/IES STRUCTURE POLICY

13. WHAT IS MY MARKET? WHAT DO YOU WANT TO REWARD? HOW COMPETITIVE DO YOU WANT TO BE?

14. BUILD PAY RANGES

15. ADVISE ON OUTLIERS

16. COMMUNICATING COMP • Train managers on communicating compensation plan effectively • Compensation 101 • Compensation structure & policy • Improve performance management practices that link to pay • Tips for having “the talk”

17. PLAN MAINTENANCE • Assist with budget increase preparation • Quarterly updates • Advise on comp issues • Keep plan current to market annually • Support communication

18. Questions?

19. Karaka Leslie karakal@payscale.com 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

Insight Expert Webinar Slides - 2014

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Insight Expert Webinar Slides - 2014