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Presented by: Karaka Leslie Insight Expert Product Manager [email protected] (206) 576-5035 www.payscale.com Get Pay Right with PayScale Insight Expert
20

Get Pay Right with PayScale Insight Expert

Nov 18, 2014

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Technology

PayScale.com

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.

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Page 1: Get Pay Right with PayScale Insight Expert

Presented by:

Karaka Leslie

Insight Expert Product Manager

[email protected]

(206) 576-5035

www.payscale.com

Get Pay Right withPayScale Insight Expert

Page 2: Get Pay Right with PayScale Insight Expert

14,000 Positions

3,000 Customers

40 Million Salary Profiles

250 Compensable Factors

11 Countries

Page 3: Get Pay Right with PayScale Insight Expert

AGENDAWhy have a compensation strategy?

Insight Expert?o Expertise

o Deliverables

o Process

Questions?

Page 4: Get Pay Right with PayScale Insight Expert
Page 5: Get Pay Right with PayScale Insight Expert

Why have a compensation strategy?• Eliminate overpayment/underpayment

• 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

• Improve morale, job satisfaction and productivity

Page 6: Get Pay Right with PayScale Insight Expert

Why Insight Expert?

• Expertise/Recommendations

• Time/Resources Constraint

• Collaboration

• Need for manageable structure

• Multiple locations/different structures

• Experiencing rapid growth

Page 7: Get Pay Right with PayScale Insight Expert

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

Page 8: Get Pay Right with PayScale Insight Expert

PayScale’s Expert Process

EVALUATE CURRENT

PRACTICE

Gather Historic

Information

Determine Necessary Employee

Salary and Position Information

Executive Team Meeting to

Understand Business Goals

FORMULATE COMP

STRATEGY

Determine Pay

Philosophy and Strategy

Review Job Matches

for Accuracy

Decide on Appropriate

Competitive Market(s)

IMPLEMENT

STRUCTURE

Create, Analyze and Formulate

Base Pay Structure

Identify Outliers and Develop

Strategy to Adjust Pay

Review Results &

Recommendations w/ Exec. Team

Page 9: Get Pay Right with PayScale Insight Expert

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?

Page 10: Get Pay Right with PayScale Insight Expert

FORMULATE COMP

STRATEGY

Determine Pay

Philosophy and Strategy

Review Job Matches

for Accuracy

Decide on Appropriate

Competitive Market(s)

Page 11: Get Pay Right with PayScale Insight Expert

www.payscale.com

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 top-tier 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.  

Page 12: Get Pay Right with PayScale Insight Expert

IMPLEMENT

STRUCTURE

Create, Analyze and Formulate

Base Pay Structure

Identify Outliers and Develop

Strategy to Adjust Pay

Review Results &

Recommendations w/ Exec. Team

Cost to bring all Green Outliers to the minimum of the range: $5,221

Current amount paid to Red Outliers over the top of the range: $127,213

Page 13: Get Pay Right with PayScale Insight Expert

www.payscale.com

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.

Page 14: Get Pay Right with PayScale Insight Expert

Grade Schedules by Location

TAMPASchedule C:

-5%

NEW YORKSchedule G:

+15%

PORTLANDSchedule D:

MainPurpose

Preserve both competitive pay and internal equity

Support simplicity of structure

Implementation

Schedule = set of ranges & grades

Page 15: Get Pay Right with PayScale Insight Expert

Career Path

Job Name

Job Name

Job Name

Job Name

Job Name

Grade Assignments

Grade # Grade # Grade #Grade #

Grade #

Page 16: Get Pay Right with PayScale Insight Expert

Grades & Ranges

GradeRange Width Min Mid Max

A 30% $8.75 $10.00 $11.25B 32% $9.75 $11.25 $12.75C 34% $10.75 $12.75 $14.50D 36% $12.00 $14.25 $16.50E 38% $13.50 $16.00 $18.50F 40% $15.00 $18.00 $21.00G 42% $16.75 $20.25 $23.75H 44% $18.75 $22.75 $27.00I 46% $20.75 $25.75 $30.50J 48% $23.25 $28.75 $34.50K 50% $26.00 $32.50 $39.00L 52% $29.00 $36.50 $44.00M 54% $32.25 $41.00 $49.75N 56% $36.00 $46.25 $56.25O 58% $40.25 $52.00 $63.75P 60% $45.00 $58.50 $72.00Q 62% $50.25 $65.75 $81.50

Hourly Structure

Page 17: Get Pay Right with PayScale Insight Expert

ONGOING SUPPORT

Page 18: Get Pay Right with PayScale Insight Expert

www.payscale.com

Manager Training AgendaPart I: Compensation Plan OverviewPart 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”

Page 19: Get Pay Right with PayScale Insight Expert

Questions?

Presented by:

Karaka Leslie

Insight Expert Product Manager

[email protected]

(206) 576-5035

www.payscale.com

Page 20: Get Pay Right with PayScale Insight Expert

Karaka LeslieInsight Expert Product ManagerPayScale, 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