Webinar-How to Do Comp Like Top-Performing Companies

How to Do Comp Like Top-Performing

Companies

Camie BaileySr. Customer Education and Training Specialist

Mykkah Herner, MA, CCPModern Compensation Evangelist

www.payscale.com #CBPR17

54 Million Salary Profiles250 Compensable Factors

15,000 Positions 6,000 Customers 2,300 Skills

Hi, We’re PayScale!


Mykkah Herner, MA, CCPModern Compensation Evangelist

https://www.linkedin.com/in/mykkahherner

Camie BaileySenior Customer Education and Training Specialist

https://www.linkedin.com/in/camiebailey


2017 CBPR

www.payscale.com/cbpr

7,700 HR Leaders, Comp Pros, Execs

Org Size


Top-Performing Companies

#1 in their industryMet or exceeded revenue goals in 2016


Market-Competitive Pay


of top-performing companies have completed a market study within the past 12 months (vs 52%)

of top-performing companies reference the market at least weekly for individual jobs (vs 12%)

16%

62%


Develop a clear compensation strategy

47% of top-performing companies have a comp strategy (vs 34%)


0%

10%

20%

30%

40%

50%

60%

Target a highermarket percentile

Offer a marketpremium in base pay

Offer a marketpremium bonus

Provide tangiblebenefits or perks

Provide intangiblebenefits or perks

How do you compensate more for competitive jobs?

Top-Performer Typical


Create guidelines for pay and keep them current

68% of top-performing companies have updated their grades and ranges within the past year (vs 62%)


Reinforce Culture with Compensation


of top-performing companies have changed pay due to an employee engagement survey (vs 24%)

of top-performing companies say their employees are paid fairly (vs 42%)52%

32%


Make the link between engagement and pay

48% of top-performing companies measure engagement more frequently than annually (vs 43%)


0%

10%

20%

30%

40%

50%

60%

70%

Bigger base payincrease

Bonus orincentive, noformal plan

Goal-basedbonus orincentive

Award orrecognition (like

employee ofthe month)

Flexible workschedule

Non-monetarypublic

recognition

Paid time off Commissions Flexible worklocation

Equity We don't

How do you reward/recognize high-performing employees?



Effective Pay Conversations


of top-performing companies provide a total compensation statement (vs 38%)

of top-performing companies train managers how to talk pay with employees (vs 28%)37%

53%


Share more data with employees


Involve managers in pay decisions

59% of functional managers in top-performing companies approve or recommend employee pay (vs 53%)


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Communicationstyles

Compensation basics Specificcompensationconversations

Organizationperformance

Organization culture

What kinds of manager training do you offer?



Immediate Actions1. At the very least, look at market data for your

competitive jobs

2. Make a list of the things that really matter for your culture & start connecting the dots to comp

3.


www.payscale.com/cbpr

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Camie Bailey

Senior Customer Education and Training Specialist

Mykkah Herner, MA, CCP

Modern Compensation Evangelist

Webinar-How to Do Comp Like Top-Performing Companies

Recruiting & HR

Transcript of Webinar-How to Do Comp Like Top-Performing Companies