Pay scale presentation 7 questions to ask about salary data sourcesPresentation Transcript
7 Ques/ons to Ask When Evalua/ng Salary Surveys Presented by: Tim Low, VP Marke0ng email@example.com With Ka0e Bardaro, Director of Analy0cs and Lead Economist
AGENDA o The 7 Ques/ons you Must Ask o Is the data current? o Are all loca0ons covered? o Does the data match your unique situa0on? o How many compensable factors? o Where does the data come from? o How much 0me do I need to give to get the data? o Is the data complete? o Audience Q & A (Please submit ques/ons through chat)
A Brief History of Salary Data… o 30 years ago… o There were salary surveys o Conducted by consultants. Yearly. o You paid for a ‘slice’ of data o You paid more for each slice o 10-‐12 years ago... o Online data emerged o Not all the same o Today… o crowdsourcing, big data, real-‐/me analy/cs, etc.
Ques/on #1. Is the Data Current? Old data might not reﬂect current trends Tradi/onal o Annual o 3-‐6 months to complete o Must be aged by a comp professional o By the /me you use it, it could easily be one year old PayScale o Collected and processed con/nually o Always at market o No need to age
Ques/on #2. Are all Loca/ons Covered? You need compensa5on data that covers all loca5ons, major and rural, to get the right ﬁt for you. Tradi/onal o Limited geographies, typically major ci/es o Data must be adjusted to account for cost of living diﬀerences and posi/on demand for loca/ons outside of that scope PayScale o Unlimited geographies, most speciﬁc loca/ons covered o Matches for rural loca/ons are more precise o No need to adjust the data
Ques/on #3. Does the Data Match You? Your employees may have a unique combina5on of knowledge, skills and abili5es Tradi/onal o It may include pay diﬀeren/als, diﬀerent years of experience, cer/ﬁca/ons, or skills, but never in combina/on with each other o If the posi/on is unique, it may not be covered PayScale o Combina/ons of skills and abili/es are covered o Broader base of input means unique posi/ons can likely be matched
Ques/on #4. How Many Compensable Factors? The more factors included, the more accurate the salary data Tradi/onal o Must ﬁnd slices of data that match all the compensable factors o Intensive calcula/ons needed to blend the data PayScale o Matches your unique job to a market salary o Your employee’s educa/on, skills, experience level, cer/ﬁca/ons and more are matched o 250 compensable factors with more than 2000 skills and 3000 cer/ﬁca/ons
Ques/on #5. Where do they get the data? Data transparency lets comp pros make beCer decisions about how well the data source matches their employees Tradi/onal o Data collec/on methods are well-‐known and understood o However, exact sources of data are not included in a survey o Some consultants and online survey providers aggregate informa/on from mul/ple sources and don’t provide those details PayScale o Transparent o Our methodology is public and data sources are provided, right down to speciﬁc user proﬁles (anonymous of course) that provided the info o PayScale tells you why it used the source as a match and gives you control over which data is used
The PayScale Way: An example…
Using the 45 closest matching proﬁles, these factors drive the salary # for your par0cular job
PayScale shows you actual proﬁles that went into your match
Ques/on #6. How much /me do you have to invest to get the data? What is required to be eligible to receive the data? How much 5me to do you have? Tradi/onal o Paper, spreadsheets o It is typically required or requested that employers par/cipate in their surveys before receiving results. Comprehensive data about the company, policies, prac/ces and salaries must be provided o The employer then waits typically 6 months to get the results o Time must then be spent to match the general salary data to the speciﬁc situa/on PayScale o Cloud sofware o Entering a job /tle unlocks a set of ques/ons about compensable factors aﬀec/ng pay for that /tle o Adding in more details yields greater accuracy o PayScale tells you instantly what that job should be paid, including recommended ranges o No aging or blending required—data is real-‐/me and at-‐market
Ques/on #7. How complete is the data? OGen, employers compete for talent in more than one labor market Tradi/onal o Charge individually for each ‘slice’ of data and add up the diﬀerent segments you need to create a ﬁnal price o It’s some/mes not possible to access the en/re database of salary informa/on PayScale o 100% of data is available to each PayScale subscriber o 36 million salary proﬁles o Accurate salary matches for all your posi/ons are very likely o Providing matches, not slices, is more modern and more customer-‐friendly
On “Theyre like the 10 Tradi/onal Oclock news. I dont wait Salary ‘/l 10 0clock to watch the Surveys… news anymore. PayScale is informa/on on demand. ” Shad Glass, Director of HR, Kimray, Inc.
Special Access for You: Get the Complete Whitepaper Presented by: Tim Low, VP Marke0ng firstname.lastname@example.org Ka0e Bardaro, Director of Analy0cs and Lead Economist