Webinar-How to Do Comp Like Top-Performing Companies

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If you’re looking to make a positive impact to your company's success, you should implement modern pay practices. Findings from the 2017 PayScale Compensation Best Practices Report indicated a strong correlation between modern pay practices and business success. Top-performing companies view pay as an ongoing practice and not an annual event. Compensation is also a key part of their culture and these companies communicate their pay practices clearly. Do you want to know more about how top-performing companies manage compensation? Join PayScale’s Mykkah Herner and Camie Bailey to learn what top-performing companies are doing around pay: -Developing a market strategy and keeping it current -Extending and reinforcing your culture with compensation -Having effective pay conversations

Recruiting & HR

How to Do Comp Like
Top-Performing
Companies
Camie Bailey
Sr. Customer Education and Training Specialist
Mykkah Herner, MA, CCP
Modern Compensation Evangelist

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 #CBPR17
Mykkah Herner, MA, CCP
Modern Compensation Evangelist
https://www.linkedin.com/in/mykkahherner
Camie Bailey
Senior Customer Education and Training Specialist
https://www.linkedin.com/in/camiebailey

www.payscale.com #CBPR17
2017 CBPR
www.payscale.com/cbpr
7,700 HR Leaders, Comp Pros, Execs
Org Size

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Top-Performing
Companies
#1 in their industry
Met or exceeded revenue goals in 2016

www.payscale.com #CBPR17
Market-Competitive Pay

www.payscale.com #CBPR17
of top-performing companies have
completed a market study within the
past 12 months (vs 52%)
of top-performing companies reference
the market at least weekly for individual
jobs (vs 12%)
16%
62%

www.payscale.com #CBPR17
Develop a clear
compensation strategy
47% of top-performing companies have a comp strategy (vs 34%)

www.payscale.com #CBPR17
0%
10%
20%
30%
40%
50%
60%
Target a higher
market percentile
Offer a market
premium in base pay
Offer a market
premium bonus
Provide tangible
benefits or perks
Provide intangible
benefits or perks
How do you compensate more for competitive jobs?
Top-Performer Typical

www.payscale.com #CBPR17
Create guidelines for pay
and keep them current
68% of top-performing companies have updated their grades and
ranges within the past year (vs 62%)

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Reinforce Culture with
Compensation

www.payscale.com #CBPR17
of top-performing companies have
changed pay due to an employee
engagement survey (vs 24%)
of top-performing companies say their
employees are paid fairly (vs 42%)52%
32%

www.payscale.com #CBPR17
Make the link between
engagement and pay
48% of top-performing companies measure
engagement more frequently than annually
(vs 43%)

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0%
10%
20%
30%
40%
50%
60%
70%
Bigger base pay
increase
Bonus or
incentive, no
formal plan
Goal-based
bonus or
incentive
Award or
recognition (like
employee of
the month)
Flexible work
schedule
Non-monetary
public
recognition
Paid time off Commissions Flexible work
location
Equity We don't
How do you reward/recognize high-performing employees?
Top-Performer Typical

www.payscale.com #CBPR17
Effective Pay Conversations

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of top-performing companies provide a
total compensation statement (vs 38%)
of top-performing companies train
managers how to talk pay with
employees (vs 28%)37%
53%

www.payscale.com #CBPR17
Share more data
with employees

www.payscale.com #CBPR17
Involve managers
in pay decisions
59% of functional managers in top-performing companies approve or
recommend employee pay (vs 53%)

www.payscale.com #CBPR17
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Communication
styles
Compensation basics Specific
compensation
conversations
Organization
performance
Organization culture
What kinds of manager training do you offer?
Top-Performer Typical

www.payscale.com #CBPR17
Immediate Actions
1. At the very least, look at market data for your
competitive jobs
2. Make a list of the things that really matter for
your culture & start connecting the dots to comp
3.

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
Camie Bailey
Senior Customer Education and
Training Specialist
Mykkah Herner, MA, CCP
Modern Compensation
Evangelist

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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

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