Identifying & Addressing Compensation Needs
Identifying&AddressingCompensationNeeds
www.payscale.com
Introduction
KyleMurphySr.CustomerSuccessManager
DianeSchumanCustomerTrainingSpecialist
www.payscale.com
WhatshouldIbeasking?
www.payscale.com
IntroducePayScale
Identifytheirneeds
www.payscale.com
TalentMarkets
Whatdotheywanttoreward?
Howcompetitivedotheyneed tobe?
Whataretheclient’smarkets?
www.payscale.com
JobDescriptions
www.payscale.com
AllTheyGaveMeIsAJobTitle
Isitacommon title?
Isitaunique title?
• UsePayScaletocreateabaseline.• Reviewandrevisewithyourclient.
www.payscale.com
MatchtheJob,NotthePerson
Remindyourclients:• Youarematchingajob
thatbestfitstheirbusiness.
• Don’tgetstuckbenchmarkingacurrentincumbent.
• Benchmarkforfutureincumbents.
www.payscale.com
KeyReportsForYourClients
www.payscale.com
MarketReports
www.payscale.com
DetailedMarketDataReports
CompInfluencers:
HowdoIviewthisdata?
DETAILEDMARKETREPORTS
YearsofExperience
DETAILEDMARKETREPORTS:
Education
www.payscale.com
TargetPercentile– BestPractices
Discoveryourclient’spaystrategyWhataretheirmissioncriticalroles?Rolesthatareeasytorecruitfor?Rolesthatemployee’squicklygrowoutof?
LeadTheConversation
80%ofemployeeswillcomparepaySource:Card,D.,etal.,(2011);“InequalityatWork:TheEffectofPeerSalariesonJobSatisfaction.”
www.payscale.com
DataMethodology
www.payscale.com
UnderstandingtheDataSummary
Whydoes“x”companyor“x”locationappearinmydatasummary?
www.payscale.com
Match&Deliver
• OurMarketMatch™algorithmlooksat1,000soffactorsthatimpactpayin8countries,&15,000+jobtitlestofindtherightfitforyourposition
• Determines45bestmatcheddatapoints• Evaluatesjobintalentmarkets(whereyoucompeteforemployees)
www.payscale.com
PayScaleData
www.payscale.com
ThePayScaleDataDifference
Benchmarktoyourpositions
Fresh,neveragedLargestsalarydatabaseintheworld
www.payscale.com
Q&A(we’llemailthisout)
Perceptionofpaymatters
“Ineedtomakeanoffer.What’sthegoingrateforthisjob?”
“HowdoIknowiftheraisethey’reaskingforisfair?”
“HowmuchwouldthisjobcostifwemovedittoIowaCity?”
“Ifwegivethemapromotion,what’sthenewjobworth?”
www.payscale.com
Appendix
www.payscale.com
PartnerTrainings
• BenchmarkOverview(live)
• PricingaJob(recorded)
• SettingaLaborMarket(recorded)
• Understandingthereport(recorded)
www.payscale.com
PayScale Methodology
www.payscale.com
Validate
• 25hardcodedvalidationrules• Weedoutmultiplesubmissionsand
extremeoutliers• Teamofdatascientists,analystsand
economistsregularlyreviewingincomingdatatolookforstatisticalanomalies
• Eliminatenonsenseprofilesandstatisticaldeviations(bothautomatedandmanual)
Leveraginghumanandmachinestoensureonlyvalidateddataisincluded
www.payscale.com
Augment&Analyze
• Leverageexternaltaxonomies(e.g.,industryhierarchy,metrodefinitions,etc.)• Determinesynonymjobtitles(samepayandsametasks,allelseequal)• Reviewdistributionstodeterminepotentialproblemareas
1.Samecoretasks2.Samepayallelseequal
SoftwareDeveloper
C++Developer
SoftwareEngineer
iOSDeveloper
THECOSTOFGETTING
COMPWRONGPayrollisbyfaryourbiggestexpense;thecostofgettingitwrongisimmense.
www.payscale.com
PayScale MethodologyTalkingPointspt 1Collect– 10Mmonthlyvisitors!• Lookingtopriceeithertheircurrentjoborajoboffer,orexploreanewcareerpath
• Surveyislong- Investment• Theyareincentedtogiveusaccurateandcompleteinformationsotheygetaccurateinformationback(surveypsychology)
Validate– 25validationrules!• Weedoutmultiplesubmissionsandextremeoutliers• Teamofdatascientists,analystsandeconomistsreviewincomingdatatolookforstatisticalanomalies
• Eliminatenonsenseprofiles
www.payscale.com
PayScale MethodologyTalkingPointspt 2Augment&Analyze• Leverageexternalhierarchiesanddefinitions(eg Metroarea)• Determinesynonymjobtitles• Reviewdistributionstodeterminepotentialproblemareas
Match&Deliver• OurMarketMatch algorithmlooksat1,000soffactorsthat
impactpay• Determine45bestmatcheddatapoints• Assessjobintalentmarkets(whereyoucompeteforemployees)