Get Pay Right with PayScale Insight Expert

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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.

Transcript of Get Pay Right with PayScale Insight Expert

  • 1. Get Pay Right with PayScale Insight Expert Presented by: Karaka Leslie Insight Expert Product Manager (206)

2. 14,000 Positions 3,000 Customers 40 Million Salary Profiles 250 Compensable Factors 11 Countries 3. AGENDA Why have a compensation strategy? Insight Expert? o Expertise o Deliverables o ProcessQuestions? 4. Why have a compensation strategy? Eliminate overpayment/underpaymentImprove morale, job satisfaction and productivityAttract & retain the best talent Optimize annual pay changes with company goals Reward top performers who are most valued Improve managers tough conversations around pay 5. Why Insight Expert? Expertise/Recommendations Time/Resources Constraint Collaboration Need for manageable structure Multiple locations/different structures Experiencing rapid growth 6. Insight Expert Deliverables Compensation philosophy and strategy document aligned with your organizations business goalsMarket assessment of base salaries100% of your employees matched to your positionsBase pay structure targeted to your competitive marketExecutive summary presenting recommendations for new plan 7. PayScales Expert Process EVALUATE CURRENT PRACTICEGather Historic InformationFORMULATE COMP STRATEGYDetermine Pay Philosophy and StrategyIMPLEMENT STRUCTURECreate, Analyze and Formulate Base Pay StructureDetermine Necessary Employee Salary and Position InformationReview Job Matches for AccuracyExecutive Team Meeting to Understand Business GoalsDecide on Appropriate Competitive Market(s)Identify Outliers and Develop Strategy to Adjust PayReview Results & Recommendations w/ Exec. Team 8. EVALUATE CURRENT PRACTICEGather Historic InformationDetermine Necessary Employee Salary and Position InformationExecutive Team Meeting to Understand Business Goals Who is your market? How competitive do you want to be? What do you want to reward? 9. FORMULATE COMP STRATEGYDetermine Pay Philosophy and StrategyReview Job Matches for AccuracyDecide on Appropriate Competitive Market(s) 10. Compensation Philosophy The philosophy behind Companys compensation program is to create a compensation program that supports the companys 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. Companys compensation program is designed to attract, motivate, and retain talented employees who drive the companys success and uphold the company values. In recognition of the necessity for the toptier 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 companys 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 11. IMPLEMENT STRUCTURECreate, Analyze and Formulate Base Pay StructureCost to bring all Green Outliers to the minimum of the range: $5,221Identify Outliers and Develop Strategy to Adjust PayReview Results & Recommendations w/ Exec. TeamCurrent amount paid to Red Outliers over the top of the range: $127,213 12. 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, 13. Grade Schedules by Location PurposePORTLAND Schedule D: MainNEW YORK Schedule G: +15%Preserve both competitive pay and internal equitySupport simplicity of structure TAMPA Schedule C: -5%Implementation Schedule = set of ranges & grades 14. Career PathJob NameJob NameJob NameJob NameJob NameGrade #Grade #Grade #Grade AssignmentsGrade #Grade # 15. Grades & Ranges Hourly Structure Grade A B C D E F G H I J K L M N O P QRange Width 30% 32% 34% 36% 38% 40% 42% 44% 46% 48% 50% 52% 54% 56% 58% 60% 62%Min $8.75 $9.75 $10.75 $12.00 $13.50 $15.00 $16.75 $18.75 $20.75 $23.25 $26.00 $29.00 $32.25 $36.00 $40.25 $45.00 $50.25Mid $10.00 $11.25 $12.75 $14.25 $16.00 $18.00 $20.25 $22.75 $25.75 $28.75 $32.50 $36.50 $41.00 $46.25 $52.00 $58.50 $65.75Max $11.25 $12.75 $14.50 $16.50 $18.50 $21.00 $23.75 $27.00 $30.50 $34.50 $39.00 $44.00 $49.75 $56.25 $63.75 $72.00 $81.50 16. ONGOING SUPPORT 17. Manager Training Agenda Part I: Compensation Plan Overview Part 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 18. Questions?Presented by: Karaka Leslie Insight Expert Product Manager (206) 19. Karaka Leslie Insight Expert Product Manager PayScale, 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 PayScales 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: Join our Group on LinkedIN: Compensation Today: HR Best Practices Request a customized demo: