As you manage and refine your compensation strategy for 2014, it's imperative to have reliable, Texas-specific data to inform your decisions when building a solid compensation foundation.
Better together collaboration workshop with the RACI ModelManisha Gupta
Develop a RACI matrix with clearly defined roles for Responsible, Accountable, Consulted and Informed to promote collaborate and enable teams to work better together
Sample work experience and skills. Focused in workforce development and career guidance. Demonstrated ability to connect job seekers to employers and create career path.
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.
More Related Content
Similar to Texas Compensation Trends and Pay Practices
Better together collaboration workshop with the RACI ModelManisha Gupta
Develop a RACI matrix with clearly defined roles for Responsible, Accountable, Consulted and Informed to promote collaborate and enable teams to work better together
Sample work experience and skills. Focused in workforce development and career guidance. Demonstrated ability to connect job seekers to employers and create career path.
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.
6. Key Findings
Companies have big
plans for 2014:
• Workforce expansion
• Better financial performance
• Raises
But, they have big concerns about:
• Retention
• The skills gap
• Lack of good salary data
7.
8.
9.
10.
11.
12. www.payscale.com
Dallas & Houston vs.
National Trends
What specifically does the PayScale Index measure?
The PayScale Index specifically measures the quarterly change in total cash compensation of
full time private industry employees
Houston Metro Area vs. Dallas Metro Area Year-Over-Year Percentage Change in Pay by Quarter
13. Compensation Best Practices
1) Understand Your Labor Market
2) Understand Your Jobs
3) Create a Competitive Strategy
4) Communicate Pay Strategy
5) Pay for Performance
22. Engineering
Precision Measurement 11.49%
Distributed Control Systems (DCS) 11.11%
Chemical Process Engineering 10.75%
Oil and Gas Formation Evaluation 10.19%
Well Production Engineering 10.17%
Drilling Engineering 8.32%
Industrial Hydraulics 7.56%
Tungsten Inert Gas (TIG) Welding 6.64%
Reservoir Engineering 5.90%
Financial
Financial Modeling 9.96%
Statistical Analysis 4.60%
Other
Loan Underwriting 8.66%
Data Modeling 6.74%
HOT Skills in Texas
24. Production Operator–20.99%
Geologist- 15.78%
Cost Engineer–15.63%
Process Technician- 14.69%
Customer Support Representative-12.27%
Quality Assurance (QA)/(QC) Inspector– 12.10%
Financial Planning Analyst– 12.10%
Technical Advisor- 12.01%
Pharmacy Technician, Lead– 11.84%
Project Control Specialist–10.65%
Physical Therapy Assistant–8.97%
Petroleum Geologist–8.12%
% increase
year over
year
HOT Jobs in Texas
28. www.payscale.com
Why Have a Comp Strategy?
We asked thousands of HR and business leaders*
about their top challenges in compensation. They said:
1. Retain. They don’t want to risk losing employees by underpaying
them, or losing money by overpaying them
2. Attract. To compete for talent, job offers must match the market
and the unique factors driving pay for their jobs.
3. Motivate. Drive performance with strategies that reward top
performers while aligning with company goals.
4. Confidence. Having the science to back up decisions and
conversations with executives and employees.
Source: http://www.payscale.com/hr/compensation-practices-survey
33. COMP STRATEGY
EXECUTION
• Communicate compensation
policy & plan to leadership
• Train & educate managers on
compensation policy & plan
• Better communication = better
engagement, higher
productivity, etc.
73% of company leaders do not feel confident in their managers’ ability to effectively
communicate with employees about salary issues. 2014 PayScale CBPR
36. Top people concerns
among senior business
executives are:
Creating a high-
performance culture
Leadership
development
Talent Management
Training
37. Return on Comp Investment
Leading edge practice: Pay for Performance
o Exceeds expectations
o Meets expectations
o Does not meet expectations
o Comp trend of yesterday: COLA
38. Source: Institute for Corporate Productivity 2013
% pay increase based on
Performance Metric
39. Elementary
• Know your jobs
• Have an understanding of the market
Intermediate
• Discuss a compensation strategy with leadership
• Know what you want to reward and what you value
• Build guidelines that reflect a compensation strategy that works for your business
Advanced
• Find new and creative ways to incorporate performance pay
• Know how your pay practices stack up against your exact competition for talent
• Communicate you pay strategy with management
• Develop a strong compensation structure
Immediate Action
41. 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 blog: www.payscale.com/compensation-today
Join our Group on LinkedIN: Compensation Today: HR Best Practices
Zach Batson
Sales Manager
PayScale, Inc.
Karaka Leslie
Partnership Manager
PayScale, Inc.
www.payscale.com