Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Grow with PayScale Insight Expert

534 views

Published on

We invite current PayScale customers to join us for a special 30-minute webinar tour of PayScale Insight Expert that will show you how much you can grow with Insight Expert professional services.

Published in: Business, Technology
  • Be the first to comment

Grow with PayScale Insight Expert

  1. 1. Grow with PayScale Insight Expert Presented by: Karaka Leslie Insight Expert Product Manager karakal@payscale.com (206) 576-5035 www.payscale.com
  2. 2. AGENDA • Why customers choose PayScale Insight Expert? • Deliverables of service • Process & Examples • Questions?
  3. 3. Why Insight Expert? • Expertise/Recommendations • Time/Resources Constraint • Collaboration • Need for manageable structure • Multiple locations/different structures • Experiencing rapid growth
  4. 4. 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
  5. 5. PayScale’s Expert Process EVALUATE CURRENT PRACTICE Gather Historic Information FORMULATE COMP STRATEGY Determine Pay Philosophy and Strategy IMPLEMENT STRUCTURE Create, Analyze and Formulate Base Pay Structure Determine Necessary Employee Salary and Position Information Review Job Matches for Accuracy Executive Team Meeting to Understand Business Goals Decide on Appropriate Competitive Market(s) Identify Outliers and Develop Strategy to Adjust Pay Review Results & Recommendations w/ Exec. Team
  6. 6. 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?
  7. 7. FORMULATE COMP STRATEGY Determine Pay Philosophy and Strategy Review Job Matches for Accuracy Decide on Appropriate Competitive Market(s)
  8. 8. Why Have a Comp Strategy? We asked thousands of HR and business leaders* about their top challenges in compensation. They said: 1. Retain. They don’t want to risk losing employees by underpaying them, or losing money by overpaying them 2. Attract. To compete for talent, job offers must match the market and the unique factors driving pay for their jobs. 3. Motivate. Drive performance with strategies that reward top performers while aligning with company goals. 4. Confidence. Having the science to back up decisions and conversations with executives and employees. *http://www.payscale.com/hr/compensation-practices-survey www.payscale.com
  9. 9. 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 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 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. www.payscale.com
  10. 10. IMPLEMENT STRUCTURE Create, Analyze and Formulate Base Pay Structure Cost to bring all Green Outliers to the minimum of the range: $5,221 Identify Outliers and Develop Strategy to Adjust Pay Review Results & Recommendations w/ Exec. Team Current amount paid to Red Outliers over the top of the range: $127,213
  11. 11. 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. www.payscale.com
  12. 12. Grade Schedules by Location Purpose PORTLAND Schedule D: Main NEW YORK Schedule G: +15% Preserve both competitive pay and internal equity Support simplicity of structure TAMPA Schedule C: -5% Implementation Schedule = set of ranges & grades
  13. 13. Career Path Job Name Job Name Job Name Job Name Job Name Grade # Grade # Grade # Grade Assignments Grade # Grade #
  14. 14. Grades & Ranges Hourly Structure Grade A B C D E F G H I J K L M N O P Q Range 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 $50.25 Mid $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 $65.75 Max $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
  15. 15. ONGOING SUPPORT
  16. 16. 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” www.payscale.com
  17. 17. Questions? Presented by: Karaka Leslie Insight Expert Product Manager karakal@payscale.com (206) 576-5035 www.payscale.com
  18. 18. 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 35 million salary profiles. More than 2300 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

×