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Unlock the Power of
Payfactors
Today's Presenters:
Ruth Thomas
Chief Evangelist
Payscale
Sarah Walsh
Solutions Consultant
Payscale
What we will cover today:
• The impact of compensation on your business
• How Payscale works and how we can help
• Next steps to reach your business goals
Pay is now a top
employee
engagement
and retention
factor!
One in four workers are looking for new
jobs as cost-of-living concerns bite: PwC
Global Workforce Hopes & Fears Survey
"Compensation has never before played
such a pivotal role in the success of the
business.”
Lighthouse Research: Compensation Buyers Guide 2023
“The Compensation and Benefits leader,
who used to negotiate with providers and
run the annual process, now has to
operate as a strategic consultant.”
Josh Bersin, Global HR research analyst, advisor, and CEO of The
Josh Bersin Company
Creating a compensation
strategy can be complex
55% of employers view compensation as
being among the top challenges for HR.
Write job
descriptions
Determine
competitive pay
Choose data
sources
Benchmark
jobs
Make pay
ranges
Create
compensation
statements
Manage and
participate
in surveys
Determine
Total
Rewards
Merit &
Review cycles
Pay equity
analysis
Answer
tough questions
about pay
Retain &
retain top
talent
Reporting &
analytics
Communicate
about pay
Source: 2023 Compensation Best Practices Report
Let’s jump into
the platform…
Demo 1
Demo 2
15.30%
20.60%
26.00%
50.40%
7.40%
24.50%
18.60%
We lack confidence in the accuracy of our
market data
We don't have organized pay structures
We are concerned that we have pay inequity
issues
We need to educate managers and employees
on how ranges are set
We don’t feel confident we know the legal
requirements
We struggle to gain executive leadership buy-
in
We don't have any roadblocks; we are
currently posting or are on the path to…
What are your greatest roadblocks to posting job
ranges (select all that apply)?
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00%
Understand your competitive landscape and
determine a data strategy
Evaluate current employee pay against the
market
Implement standardized and scalable
practices regarding salary structures and…
Conduct regular pay equity analysis
Efficiently manage your job descriptions
Implement a strategic compensation
planning framework that support pay…
Support pay communication internally to
employees and managers
Which of these steps is most difficult for you to
solve?
We are seeing a shift towards internal pay
communication and education being a critical step to
external pay transparency
Job seekers and employees
want to know the why
behind their pay
Industry Voluntary turnover rate2
Retail & Customer Service 44%
Construction 40%
Food, Beverage & Hospitality 34%
Healthcare & Social Assistance 30%
Finance & Insurance 26%
Nonprofit 24%
Agencies & Consultancies 24%
Education 24%
Energy & Utilities 22%
Manufacturing 20%
Other Industries 20%
Engineering & Science 19%
Technology (including software) 19%
Of respondents believe
employers should
always explain how pay
was determined1.
80%
Source: 12023 SHRM, 22023 Compensation Best Practices Report
While turnover rates have improved,
they remain high.
Increase transparency and
communicate total rewards
with your employees
Demo 3
Expand your team with
our experienced support
and services
Implementation Expert
A dedicated implementation manager to help you get set up,
including configuration and data imports.
Subscription Support
On-demand support team and access online education tools
that include product learnings and access to our customer
community.
Customer Success
Your strategic advisor to navigate and provide tools to help
you maximize the use of Payscale to reach your
compensation goals.
The experts you get with your investment:
Payscale offers managed services so your
team can focus on what you do best
Comp Expertise & Projects
Whether you’re building your compensation
strategy for the first time, or you have limited
resources, we can help you with things such as:
• Job Pricing
• Strategy and Market Analysis
• Structure Modeling and Creation
• Job Matching for Peer Data
• Comp Policies Guide Support
• Manager Best Practices Training
• Personalized Product Training
Save time by pricing
jobs quickly and
accurately
Centralize your pay
data, decisions and
communication in
one location
Create a
consistent and fair
compensation
strategy​
All supported by data from multiple perspectives:
HR reported data + Employee reported data
Gain confidence by
learning from the
experts
15,400
job titles
250+
industries
7,500
skills and certifications
40M
active employee reported profiles
Payscale gives employers and employees confidence
to know the what and why behind pay
Thank you

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Webinar - Unlock the Power of Payfactors

  • 1. Unlock the Power of Payfactors
  • 2. Today's Presenters: Ruth Thomas Chief Evangelist Payscale Sarah Walsh Solutions Consultant Payscale
  • 3. What we will cover today: • The impact of compensation on your business • How Payscale works and how we can help • Next steps to reach your business goals
  • 4. Pay is now a top employee engagement and retention factor! One in four workers are looking for new jobs as cost-of-living concerns bite: PwC Global Workforce Hopes & Fears Survey
  • 5. "Compensation has never before played such a pivotal role in the success of the business.” Lighthouse Research: Compensation Buyers Guide 2023
  • 6. “The Compensation and Benefits leader, who used to negotiate with providers and run the annual process, now has to operate as a strategic consultant.” Josh Bersin, Global HR research analyst, advisor, and CEO of The Josh Bersin Company
  • 7. Creating a compensation strategy can be complex 55% of employers view compensation as being among the top challenges for HR. Write job descriptions Determine competitive pay Choose data sources Benchmark jobs Make pay ranges Create compensation statements Manage and participate in surveys Determine Total Rewards Merit & Review cycles Pay equity analysis Answer tough questions about pay Retain & retain top talent Reporting & analytics Communicate about pay Source: 2023 Compensation Best Practices Report
  • 8. Let’s jump into the platform…
  • 11. 15.30% 20.60% 26.00% 50.40% 7.40% 24.50% 18.60% We lack confidence in the accuracy of our market data We don't have organized pay structures We are concerned that we have pay inequity issues We need to educate managers and employees on how ranges are set We don’t feel confident we know the legal requirements We struggle to gain executive leadership buy- in We don't have any roadblocks; we are currently posting or are on the path to… What are your greatest roadblocks to posting job ranges (select all that apply)? 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% Understand your competitive landscape and determine a data strategy Evaluate current employee pay against the market Implement standardized and scalable practices regarding salary structures and… Conduct regular pay equity analysis Efficiently manage your job descriptions Implement a strategic compensation planning framework that support pay… Support pay communication internally to employees and managers Which of these steps is most difficult for you to solve? We are seeing a shift towards internal pay communication and education being a critical step to external pay transparency
  • 12. Job seekers and employees want to know the why behind their pay Industry Voluntary turnover rate2 Retail & Customer Service 44% Construction 40% Food, Beverage & Hospitality 34% Healthcare & Social Assistance 30% Finance & Insurance 26% Nonprofit 24% Agencies & Consultancies 24% Education 24% Energy & Utilities 22% Manufacturing 20% Other Industries 20% Engineering & Science 19% Technology (including software) 19% Of respondents believe employers should always explain how pay was determined1. 80% Source: 12023 SHRM, 22023 Compensation Best Practices Report While turnover rates have improved, they remain high.
  • 13. Increase transparency and communicate total rewards with your employees
  • 15. Expand your team with our experienced support and services Implementation Expert A dedicated implementation manager to help you get set up, including configuration and data imports. Subscription Support On-demand support team and access online education tools that include product learnings and access to our customer community. Customer Success Your strategic advisor to navigate and provide tools to help you maximize the use of Payscale to reach your compensation goals. The experts you get with your investment: Payscale offers managed services so your team can focus on what you do best Comp Expertise & Projects Whether you’re building your compensation strategy for the first time, or you have limited resources, we can help you with things such as: • Job Pricing • Strategy and Market Analysis • Structure Modeling and Creation • Job Matching for Peer Data • Comp Policies Guide Support • Manager Best Practices Training • Personalized Product Training
  • 16. Save time by pricing jobs quickly and accurately Centralize your pay data, decisions and communication in one location Create a consistent and fair compensation strategy​ All supported by data from multiple perspectives: HR reported data + Employee reported data Gain confidence by learning from the experts 15,400 job titles 250+ industries 7,500 skills and certifications 40M active employee reported profiles Payscale gives employers and employees confidence to know the what and why behind pay