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Making the Most of MarketPay
- 1. Making the Most of MarketPay Thursday, June 9th
- 2. Today's Agenda Compensation Trends Standard Report Overview Product Update Payscale Connect and Academy
- 3. 23% total US workforce 9,300 clients 62% Fortune 500 100M website visitors/annum 478K job descriptions 11K surveyed jobs 30+ industries 400+ years compensation experience 3,603 company survey participants 1.4Tcombined salary value 29M jobs priced annually 198 country coverage 65M crowdsourced salary profiles 24K annual third-party surveys loaded 1800+ annual implementations
- 5. We find ourselves in an evolving landscape Reset & longer- term change Seismic Event Volatile Disruption 4IR Horizon
- 6. And in the eye of a Perfect Storm Volatile Disruption Talent Crunch Distributed Workforce Wage Inflation & Pay Compression Demand for Pay Equity & Transparency Expectant Employees Business Transformation
- 7. Profit Risk Growth Social Responsibility Labor is often the largest cost of doing business, the spend must be optimized The number one underestimated risk is top talent turnover How will we estimate labor costs to support growth? Socially responsible businesses attract top talent and have increased employee engagement Compensation Strategy
- 8. Most companies are ill equipped… While… 69% of companies acknowledge they need a new compensation approach Only… 9% are ready to do anything about it Source: Deloitte
- 10. Payscale’s 13th Annual Compensation Best Practices Report “I love this report and can't wait to dig in.” -Teri Zipper, Managing Partner, Sapient Insights payscale.com/cbpr Payscale’s 2022 Compensation Best Practices Report is a 60+ page analysis of compensation trends and charts taken from our survey of 5,578 respondents gathered responses from November 2021 to January 2022. Cuts of the data include: ▪ Company Size (1-99, 100-749, 750-4,999, 5K-49,999, 50K+) ▪ Industries (15) ▪ Top Performers vs. Non-Top Performers ▪ Compensation Team vs. No Compensation Team
- 11. Greatest challenges and investments for HR going into 2022 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% ESG Job Description Management Modernizing HR software Benefits Workplace Policies Workplace Environment Performance Management Learning & Development Employee & Labor Relations Workforce Planning Fostering Company Culture Engagement Compensation Retention Recruiting Higher Investment More Challenging
- 12. Greatest challenges and investments for HR going into 2022 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% ESG Job Description Management Modernizing HR software Benefits Workplace Policies Workplace Environment Performance Management Learning & Development Employee & Labor Relations Workforce Planning Fostering Company Culture Engagement Compensation Retention Recruiting Higher Investment More Challenging
- 13. What is your organization doing to attract and retain talent? We asked organizations what they are doing to attract and retain talent in the current economy for salaried or high wage workers versus low or minimum wage workers. For both groups, the most popular strategy is to raise wages or salaries.
- 14. What is your organization doing to attract and retain talent? We asked organizations what they are doing to attract and retain talent in the current economy for salaried or high wage workers versus low or minimum wage workers. For both groups, the most popular strategy is to raise wages or salaries.
- 15. Did you make significant changes to your compensation data strategy in 2020 or 2021? Importance of compensation activities in the next few years compared to today
- 16. Pay equity intent is on the rise. For the first time in the history of CBPR, pay equity analysis is now something a majority of organizations are planning on doing. Is pay equity analysis a planned or current initiative at your organization?
- 17. ❑ 3rd Party Survey Management ❑ Timely cuts from named companies ❑ Employee expectations ❑ Market Trends Assess Markets ❑ Benchmark jobs ❑ Level jobs across the organization ❑ Job & Grade based structures ❑ Identify under/over payment issues Assess Jobs ❑ Generate branded, custom Total Rewards Statements ❑ Securely deliver ❑ Facilitate salary ranges on job postings Communicate Compensation ❑ Automate merit cycle ❑ Enforce company defined guidelines ❑ Empower manager-employee comp discussions Facilitate Comp Changes Merit, bonus, long term incentives ❑ Build Rapidly from Library ❑ Collaborate in real time ❑ Route for approval ❑ One click pricing ❑ Employee portal Control Job Descriptions ❑ Automate Remediation Plans ❑ Validate fairness at time of pay change ❑ Keep proactive Assess Fairness Payscale Supports the Full Compensation Cycle
- 19. Before and After Geo Adjustment Report
- 20. Before and After Geo Adjustment Report
- 21. Pay Mix by Grade Report
- 22. Pay Mix By Grade Report
- 23. Job Family Metrics Compared to Market Report
- 24. Job Family Metrics Compared to Market Report
- 25. Complete Structure Analysis with Jobs and Market Report
- 26. Complete Structure Analysis with Jobs and Market Report
- 28. Match Outlier Comparison Report
- 29. Product Update
- 30. Introducing… Kevin Coogan, MarketPay Product Manager • Joined Payscale in Aug 2021 as a Solutions Consultant • Spent 17 years at Hay Group/Korn Ferry • 5 in Product Management • PM experience with Compensation, Survey Participation and Job Evaluation software
- 31. 31 What’s Our Focus? • New types of data • Stay connected with peers & evolving best practices
- 32. 2,200 orgs participating data 7 Million employees 4,200 jobs 100+ industries covered 150+ countries covered 32% YOY growth 40+ companies/month joining www.payscale.com For organizations who want timely, transparent employer reported data based on their industry peers, that is fully customizable. Peer delivers: ✓ Fully transparent and DOJ compliant, employer reported data. ✓ Specific, relevant and fully customizable data. ✓ Always current data to keep up with market trends and respond to changes in the market. ✓ Industry networks to stay competitive Peer
- 33. 0 10000 20000 30000 40000 50000 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Airlines & Airports 0 2000 4000 6000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Construction 0 100000 200000 300000 400000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Retail 0 200000 400000 600000 800000 Jan Mar May Jul Sep Nov Jan Healthcare 0 5000 10000 15000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Manufacturing 0 200 400 600 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Education: Learning Technology 0 100 200 300 400 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Human Resources: Diversity Peer keeps pace with market changes
- 34. Peer Salary Trends Increases and decreases in base pay, data displayed is comparing the most recent org weighted 50th percentile Base Salary Peer data to data from 6 months prior
- 35. Employee location driven Select specific organizations Enforces DOJ guidelines TRANSPARENT PRICING Build markets for your specific needs Blend industry data
- 36. Near Real Time Data + Skills $43,000 $44,000 $45,000 $46,000 $47,000 $48,000 $49,000 $50,000 $51,000 $52,000 $53,000 5/1/2021 6/1/2021 7/1/2021 8/1/2021 9/1/2021 Truck Driver (Tractor Trailer) $44,000 $45,000 $46,000 $47,000 $48,000 $49,000 $50,000 $51,000 $52,000 $53,000 5/1/2021 6/1/2021 7/1/2021 8/1/2021 9/1/2021 Truck Driver (Tractor Trailer) Near Real Time Traditional Aging .3% .7% 1% 1.3% 5.2% +6.3% HazMat $140,000 $145,000 $150,000 $155,000 $160,000 $165,000 $170,000 5/1/2021 6/1/2021 7/1/2021 8/1/2021 9/1/2021 Diversity & Inclusion Manager, Senior Near Real Time w/ Skills D&I Cert 1.3% 5.0% +4.5% $90,000 $95,000 $100,000 $105,000 $110,000 $115,000 $120,000 5/1/2021 6/1/2021 7/1/2021 8/1/2021 9/1/2021 Data Scientist II 1.3% 4.0% +17.6% Artificial Intelligence
- 37. Peer data Traditional Aging $45,500 $46,000 $46,500 $47,000 $47,500 $48,000 $48,500 $49,000 $49,500 $50,000 5/1/2021 6/1/2021 7/1/2021 8/1/2021 9/1/2021 Truck Driver (Tractor Trailer) 1.3% 5.2% $146,000 $148,000 $150,000 $152,000 $154,000 $156,000 $158,000 $160,000 5/1/2021 6/1/2021 7/1/2021 8/1/2021 9/1/2021 Diversity & Inclusion Manager, Senior 1.3% 5.0% $95,000 $95,500 $96,000 $96,500 $97,000 $97,500 $98,000 $98,500 $99,000 $99,500 $100,000 5/1/2021 6/1/2021 7/1/2021 8/1/2021 9/1/2021 Data Scientist II 1.3% 4.0% Importance of Real Time Data & Skills
- 38. Peer data Traditional Aging Importance of Real Time Data $44,000 $45,000 $46,000 $47,000 $48,000 $49,000 $50,000 $51,000 1/1/22 2/1/22 3/1/22 4/1/22 5/1/22 6/1/22 Paramedic $33,400 $33,600 $33,800 $34,000 $34,200 $34,400 $34,600 $34,800 $35,000 $35,200 $35,400 1/1/22 2/1/22 3/1/22 4/1/22 5/1/22 6/1/22 Order Picker/Packer $96,000 $98,000 $100,000 $102,000 $104,000 $106,000 $108,000 $110,000 1/1/22 2/1/22 3/1/22 4/1/22 5/1/22 6/1/22 Data Scientist II 1.47% 9.02% 1.47% 3.38% 1.47% 5.05%
- 39. Peer Data across the pricing workflows Create Saved Scopes Match Jobs Update Composites
- 40. Payscale Connect Single Sign On Accessing Payscale Connect has never been easier!
- 42. Payscale Connect One-stop hub for Payscale help Articles Training Community Support Learning Resources Product Webinars Thought Leadership Industry Events Product Feedback
- 43. Payscale Connect Homepage Search by keyword Navigate with the homepage tiles
- 44. Open the Help Menu to find quick links to articles, guides, and live trainings Payscale Connect Homepage
- 45. The Payscale Community is a place to connect with other compensation professionals and share your knowledge. Or just ask a question. Payscale Community
- 46. Join discussion groups focused on compensation industry topics that matter to you Stay up to date with all the latest Payscale news and announcements Payscale Community Exciting improvements are being planned for the community in 2022. Stay tuned as we revamp and refresh the community for all Payscale users
- 47. Click on Contact Support at the top of the page when you need expert help. Or click the homepage tile. Use the support form to submit your request or question Keep track of your support case and monitor its progress in My Cases Contact Support and My Cases The Contact Support menu has helpful links to assist when you run into trouble
- 48. • Improved help article experience • Find articles faster with a new organization system and improved page layout • Faster, easier login! • Login with SSO right from MarketPay • Brand new, revamped Community • Connect with other compensation professionals and help answer questions Payscale Connect Coming Soon!
- 49. Payscale Academy In-depth, Self-Paced Product Training Resources Short-form videos Product Training Informative lessons Live Group Training On-demand product Webinars
- 50. Payscale Academy Academy is the on-demand training component for Payscale's Support and Education experience
- 51. Payscale Academy Learning Paths Thoughtfully curated content presented as convenient, self- paced lessons. Complete all the lessons in a course or pick and choose what you need
- 52. Q&A Feel free to ask any questions in the chat!