Pay transparency is about fairness of pay, openly communicating about pay with employees, and helping them understand the importance of maintaining and improving their performance. Join PayScale and BambooHR as we look at the different stages of pay transparency and how you can implement them into your workplace to encourage productivity and improvement.
Key Learnings:
-What pay transparency in the workplace looks like
-The advantages and disadvantages of pay transparency
-How you can use pay transparency to encourage improvement and productivity
-What actions you can take today to make it part of your culture
In partnership with BambooHR
2. C R E A T I N G T R A N S P A R E N C Y I N T H E W O R K P L A C E
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Rusty Lindquist
V P O F H C M I N S I G H T A N D
T H O U G H T L E A D E R S H I P
Rita Patterson
M A N A G E R O F C U S T O M E R
E D U C A T I O N
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• Pay Transparency Matters
• Defining Transparency
• The Transparency Spectrum
• Moving to Greater Transparency
• Immediate Actions
Agenda
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Pay Transparency
gets everyone in the same
boat, paddling in the
same direction.
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Why Would Anybody
be More Transparent
about Pay?
Pay Transparency
Trust
Better Business
Outcomes!
Engagement
6. Employees who perceive a ‘fair and
transparent pay practice’have lower
intent to leave and higher satisfaction
PERCENT OF
RESPONSES
LOW AVERAGE HIGH
50% 31% 19%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
1 2 3 4&5
% Responses with Intent to Leave % Responses with High Satsifaction
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Workforce Demographics…
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… are changing
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...whether they want to or not
• CEO to worker ratios
• 990s
• Say on Pay
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Defining Transparency
Defining Transparency
12. C R E A T I N G T R A N S P A R E N C Y I N T H E W O R K P L A C E
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What are we being
transparent about?
• Pay Philosophy
• Pay Strategy
• Pay Practices
• Market Studies
• Pay Rates
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Pay Philosophy
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• Defining the competition
• Aiming to meet or exceed the competition
• Deciding what matters
• Acknowledging various segments
Pay Strategy
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Pay Practices
• Have a plan
• Jobs have grade assignments
• Range minimums / Range
maximums
• Increase process / cycle
• Budget process / cycle
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Market Studies
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Salary Rates
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The Transparency Spectrum
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The PayScale Pay Transparency Spectrum
20. C R E A T I N G T R A N S P A R E N C Y I N T H E W O R K P L A C E
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1. Paycheck
“Here’s what you get paid”
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2. Market Data
“Here’s how we use market data to set pay”
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3. Comp Plan
“Here’s where your pay falls in range”
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4. Culture
alignment
“Here’s why we
pay like we do”
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5. Open Salary
“Here’s everything you want to know about
everyone’s pay”
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Gartner Hype CycleVISIBILITY
TIME / MATURITY
Trigger
Peak of Inflated Expectations
Trough of Disillusionment
Slope of
Enlightenment
Plateau of Productivity
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Adoption CurveVISIBILITY
INNOVATORS
EARLY
ADOPTERS
EARLY
MAJORITY
LATE
MAJORITY
LAGGARDS
Chasm of Wants
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Moving to greater
transparency
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• Explain what transparency is (and isn’t)
• Link transparency with results that matter
Gain executive support
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• Provide information about the business, rationale for
increasing communication, and tools for success
• Expect more to get more
• No really, train them on communication
Train Managers
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• What’s the makeup of your workforce?
• Are they ready for more transparency?
• Do they want it?
Assess Workforce
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Get clear about roles
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Develop a plan
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Functional Transparency
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Immediate Actions
• Assess your workforce
• Educate yourself further about transparency
• Notice what you already do in your org
• Think about what “pushing the envelope”
means to you
• Begin talking with your executives
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Thank you!
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Questions?
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PayScale
http://resources.payscale.com/hr-ebook-pay-transparency-spectrum.html