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Webinar - Preparing for Successful Year End Compensation Planning

Join Payscale’s Chief Product Evangelist, Ruth Thomas and Kim Taylor, VP of Compensation Services as they give expert advice to prepare you for the upcoming comp planning season.

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Preparing for
Compensation Planning
Season
Welcome to
compensation season!
Today's Presenters
Ruth Thomas
Chief Product Evangelist
Kim Taylor
VP of Compensation
Services
Naomi Kauffeldt
Manager, Implementation
Today’s agenda
• Market context Q4 2023
• Key challenges for this season
• Tips for success
• Q&A
Welcome to
compensation season!
Market context
Macroeconomic challenges
Demand & Supply
of Labor
Capacity to Pay
Cost of Living
Productivity of workers
Wage laws
Prevailing wage rates

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Webinar - Preparing for Successful Year End Compensation Planning

  • 3. Today's Presenters Ruth Thomas Chief Product Evangelist Kim Taylor VP of Compensation Services Naomi Kauffeldt Manager, Implementation
  • 4. Today’s agenda • Market context Q4 2023 • Key challenges for this season • Tips for success • Q&A
  • 6. Macroeconomic challenges Demand & Supply of Labor Capacity to Pay Cost of Living Productivity of workers Wage laws Prevailing wage rates
  • 7. For 2024, planned increases are 3.8% in the U.S. - slightly higher for UK and Europe and slightly lower for Canada. Payscale Annual Salary Budget Survey
  • 8. United States 2023-2024 Salary Budget Survey (SBS) Payscale Annual Salary Budget Survey
  • 9. Canada 2023-2024 Salary Budget Survey (SBS) Payscale Annual Salary Budget Survey
  • 10. Understand your own unique labor market and business challenges • What considerations need to go into this year's cycle? Have things shifted internally to the company or externally in the market that you need to think about? What changes do you want to make from prior cycles? • What does the talent landscape and labor market look like for your business? Any impact to compensation? • What are your executives thinking about or what is top of mind when it comes to talent and compensation right now? • Do you feel like you understand the current market and any impact to your employee population? When was the last time you ran a market analysis? Are you confident in the data?
  • 11. Welcome to compensation season! Market context Key challenges
  • 12. Balancing cost versus competitiveness Ensuring ROI on compensation spend Delivering on pay transparency Ensuring pay equity and fairness Today’s key compensation challenges
  • 13. Poll Question 1: What’s your biggest concern? A. Balancing cost versus competitiveness B. Ensuring ROI on compensation spend C. Delivering on pay transparency D. Ensuring pay equity and fairness E. Other – add comments to chat
  • 14. Balancing cost versus competitiveness • Against a background of economic instability business leaders are conscious of capital expense and the perception of a cooling labor market as we enter Q4 • Employees' real wages have not kept up with inflation, so issues of pay are keeping employees up at night, and pay is now the most important topic they are looking for when considering a job, trumping everything else • We are now walking the tightrope between securing the talent franchise to deliver on business strategy whilst controlling overall spend • Part of our role is to persuade leaders that compensation as an investment rather than a cost
  • 15. How you can help Set up guardrails to ensure budgets are allocated in line with business intentions and monitor Share data with decision makers on market/internal peer relativity Understand who your key employees are for budget allocation
  • 16. Examples: Balancing cost versus competitiveness Ensure budget guidelines and guard rails are applied Make market data insights available for decision makers
  • 17. Ensuring ROI on compensation spend • Retaining key talent that drives value creation becomes a priority – make sure this is what you are paying for! • Focus on pay differentiation - avoid weak pay differentiation make every $ count, consider if you are really paying for desired outcomes • Do not forget to consider from an employee perspective what elements of compensation they value
  • 18. How you can help Provide transparency in linking employee achievement to financial or business outcomes Do you consider the “how” as well as the “what”? Are you reinforcing mission and values? Manager guidelines, training and communication are key …make sure they know what they are paying for and can reinforce messaging
  • 19. Examples: Ensuring ROI on compensation spend Allocation guidelines through merit matrix or KPI’s Providing alerts for decision makers Linking variable pay to company performance
  • 20. Delivering on pay transparency • Emerging body of pay transparency legislation – now at least one third of the US labor force will be impacted. Requires a proactive rather than defensive approach to stay ahead. • Identify what frameworks you need to put in place to support a more transparent approach. • As you approach review season consider where you sit on the pay transparency continuum, is there an opportunity to make progress? • What will be your pay communications approach?
  • 21. The pay transparency continuum Pay Secrecy Pay Transparency No information shared with employees except their own pay Share salary range data for current role with employee All salary range data shared internally Salaries shared publicly Individual employee salaries shared internally Share with individuals how their pay is determined
  • 22. Poll Question 2: Where do you sit on the continuum? A. No information shared with employees except their own pay B. Share with individuals how their pay is determined C. Share salary range data for current role with employee D. All salary range data shared internally E. Individual employee salaries shared internally F. Salaries shared publicly G. I don’t know
  • 23. Examples: Delivering on pay transparency Clear insights on allocation vs pay philosophy Pay communications to employees Detailed insights on compensable factors
  • 24. 24 Can your managers respond to the following scenarios? • When an employee is overpaid or underpaid • When an employee isn’t eligible for a raise • When more money isn’t an option • When an employee reacts negatively to an increase
  • 25. 25 Do your managers know how to respond to the following questions? • Why does “so-and-so” make more than me? • What is the salary range for my position? • How often can I expect a raise? • Where does our salary data come from?
  • 26. 26 Ideal resource “toolkit” for managers Market Data Overview What data your organization is using to understand the market landscape and make market adjustments. Team Salary Ranges Access to salary ranges for roles & understanding where employees on their team fit into that spread. How the Increase Process Works Ability to share how increase decisions are made and what factors go into those decisions. Even if People Manager is not directly involved, they need to understand the “why”. Conversation Best Practices Provide conversation guides for managers to talk about pay with their employees and address hard and easy questions. Help them understand when it best to pull additional resources (HRBP, Comp) into the conversation cycle. A Plan for Employees If an employee is unhappy with how their performance has translated into pay, try to make a plan with that employee about what they can to for things to be different next cycle. Built together with employee.
  • 27. New Payscale resource Find the ebook here
  • 28. Ensuring pay equity and fairness • Heightened employee and stakeholder expectations, together with emerging legislation will make pay equity hard to deprioritize • Failure to address pay equity remains a key business risk - you do not want any expensive legal challenges • Before making any market or merit related changes, consider potential pay equity adjustments that need to be made on the group or individual level • Also consider any pay equity biases in your compensation plans and processes
  • 29. Poll Question 3: Do you plan addressing pay equity as part of this compensation review? A. Yes, we have done a pay equity analysis to prepare budgets B. Yes, we will address on an ad hoc basis through the review from planned budgets C. No, we have not planned this D. I don’t know
  • 30. How you can help Ensure contributions are assessed and rewarded fairly Provide real time actionable insights Are you highlighting impacted employees throughout the process?
  • 31. Examples: Ensuring pay equity and fairness Easily identify outcomes Alerts for decision makers
  • 32. 32 Bad compensation management • Lack of pay differentiation • No strategy to look at current trends and needs • Thinking of budgeting as simply an expense management exercise • No focus on pay equity • Not empowering managers or simply giving managers decision-making responsibility without education and training • Weak communications
  • 33. 33 Good compensation management • Focus on outcomes • Ensure strategic context is reinforced • Consider pay as your talent insurance • Address pay equity • Move from an HR-owned process to one that empowers and engages all stakeholders • Ensure appropriate pay transparency and good communications • Consider compensation as a part of a broader reward package that is aligned with your company’s culture and values
  • 34. 34 Managing an effective compensation process transforms what we do Optimizing productivity and cost effectiveness Engaging employees Developing and retaining key talent Aligning human capital and reward with business strategy
  • 35. Payscale Compensation Planning • Streamlined review process with one centralized, easy-to-use system • Real-time visibility into review progress and proactive stakeholder management • Increased manager confidence when communicating pay with employees Screenshot of Manager Review Screen in Payscale Compensation Planning
  • 36. Q&A Feel free to ask any questions in the chat!