This document discusses managing pay inequities as part of a three-part series on compensation budgeting. It recommends starting with a clear compensation plan and using accurate market data to identify inequities at the organizational, department, position, and individual levels. Potential solutions are identified along with their costs to resolve inequities over multiple years. Communicating solutions to executives, managers, and staff is also discussed.
Utilizing Advanced Fusion Compensation Features EffectivelyOHUG
Fusion Compensation Management is one of the most advanced solutions available in the market today. It offers some of the most advanced features that can be used to simplify the Compensation process for both managers and administrators. These features can be implemented easily without requiring any customizations or technical help. In this presentation we will discuss how we used features such as security access, cross plan references, compensation statement, and worksheet upload capabilities etc., to design a flexible solution for implementing complex compensation plans. This presentation is intended for Compensation Administrators and Functional and Technical users who wish to gain a better insight of Fusion Compensation Management.
Are you constantly fighting against leadership in your organization? Too often executives resist comp planning because they see it as a set of rules intended to limit their authority to make good decisions.
Webinar-Going Beyond the California Fair Pay ActPayScale, Inc.
The gender pay gap has rapidly surfaced as a key concern for American companies. The California Fair Pay Act, which went into effect January 1st, is one of the most aggressive laws ever implemented that aims to narrow the gender pay gap.
Think it will only affect California? Think again. Just because your business is not in California, doesn’t mean you’re exempt from the impact of that law. That said, compliance is only the bare minimum of what you should aim to accomplish.
Budgeting Part 1: Managing Internal Pay InequitiesPayScale, Inc.
It’s budget season again, and that makes it time to update your data for next years comp plan. The first critical step is to get a sense of where the issues are.
Webinar-Budgeting Part 1: Managing Internal Pay InequitiesPayScale, Inc.
It’s budget season again, and that makes it time to update your data for next years comp plan. The first critical step is to get a sense of where the issues are.
Utilizing Advanced Fusion Compensation Features EffectivelyOHUG
Fusion Compensation Management is one of the most advanced solutions available in the market today. It offers some of the most advanced features that can be used to simplify the Compensation process for both managers and administrators. These features can be implemented easily without requiring any customizations or technical help. In this presentation we will discuss how we used features such as security access, cross plan references, compensation statement, and worksheet upload capabilities etc., to design a flexible solution for implementing complex compensation plans. This presentation is intended for Compensation Administrators and Functional and Technical users who wish to gain a better insight of Fusion Compensation Management.
Are you constantly fighting against leadership in your organization? Too often executives resist comp planning because they see it as a set of rules intended to limit their authority to make good decisions.
Webinar-Going Beyond the California Fair Pay ActPayScale, Inc.
The gender pay gap has rapidly surfaced as a key concern for American companies. The California Fair Pay Act, which went into effect January 1st, is one of the most aggressive laws ever implemented that aims to narrow the gender pay gap.
Think it will only affect California? Think again. Just because your business is not in California, doesn’t mean you’re exempt from the impact of that law. That said, compliance is only the bare minimum of what you should aim to accomplish.
Budgeting Part 1: Managing Internal Pay InequitiesPayScale, Inc.
It’s budget season again, and that makes it time to update your data for next years comp plan. The first critical step is to get a sense of where the issues are.
Webinar-Budgeting Part 1: Managing Internal Pay InequitiesPayScale, Inc.
It’s budget season again, and that makes it time to update your data for next years comp plan. The first critical step is to get a sense of where the issues are.
Compensation Analytics: The ROI of TurnoverPayScale, Inc.
Review of critical comp analytics to give you a better understanding of basic compensation language, including how to actually calculate the numbers that matter to your organization. You’ll learn how to talk like a comp pro, calculate basic comp metrics and present the health of your comp program to execs.
Budgeting Part: Putting it All Together With PayScale Insight SlidesPayScale, Inc.
In the final installment of the Compensation Budgeting webinar series you will learn about the software and data you need to formalize your compensation strategy.
In this presentation, Mykkah Herner, a member of PayScale's compensation consulting team, will show you how to build ranges from a market-centered midpoint, and how to use market data to update or create market based pay ranges.
You’ll learn how to identify appropriate sources of market data, select an appropriate “market set” for utilizing market data, choose benchmark positions and slot non-benchmark positions into your pay structure, and create a strategy for dealing with “hot” jobs that fall outside of internal ranges.
Using Analytics To Make Smart HR DecisionsBambooHR
View recording with slides: http://bit.ly/1TG16LN
Knowing what analytics to use on a day to day basis can be difficult. This webinar shares why analytics are important in becoming strategic in HR.
Webinar - How to Prepare for a Pay Equity Analysis Series Ep 3: Take ActionPayScale, Inc.
Join our bench of pay equity experts as they walk through the critical steps involved in tackling your pay equity issues and communicating your findings.
Strategies for Managing a Diverse WorkforcePayScale, Inc.
In an ever increasingly global economy, the ability to manage a diverse workforce is a key competitive advantage. However, today’s HR teams are challenged when it comes to figuring out compensation strategies for a diverse workforce.
Join Crystal Spraggins, SPHR and Mykkah Herner, MA, CCP as they talk about the intersections between diversity and compensation:
Alternative ways of looking at diversity
Identifying pay inequities
Training managers well beyond compliance
Diversity and the salary negotiation process
Diversity beyond compensation such as practicing inclusion in hiring, training and development
12 20 22-Recorded Webinar-Maximizing MarketPay-Structures-Job-Based-Ranges.pdfPayScale, Inc.
Join Payscale’s MarketPay Product Manager and Education team for a group discussion and training that covers roadmap, best practices, and how to implement range-based structures amidst the current pay legislation landscape.
California Compensation Trends and Pay PracticesPayScale, Inc.
As you consider employee raises and prepare your compensation strategy, it's imperative to have reliable, California-specific data to inform your decisions when building a solid compensation foundation.
Webinar - The Compensation Maturity JourneyPayScale, Inc.
This session will cover the landscape of compensation challenges and the journey to mature compensation management, explaining the main steps in building a compensation strategy and program that not only meet your needs of today but can quickly adapt and change with you as the market evolves.
Webinar - Preparing for Successful Year End Compensation PlanningPayScale, Inc.
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.
4 Steps to Building a Smart Compensation StructurePayScale, Inc.
Developing a solid compensation structure will help you set the appropriate pay ranges for your jobs. If pay ranges are too narrow, you won’t be able to reward high performers. Too broad, and the pay ranges provide very little support for your compensation philosophy.
Webinar: How to Communicate to Comp Executives and ManagersPayScale, Inc.
The messaging about your compensation plan is as important as the plan itself. In this webinar join Mykkah Herner and Paige Hanley as they discuss useful tips and tools for getting your compensation communications right with managers and executives.
Now that Spring is here it’s a great time to review your comp plan. Whether you are updating an existing plan or have something more informal in place, this will be an excellent webinar to attend.
We’ll walk you through some basics such as evaluating your compensation philosophy and strategy, keeping up on critical jobs in the market, and ensuring basic compliance.
You'll learn what you can and should do now to ensure success in 2009. You'll see how to avoid overpayment and how to manage your incentive costs so that they stay in line with sales results in these tough times.
Best Practices For Pay Transparency Around Your Sales RepsAggregage
It's no secret that employees are leaving their jobs for greener pastures. Many are frustrated with their compensation and indicate this as a major driver of attrition. Learn how pay transparency around quota-bearing roles can help you retain and motivate your reps in this webinar!
Webinar-Comp Foundations-Be an Analytics HeroPayScale, Inc.
You have a comp issue to address. And you have access to many reports through PayScale Insight’s Analytics Launchpad. Which one will give you the answer you need?
This webinar will show you how to use PayScale reporting and analytics to back up comp decisions. You’ll look like an analytics super hero without having to get a degree in data science.
Communicating Compensation: Gaining Executive SupportPayScale, Inc.
The best way to gain executive support for your compensation design is to develop a comp strategy that is aligned with the business goals of the organization, and then communicate that clearly with your executives.
If you\'re preparing to take in investment then what are the things you\'re going to need to consider re the financial plans, the market context and your place in the good the bad and the ugly for your sector.
Webinar - How to Implement a Data-Driven Compensation StrategyPayScale, Inc.
Join Payscale’s Chief Product Evangelist, Ruth Thomas; Director of Product Management - Data Products, Vicky Peakman; and Director of Data Science, Sara Hillenmeyer as they explore the intricacies of how to design and implement your compensation data strategy.
More Related Content
Similar to Compensation Budgeting Part 1: Managing Internal Pay Inequities
Compensation Analytics: The ROI of TurnoverPayScale, Inc.
Review of critical comp analytics to give you a better understanding of basic compensation language, including how to actually calculate the numbers that matter to your organization. You’ll learn how to talk like a comp pro, calculate basic comp metrics and present the health of your comp program to execs.
Budgeting Part: Putting it All Together With PayScale Insight SlidesPayScale, Inc.
In the final installment of the Compensation Budgeting webinar series you will learn about the software and data you need to formalize your compensation strategy.
In this presentation, Mykkah Herner, a member of PayScale's compensation consulting team, will show you how to build ranges from a market-centered midpoint, and how to use market data to update or create market based pay ranges.
You’ll learn how to identify appropriate sources of market data, select an appropriate “market set” for utilizing market data, choose benchmark positions and slot non-benchmark positions into your pay structure, and create a strategy for dealing with “hot” jobs that fall outside of internal ranges.
Using Analytics To Make Smart HR DecisionsBambooHR
View recording with slides: http://bit.ly/1TG16LN
Knowing what analytics to use on a day to day basis can be difficult. This webinar shares why analytics are important in becoming strategic in HR.
Webinar - How to Prepare for a Pay Equity Analysis Series Ep 3: Take ActionPayScale, Inc.
Join our bench of pay equity experts as they walk through the critical steps involved in tackling your pay equity issues and communicating your findings.
Strategies for Managing a Diverse WorkforcePayScale, Inc.
In an ever increasingly global economy, the ability to manage a diverse workforce is a key competitive advantage. However, today’s HR teams are challenged when it comes to figuring out compensation strategies for a diverse workforce.
Join Crystal Spraggins, SPHR and Mykkah Herner, MA, CCP as they talk about the intersections between diversity and compensation:
Alternative ways of looking at diversity
Identifying pay inequities
Training managers well beyond compliance
Diversity and the salary negotiation process
Diversity beyond compensation such as practicing inclusion in hiring, training and development
12 20 22-Recorded Webinar-Maximizing MarketPay-Structures-Job-Based-Ranges.pdfPayScale, Inc.
Join Payscale’s MarketPay Product Manager and Education team for a group discussion and training that covers roadmap, best practices, and how to implement range-based structures amidst the current pay legislation landscape.
California Compensation Trends and Pay PracticesPayScale, Inc.
As you consider employee raises and prepare your compensation strategy, it's imperative to have reliable, California-specific data to inform your decisions when building a solid compensation foundation.
Webinar - The Compensation Maturity JourneyPayScale, Inc.
This session will cover the landscape of compensation challenges and the journey to mature compensation management, explaining the main steps in building a compensation strategy and program that not only meet your needs of today but can quickly adapt and change with you as the market evolves.
Webinar - Preparing for Successful Year End Compensation PlanningPayScale, Inc.
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.
4 Steps to Building a Smart Compensation StructurePayScale, Inc.
Developing a solid compensation structure will help you set the appropriate pay ranges for your jobs. If pay ranges are too narrow, you won’t be able to reward high performers. Too broad, and the pay ranges provide very little support for your compensation philosophy.
Webinar: How to Communicate to Comp Executives and ManagersPayScale, Inc.
The messaging about your compensation plan is as important as the plan itself. In this webinar join Mykkah Herner and Paige Hanley as they discuss useful tips and tools for getting your compensation communications right with managers and executives.
Now that Spring is here it’s a great time to review your comp plan. Whether you are updating an existing plan or have something more informal in place, this will be an excellent webinar to attend.
We’ll walk you through some basics such as evaluating your compensation philosophy and strategy, keeping up on critical jobs in the market, and ensuring basic compliance.
You'll learn what you can and should do now to ensure success in 2009. You'll see how to avoid overpayment and how to manage your incentive costs so that they stay in line with sales results in these tough times.
Best Practices For Pay Transparency Around Your Sales RepsAggregage
It's no secret that employees are leaving their jobs for greener pastures. Many are frustrated with their compensation and indicate this as a major driver of attrition. Learn how pay transparency around quota-bearing roles can help you retain and motivate your reps in this webinar!
Webinar-Comp Foundations-Be an Analytics HeroPayScale, Inc.
You have a comp issue to address. And you have access to many reports through PayScale Insight’s Analytics Launchpad. Which one will give you the answer you need?
This webinar will show you how to use PayScale reporting and analytics to back up comp decisions. You’ll look like an analytics super hero without having to get a degree in data science.
Communicating Compensation: Gaining Executive SupportPayScale, Inc.
The best way to gain executive support for your compensation design is to develop a comp strategy that is aligned with the business goals of the organization, and then communicate that clearly with your executives.
If you\'re preparing to take in investment then what are the things you\'re going to need to consider re the financial plans, the market context and your place in the good the bad and the ugly for your sector.
Similar to Compensation Budgeting Part 1: Managing Internal Pay Inequities (20)
Webinar - How to Implement a Data-Driven Compensation StrategyPayScale, Inc.
Join Payscale’s Chief Product Evangelist, Ruth Thomas; Director of Product Management - Data Products, Vicky Peakman; and Director of Data Science, Sara Hillenmeyer as they explore the intricacies of how to design and implement your compensation data strategy.
Webinar - Maximize the efficiency of your merit increase cyclePayScale, Inc.
Let us show you how Payscale Compensation Planning allows you to streamline collaboration, improve workflows, maximize salary budget, and manage pay equity in the pay increase process. It’s never been easier to bring people and technology together to equitably and efficiently reward employee performance.
Webinar - How to set pay ranges in the context of pay transparency legislationPayScale, Inc.
Join Payscale’s Chief Product Evangelist, Ruth Thomas; VP of Compensation Services, Kim Taylor; and Senior Corporate Attorney-Employment, Lulu Seikaly as they discuss how to approach and set salary ranges in the context of increased pay transparency.
Webinar - Payscale Innovation Unleashed: New features and data evolving the c...PayScale, Inc.
Join Payscale’s Brittany Innes, Senior Director of Product Management, and Brooke Grimes, Senior Director of Product Marketing as they discuss what’s new, and coming soon, within the Payfactors platform.
Webinar - How to Choose and Use Salary DataPayScale, Inc.
Join Payscale’s Chief Product Evangelist, Ruth Thomas; Director of Product Management - Data Products, Vicky Peakman; and Director of Data Science, Sara Hillenmeyer as they discuss different salary data sources and how to choose the best ones for you.
Webinar - Q2 2024: What’s New in MarketPayPayScale, Inc.
Join Payscale’s Brittany Innes, Senior Director of Product Management, and Brooke Grimes, Senior Director of Product Marketing as they discuss what’s new, and coming soon, within the MarketPay platform.
Webinar - Pay Transparency Legislation Series, Ep. 11: Best Practices RevealedPayScale, Inc.
Join Payscale’s Chief Product Evangelist, Ruth Thomas and Senior Corporate Attorney-Employment, Lulu Seikaly as they discuss the current landscape of pay transparency legislation and dig into exciting new data around how organizations are approaching it.
Webinar - 2024 Compensation Best Practices PanelPayScale, Inc.
Join Payscale’s Zach Jamieson, Senior HR Business Partner and Robin Dean, Job Description Product Manager as they discuss the evolving landscape of job description management.
Navigating the Now: Pay Transparency, Equity and Opportunity in 2024PayScale, Inc.
Enjoy a panel led by industry thought leaders as they explore the intricate relationships between pay transparency, equity and opportunity. Against the backdrop of evolving legislative and political landscapes, technological advancements, and the changing world of work, this event promises to be an eye-opener.
Webinar-The Future of Job Description Management.pdfPayScale, Inc.
As the workforce undergoes transformative changes and organizations adapt to new norms, staying ahead requires a fresh perspective on how we manage job descriptions.
oin Payscale’s Zach Jamieson, Senior HR Business Partner and Robin Dean, Job Description Product Manager as they discuss the evolving landscape of job description management.
Specifically, they will cover the following:
Best practices for inclusive, collaborative job descriptions,
What’s to come with job description management, and the impact of AI
A look at Payscale’s job description management software
Webinar - Closing the Gap: How Organizations are Making Fair Pay a RealityPayScale, Inc.
Join Payscale’s Chief Product Evangelist, Ruth Thomas, and Associate Director of Content Marketing, Amy Stewart as they discuss this year’s gender pay gap report findings and what this means for organizations looking to take steps towards fair pay.
Payscale has three data sources to help organizations quickly respond to a changing talent market and the technology for organizations of all sizes to create more equitable and transparent pay practices.
Webinar - Paving the Way: Reflections and Insights for Year-Long Compensation...PayScale, Inc.
Join a panel of tenured compensation experts from Payformance Partners, Novant Health, and Roblox as they share compensation planning learnings, best practices, and insights and to help you in your current and future planning efforts.
Webinar - Panel: Navigating the Nuances of Compensation CommunicationsPayScale, Inc.
So, as many of us are wrapping up the year-end merit cycle and looking to communicate these decisions out, what can you do to navigate this season and these conversations successfully? Join a panel of Payscale’s HR and compensation experts as they share practical insights and best practices for smooth pay communications
Webinar - Compensation Best Practices Report Secrets Revealed: Play the Early...PayScale, Inc.
Join us for this engaging trivia-style webinar exclusively for CBPR fielders. Test your compensation IQ, benchmark your knowledge against national trends!
Webinar - Planning for Pay Transparency Legislation in the New YearPayScale, Inc.
Join Payscale’s Chief Product Evangelist, Ruth Thomas and Senior Corporate Attorney- Employment, Lulu Seikaly, as they discuss the current landscape of global pay transparency legislation and best practices for remaining compliant in 2024.
Webinar - How to Create and Maintain a Practical Compensation CalendarPayScale, Inc.
Join Payscale’s Chloe Polanco, Senior Compensation Analyst and Daehi Hwang, Compensation Analyst as they walk through how to create and maintain an effective compensation calendar.
Webinar - Turning the Page: HR and Compensation Trends and Predictions for th...PayScale, Inc.
Join a panel of Payscale executives including Chief Financial Officer, James Redfern; Chief Customer Officer, David Hwang; Chief People Officer, Lexi Clarke; and Chief Product Evangelist, Ruth Thomas as they discuss the biggest challenges, priorities, and learnings that HR and Comp folks faced and could be facing in the new year.
Webinar - Getting the Right Data Mix to Market Price Your JobsPayScale, Inc.
Join a panel of data experts as they discuss different approaches and what strategies customers use to make sure they're making the right data-informed pay decisions.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
4. www.payscale.com
Agenda
o Start with a Plan
o Do you have a clear pay philosophy, strategy, structure, policy?
o Are you using accurate and current Market Data?
o Identify Compensation Inequities
o Organizational Level
o Department Level
o Position Level
o Individual Level
o Develop solutions
o Next month: determining increases & putting it all together
6. www.payscale.com
Comp Plan
Elements
o Philosophy - high-level view on the aims
of the organization with regard to
compensation
o Strategy –
o Define your Labor Market(s)
o Determine level of competitiveness
o What do you want to reward?
o Structure - Mathematically sound way of
aligning your positions to market and
internally
o Policy – ensures that the comp plan is
carried out
7. www.payscale.com
Getting Reliable Market Data
Critical factors for benchmarking jobs
o Know your positions, go beyond titles
o What are the top 3 functions of the role
o What’s the level of responsibility
o What kind of decision-making authority
o What typical tenures do you seek for your roles
(newer, more tenured, etc)
o Are there required degrees or certifications
Defining your competitive set
Accurate and current market data
9. www.payscale.com
Types of Pay Inequities
At the Plan Level
o Are you paying fairly to market?
o Are your ranges competitive with the market?
At the Department level
o Are you paying fairly across departments?
At the Position level
o Have some of your positions moved faster?
At the Employee level
o Are you paying fairly across employees based on
• Your comp policy (what do you reward)?
• EEO status?
10. www.payscale.com
Plan-wide Pay Inequities
Paying Fairly to Market
o Determining your target market percentile
o Budget
o Competitiveness and impact on retention/attraction
Staying competitive relative to market
o Annually, examine your ranges to see if they’re current relative to market
values
11. www.payscale.com
Analyzing Ranges to Market
Create a report showing your range midpoints relative to the market, and the
difference between the two
o Look through your positions- do most go up? Most go down? A mix?
o If most positions moved up, you may want to consider adjusting your ranges
by 1-3 percentage points.
o Determine the cost impact of the shift prior to making the change.
12. www.payscale.com
Cross-Department Pay Inequities
Targeting
Determine the appropriate targets for your departments
Build ranges around the appropriate targets
Execution
Ensure that you are paying according to strategy by looking at department-level
compa-ratios and market-ratios
13. www.payscale.com
Position-specific Pay Inequities
Identifying inequities at the position level
o Critical positions may move faster in the market than others
o Review these positions on a quarterly basis
o Listen to your employees – flight risk
o Consider adjusting the grade level and perhaps employee pay
o Be prepared to adjust pay between cycles for your critical roles
14. www.payscale.com
Employee-specific Pay Inequities
Identifying Employee-specific pay inequities
o Are you paying according to your comp plan?
o Do you have compression issues?
o Examine your compa-ratios (.8-1.2)
o Look at your outliers (green and red)
o Determine your plan to bring people in range, or have a clear
policy for why it’s ok to not be in range.
15. www.payscale.com
Disparate Pay and EEO Concerns
Create a Disparate Pay Report
o Examine when % difference is high and low
o A good guideline is a % difference greater than your range widths
o A high difference is a flag for potential litigation
o A low difference may not be an EEO concern, but is a concern that you may
not be rewarding according to your comp philosophy
17. www.payscale.com
Identifying
Solutions
o What are the options for remedying the inequities
identified?
o How much will it cost?
o Can we absorb that cost in this year’s increases or
are we talking about a larger amount?
o Do we need to resolve over multiple years?
o How critical is it that we resolve the inequities?
o Legal considerations
o Attraction/retention issues
o Morale
o Develop multiple scenarios
o How will we communicate:
o To Execs
o To Managers
o To Staff
18. www.payscale.com
Identifying Options & How much it
will cost: Plan Level
Plan Level Options
o Do nothing
o Make small incremental change
o Update your comp strategy
o Adjust all the ranges at once
Plan Level Costing
o How do you plan to do increases? Do you want to maintain the compa-
ratio (across the board market-based increase) or do increases by position
in range?
o What is the $ impact of employees falling out of range in the green?
o Former red-outliers may again be eligible for increases.
19. www.payscale.com
Identifying Options & How much it
will cost: Position Level
Position Level Options
o Keep the position where it is – may have high compa-ratios
o Move the position to a new grade
o Keep the position where it is but offer a “market premium”
Position Level Costing
o Calculate the cost of moving position to a new grade
o Calculate costs of your market premium – advantage year over year
20. www.payscale.com
Identifying Options & How much it
will cost: Employee Level
Employee Level Options
o Identify any critical issues
o Determine the cost of non-critical issues and priority to organization
o How will you handle compression issues?
o What about disparate pay (non-EEO)?
o Are there any concerns amongst your green outliers that won’t be
remedied with a regular increase?
Employee Level Costing
o Determine the amount to resolve critical issues
o Calculate amount to resolve compression issues – increases to existing?
o Any necessary market adjustments for individuals?
21. www.payscale.com
Communicating about Pay
Inequities
Ask for what the organization
needs
o Provide solutions
o Share the big picture – with only
the detail needed to make your
case
o Make your recommendations
concise and easy to understand
o Explain the why
o Communicate what the
impact/cost will be to the
organization
Help the organization manage
the budget once approved
23. PayScale Delivers Where Other Compensation Providers Fall Short
PayScale leads the world in compensation knowledge with the freshest and
most detailed data from over 40 million salary profiles. More than 2500
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 blog: www.payscale.com/compensation-today
Join our Group on LinkedIn: Compensation Today: HR Best Practices
Mykkah Herner, MA, CCP
Manager of Professional
Services,
PayScale, Inc.
www.payscale.com
Editor's Notes
Creator of the largest database of individual compensation profiles in the world, PayScale, Inc. provides an immediate and precise snapshot of current market salaries to employees and employers through its online tools and software. PayScale’s products are powered by innovative search and query algorithms that dynamically acquire, analyze and aggregate compensation information for millions of individuals in real time. Publisher of the quarterly PayScale IndexTM, PayScale's subscription software products for employers include PayScale MarketRateTMand PayScale InsightTM. Among PayScale's 2,500 corporate customers are organizations small and large across industries including Mozilla, Tully’s Coffee, Clemson University and the United States Postal Service.
Mykkah
Philosophy: Employee-facing document that gives a high-level view on the aims of the organization with regard to compensationStrategy: Management-facing (typically) and answers critical comp questions of – labor market, competitiveness, and what to rewardPolicy: how are comp decisions carried out – more tactical documentStructure: the bones – how is the comp program laid out – how are positions aligned.
Paying fairly cross-department doesn’t necessarily mean paying equally across departments.
Do nothing: If your strategy is high, and compa-ratios and morale are good, you may get by another year without movementMake small incremental change: The market may suggest moving 3%, but you can decide instead to do 1% a year over the next few years.Update your comp strategy; shift ranges for just your critical departments Adjust all the ranges at once