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Webinar-5 Steps to Building a Modern Comp Plan

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A comprehensive compensation plan can guide your organization in its talent strategies, but a modern comp plan drives organizational success. Modern compensation planning is rooted in your company’s goals and uses pay as a lever to increase employee retention, engagement, and performance. Whether you’re creating a modern compensation plan for the first time or updating an existing one, these five steps will help you create a plan that sets your organization up for long-term success.

Join PayScale’s Krystal Praast and Diane Schuman to learn how to create a modern comp plan from intention to implementation.

Register for this webinar and you’ll learn about:

-The importance of laying the groundwork for comp success
-How to build market-based pay ranges
-The path to successfully implementing your plan

Published in: Recruiting & HR
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Webinar-5 Steps to Building a Modern Comp Plan

  1. 1. 5 Steps to Building a Modern Compensation Plan Diane Schuman Customer Training Specialist Krystal Praast Compensational Professional II
  2. 2. www.payscale.com #CBPR17 54 Million Salary Profiles 250 Compensable Factors 15,000 Positions 6,000 Customers 2,300 Skills Hi, We’re PayScale! www.payscale.com/cbpr
  3. 3. www.payscale.com #CBPR17 Diane Schuman, CAPM Customer Training Specialist Krystal Praast, CCP Compensation Professional II
  4. 4. www.payscale.com #CBPR17 What are the benefits of having a comp plan? Fairness Communication Alignment
  5. 5. www.payscale.com #CBPR17 Elements of a Comp Plan  Philosophy  Strategy  Guidelines (eg pay ranges)  Policies  Processes
  6. 6. www.payscale.com #CBPR17 have done a market study in the past year. 25% in the past six months have no compensation structure (ranges, grades, etc) have a compensation strategy. 34% are developing one. Source: PayScale’s 2017 CBPR
  7. 7. www.payscale.com #CBPR17 1. Lay the Groundwork
  8. 8. www.payscale.com #CBPR17 Gain Buy-in From Executives
  9. 9. www.payscale.com #CBPR17 Develop a Clear Compensation Philosophy If You Believe Employees Are Your Most Valuable Asset…Pay Fairly If You Have a Fast-Paced Organization…Examine Pay Frequently If You Value Open Communication…Prove It If You Give Your Managers Autonomy…Support Them
  10. 10. www.payscale.com #CBPR17 Start Getting Your Jobs in Order
  11. 11. www.payscale.com #CBPR17 2. Define Compensation Strategy
  12. 12. www.payscale.com #CBPR17 Where Do You Compete For Talent? Industry: IT Services Size: 200 EEs Location: Seattle, WA One Talent Market Multiple Markets Industry: IT Services Size: 10,000 EEs Location: Seattle, WA Industry: IT Services Size: 200 EEs Location: Seattle, WA
  13. 13. www.payscale.com #CBPR17 What do you want to reward? How competitive do you have to be?
  14. 14. www.payscale.com #CBPR17 3. Select Market Data Source(s)
  15. 15. www.payscale.com #CBPR17 Comp Data Landscape for Employers  Traditional surveys  Industry surveys  Data aggregators  HRIS or internal data  Government data  Crowdsourced data  “Scraped” data
  16. 16. www.payscale.com #CBPR17 Traditional and Industry Surveys Source: http://www.rsna.org/NewsDetail.aspx?id=14256
  17. 17. www.payscale.com #CBPR17 Crowdsourced
  18. 18. www.payscale.com #CBPR17 Make sure it covers your data needs Breadth Precision Age Ease
  19. 19. www.payscale.com #CBPR17 4. Set Pay Guidelines
  20. 20. www.payscale.com #CBPR17 Pay Guidelines Range MidpointMinimum Maximum $20,000 $32,000 $26,000 Green-Circled Employees Red-Circled Employees
  21. 21. www.payscale.com #CBPR17 Pay Ranges vs. Pay Grades Grade: Multiple ranges are arranged mathematically, jobs are assigned to grades Range: A min, mid, and max assigned to a job MidMin Max $20K $32K $26K
  22. 22. www.payscale.com #CBPR17 Assign Jobs to Grades Match market value with nearest midpoint Adjust for internal alignment
  23. 23. www.payscale.com #CBPR17 Determine the Shape of Your Structure
  24. 24. www.payscale.com #CBPR17 5. Implement the Plan
  25. 25. www.payscale.com #CBPR17 The PayScale Pay Transparency Spectrum
  26. 26. www.payscale.com #CBPR17 Develop Policies & Processes Processes:  Adding or evaluating a job  Market Study  Budget  Increase cycle  New hire process (pay)  Promotion process Policies:  Increases  New Hire  Promotion  Outliers  Eligibility
  27. 27. www.payscale.com #CBPR17 Immediate Actions • Clarify business goals and priorities to align comp • Identify culture aspects to amplify with comp • Start tracking where you recruit from or lose people to • Familiarizing yourself with data sources that cover your needs • Build pay ranges for your top 10 jobs
  28. 28. You will get from Compference: Product Sessions Customer Presentations Peer Networking Breakout Sessions Phenomenal Speakers PHR/SPHR recertification credit Ask about a discount code!
  29. 29. Comptopia: A PayScale Community CONNECT with more than 700 like-minded compensation and HR professionals PARTICIPATE in an active discussions forum covering everything from comp plans to current events LEARN best practices and product tips from power users and PayScale experts alike EARN perks, points, and exclusive swag available only to Comptopians JOIN today—ask me for a link to sign up
  30. 30. www.payscale.com #CBPR17 Questions?

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