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Webinar-How to Find the Perfect Recipe for Compensation Data

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The ingredients that make up compensation data have changed. HR teams and compensation specialists have more choice than ever in the sources they can use in their analysis, and candidates and employees alike are more informed of their value in the marketplace. For some, this has resulted in more positive conversations with employees, but it can be a scary prospect to talk about pay without having the right data to back you up.

Join PayScale’s Mykkah Herner and Michaela Ayers to learn how to incorporate the right data sources to help you compete for top talent, improve retention, and stay ahead of fast-moving trends in pay.

Register for this webinar and you’ll learn about:

-Current market trends impacting compensation
-The growing data market and factors to consider when selecting a source
-How to integrate new data sources into your mix
-The business impact of quicker, more accurate matches

Published in: Recruiting & HR
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Webinar-How to Find the Perfect Recipe for Compensation Data

  1. 1. How to Find the Perfect Recipe for Compensation Data Michaela Ayers Customer Training Specialist Mykkah Herner, MA, CCP Modern Compensation Evangelist
  2. 2. www.payscale.com #CBPR17 Thanks for joining us! • Ask questions via the “Questions” box • We’ll be doing Q&A at the end of the presentation Frequently Asked • Will slides be available? • Are you sending out a recording? • Can I get recertification credit for this?
  3. 3. 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
  4. 4. www.payscale.com #CBPR17 Michaela Ayers Customer Training Specialist www.linkedin.com/in/michaelaayers Mykkah Herner, MA, CCP Modern Compensation Evangelist https://www.linkedin.com/in/mykkahherner
  5. 5. www.payscale.com #CBPR17 Why should you care about compensation data? Be Competitive Transparency Data Access
  6. 6. www.payscale.com #CBPR17 The Talent Market is Tight 2.4% April unemployment for college educated 25+ 29% Pay boost commanded by premium skills like Scala 60% Of employees who feel underpaid intend to leave
  7. 7. www.payscale.com #CBPR17 Corporate Chasm
  8. 8. www.payscale.com #CBPR17 What does it mean for engagement? 0% 10% 20% 30% 40% 50% 60% 70% 80% High Transparency Mid Transparency Low Transparency With transparency, people stay and are happier Intent to Leave % High Employer Satisfaction
  9. 9. www.payscale.com #CBPR17 What does it mean for engagement? 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% High Fairness Mid Fairness Low Fairness When pay is seen as fair, people stay and are happier Intent to Leave % High Employer Satisfaction
  10. 10. www.payscale.com #CBPR17 Most people don’t know if they’re paid fairly
  11. 11. www.payscale.com #CBPR17 Pick Your Ingredients
  12. 12. www.payscale.com #CBPR17 Comp Data Landscape: Employees
  13. 13. www.payscale.com #CBPR17 Comp Data Landscape: Employers  Traditional surveys  Industry surveys  Data aggregators  HRIS or internal data  Government data  Crowdsourced data  “Scraped” data
  14. 14. www.payscale.com #CBPR17 Comp Data Landscape: Employers Traditional surveys Industry surveys Source: http://www.rsna.org/NewsDetail.aspx?id=14256
  15. 15. www.payscale.com #CBPR17 Comp Data Landscape: Employers Data Aggregators
  16. 16. www.payscale.com #CBPR17 Comp Data Landscape: Employers HRIS or Internal Data
  17. 17. www.payscale.com #CBPR17 Comp Data Landscape: Employers Crowdsourced
  18. 18. www.payscale.com #CBPR17 Comp Data Landscape: Employers “Scraped” data
  19. 19. www.payscale.com #CBPR17 Experiment With Your Recipe
  20. 20. www.payscale.com #CBPR17 How do you know which data source is best for you? Breadth Precision Age Ease
  21. 21. www.payscale.com #CBPR17 of enterprise organizations reference market data at least weekly of tech companies have completed a full market study in the past year of organizations have completed a full market study in the past six months Source: PayScale’s 2017 CBPR
  22. 22. www.payscale.com #CBPR17 How do you get compensation data on your side? Methodologies Multiple Sources Art & Science
  23. 23. www.payscale.com #CBPR17 How does compensation data forward your business strategy?
  24. 24. www.payscale.com #CBPR17 Market data should be central to every major HR function
  25. 25. www.payscale.com #CBPR17 of organizations use more than one source of compensation data Source: PayScale’s 2017 CBPR 82%
  26. 26. www.payscale.com #CBPR17 The Sweet Taste of Success
  27. 27. www.payscale.com #CBPR17 How does compensation data solve your retention problems?
  28. 28. www.payscale.com #CBPR17 How does compensation data solve your recruitment problems? http://www.payscale.com/data/salary-history
  29. 29. www.payscale.com #CBPR17 How does compensation data solve your engagement problems?
  30. 30. www.payscale.com #CBPR17 Immediate Actions • Clarify business goals and priorities • Identify compensation data needs: age, breadth, precision, ease • Start shopping different data sources; note pros and cons • Learn how to talk about the methodology of your data source(s)
  31. 31. www.payscale.com #CBPR17 www.payscale.com/cbpr PayScale Delivers Where Other Compensation Providers Fall Short PayScale offers modern compensation software and real-time, data driven insights for employees and employers alike. More than 6,000 customers, from small businesses to Fortune 500 companies, use PayScale to power pay decisions for more than 13 million employees. Visit our blog: www.payscale.com/compensation-today Join our Group on LinkedIn: Compensation Today: HR Best Practices Michaela Ayers Customer Training Specialist Mykkah Herner, MA, CCP Modern Compensation Evangelist

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