Insight Expert Webinar Slides - 2014
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As you build out your compensation strategy, it's imperative to have reliable data to inform your salary decisions, easy to use software to automate compensation processes, and expert guidance to walk you through getting pay right.
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Insight Expert Webinar Slides - 2014
- 1. Get Pay Right with Insight Expert Karaka Leslie Product Marketing Manager www.payscale.com
- 2. 14,000 Positions 3000 Customers 11 Countries 40 Million Salary Profiles 250 Compensable Factors
- 3. Agenda Why have a compensation strategy? Insight Expert • Why? • Long Term Benefits • Process Questions?
- 4. Why Have a Compensation Strategy?
- 6. THE REASONS YOU’RE CREATING A COMP PLAN 1. IT MAKES GOOD BUSINESS SENSE. 2. IT HELPS ATTRACT AND RETAIN TALENT. 3. IT SUPPORTS THE MISSION, STRATEGY AND CULTURE OF THE ORGANIZATION.
- 7. Compensation is a keystone that holds organizations together. In particular, good compensation design can impact: • Recruitment • Retention • Budget / Revenue • Performance • Employee Engagement Good compensation design ensures organizational success
- 9. This image cannot currently be displayed. • Expertise/Recommendations • Time/Resources Constraint • Collaboration • Need for manageable structure • Multiple locations/different structures • Experiencing rapid growth Why Insight Expert? Compensation Terms Defined
- 10. LONG TERM BENEFITS Improve budgetary impact Ease recruitment efforts Increase retention Improve performance Better employee engagement
- 11. Partnering with PayScale ESTABLISH PLAN IMPLEMENT PLAN MAINTAIN PLAN CLARIFY BUSINESS GOALS & ESTABLISH IMPACT MEASUREMENTS DESIGN COMPENSATION STRUCTURE TO ALIGN WITH STRATEGY ADVISE ON MITIGATING OUTLIERS & RISK PROVIDE ONGOING COMP SUPPORT INCORPORATE PERFORMANCE/MERIT PROCESS AS DESIRED ANNUAL PLAN REFRESH UNDERSTAND COMPETITIVE MARKET ROLL COMPENSATION POLICY & CHANGES WITH EXECUTIVES SPOT MARKET CHANGES AND ADDRESS IMPACT TO COMP PLAN QUARTERLY MEASURE EMPLOYEE ENGAGEMENT DEFINE COMP STRATEGY & ROLL OUT PLAN TRAIN MANAGERS ON COMMUNICATING COMP PLAN
- 12. COMP DESIGN ELEMENTS PHILOSOPHY STRATEGY/IES STRUCTURE POLICY
- 13. WHAT IS MY MARKET? WHAT DO YOU WANT TO REWARD? HOW COMPETITIVE DO YOU WANT TO BE?
- 14. BUILD PAY RANGES
- 16. COMMUNICATING COMP • Train managers on communicating compensation plan effectively • Compensation 101 • Compensation structure & policy • Improve performance management practices that link to pay • Tips for having “the talk”
- 17. PLAN MAINTENANCE • Assist with budget increase preparation • Quarterly updates • Advise on comp issues • Keep plan current to market annually • Support communication
- 18. Questions?
- 19. Karaka Leslie karakal@payscale.com 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 3000 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