A Guide to Payscale Philosophy and Strategy With People Operations

Zenefits

As the workforce moves towards more freelance, contract, and part-time engagements, companies need to make sure they are compensating their employees in a way that meets today’s work style. Compensation is also a pivotal component of people operations.

Nuances of Nonprofit Compensation: 2017 Compensation Best Practices

Compensation Today

In a prior life, I did compensation and HR for a nonprofit. Every year, the age-old question would come up when it came time to benchmark our fundraising and programmatic jobs. Anyone who has worked in a sales organization knows that you don’t compensate sales the way you do the rest of the organization, or medical staff the same as office staff, or faculty the same as staff. Learn More About Our Compensation Software.

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PayScale Tools for Today's Comp Pro! Compensation Glossary: Part 2 of 4

Compensation Today

Jenni Marquez, CCP, PayScale Compensation Professional PayScale’s Comp Glossary returns! Consider the comp pros at PayScale to be an extension of your team! We’ve compiled a list of fundamental compensation terms and why they’re important to know. 2) BENCHMARK JOB Definition: A job commonly found in the market. Why it matters: Often misunderstood but a very critical part of evaluating compensation is the benchmark job.

Compensation Management: Salary Benchmarking and Beyond

Zenefits

Many small businesses assume they don’t need to worry about compensation management. Other tools like PayScale, Salary.com, and LinkedIn Salary require a subscription or payment to access data but contain a larger number of job titles and data sets. This process is called compensation benchmarking. How is compensation benchmarking done? The first step in compensation benchmarking is to build a list of salary ranges for current and future job roles.

5 Steps to a Smart Compensation Plan

Speaker: Camie Bailey, Software Implementation Manager, PayScale

Many forces are coming together to accelerate the pace of change in the workplace. We're now in an employee's market where organizations fight tooth and nail to get top talent. Watch this webinar on demand and get key tips on how to develop a fair compensation plan with accurate salary benchmarking. Payscale will show you how to create a modern comp plan from intention to implementation.

Compensation Cafe: Chasing Best Practices

RecognizeThis!

Benchmarks and best practices can give company leaders insight into what those around them are doing, how much they are spending, and how well they are performing. A recent report from PayScale, which I covered in this post on Compensation Cafe , helps to provide some useful data around compensation practices, particularly among top-performing and average companies. Bonus & Incentives Best Practices compensation performanceBy Derek Irvine. Recognize This!

5 Steps to Creating An Effective Employee Compensation Strategy

Career Metis

Do you have any idea about the employee compensation strategy? And here, effective compensation can help. Therefore, getting an employee compensation strategy in the first place has become a crucial step. An Effective Compensation Management Strategy.

How to structure employee compensation

Workable

Pay structures define employee compensation for different jobs or groups of jobs. Here’s our guide on why and how to set up a pay structure: Why you need structured employee compensation. Pay structures (also know as salary structures or compensation structures) help companies offer equitable, competitive salaries and map out employees’ path to growth and higher pay. Competitive compensation packages play an important part in persuading candidates to accept job offers.

A Full Guide to Compensation and Benefits

Digital HR Tech

Compensation and benefits refer to the benefits a firm provides to its employees in exchange for their labor. Compensation and benefits are thus a key part of Human Resource Management. In this article, we will provide you with a full guide about compensation and benefits. Contents What are compensation and benefits? Why are compensation and benefits important? What are compensation and benefits? Why are compensation and benefits important?

Get Me a Compensation Strategy, STAT!

Compensation Today

One intentional decision that too many companies aren’t making: establishing their compensation strategy. PayScale’s 2017 Compensation Best Practices Report (CBPR) found that just 37 percent of all organizations have a comp strategy. What is a compensation strategy? It’s the sum of all the choices you make about how to spend your compensation dollars, including the market where you compete for talent and how competitively you plan to pay in that market.

How to Build Pay Grades and Set Salary Ranges

Speaker: Jennifer Ferris CCP & Paige Hanley CCP

Join PayScale’s compensation experts as they 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. Choose benchmark positions and slot non-benchmark positions into your pay structure.

A Quick And Simple Guide To Compensation Planning

Vantage Circle

As a leader, compensation planning is one of the skills you will need to master. One of the most important aspects of organizational planning is having a compensation plan that rewards employees and provides competitive pay. What is Compensation Planning? Industry pay benchmark.

How To Benchmark an Elf's Job

Compensation Today

PayScale's Mykkah Herner, MA, CCP, Modern Compensation Evangelist and Paige Hanley, CCP, Compensation Professional It’s that time of year and all of Santa’s Elves have been working overtime. Busy himself, Santa turned to PayScale to determine the best way to handle his elf compensation. Some fine print: We matched each job using a similar benchmark role. CCP , is a Compensation and Human Resources Professional with ten years of HR experience.

Use Agile to Make Compensation Changes Manageable

Compensation Today

You may ask, how is product management like compensation management? Building a product and managing compensation for an organization are not projects — they’re ongoing endeavors that are continuously improving and delivering. How Agile Facilitates Easier Compensation Planning. Compensation is often thought of as a behemoth undertaking, not for the faint of heart. Here’s how to approach compensation with an Agile mindset.

Know When to Ask for Help With Your Compensation Project

Compensation Today

Every day, PayScale products and services help compensation and HR pros ideate, create, roll out and manage forward-thinking comp plans. With that in mind, we recently launched a new Support Center to help PayScale product users with key activities like benchmarking, running reports and utilizing structure and analytics tools. Feel like you're in over your head with compensation strategy? PayScale's new Support Center can help.

Developing a Compensation Plan, Step 3: Select Data Sources

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. Select Compensation Market Data Sources. Since there are a variety of compensation data sources available to you, it’s crucial that you choose wisely. The definition of a benchmark job is that it is a job that regularly exists in the market (to compare your jobs with the market, those jobs need to exist in the market). Learn More About Our Compensation Software.

Developing a Compensation Plan, Step 2: Define Your Strategy

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. With your new compensation philosophy hot off the presses, it’s time to go to market to identify the value of your jobs. The next two lessons in building your compensation plan will teach you how to perform compensation benchmarking. Decide on Your Compensation Strategy. What do you want to reward with your compensation dollars? Learn More About Our Compensation Software.

Align Your Compensation Strategy with Business Priorities

Compensation Today

Taylor, PHR, SHRM-CP, PayScale Senior Blogger At the intersection of business objectives and recruitment is a strong compensation strategy. As we found in the 2015 Compensation Best Practices Report in about half of the companies we surveyed, the CEO is primarily responsible for setting compensation budgets, while the Head of HR is primarily responsible for setting compensation structures. Why not get a free salary report and try a PayScale demo today

Developing a Compensation Plan, Step 5: Create Policies and Processes

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. Now that you’ve planned ahead , identified your talent markets and data sources , completed benchmarking and established pay ranges , it’s time to create the policies and processes that help ensure that your plan gets carried out as you’ve intended. Sometimes information shared inconsistently with and by managers can disrupt the sense of fairness that your employees feel about their compensation.

5 Steps to a Compensation Strategy That Helps Your Company Thrive

Compensation Today

As we discussed in part one of this series , PayScale’s 2017 Compensation Best Practices Report (CBPR) found that just 37 percent of organizations have a defined compensation strategy. All these factors taken together should inform your compensation strategy. The best compensation strategy is the one that rewards what your organization values. What do you need from your compensation strategy? Compensation Plans compensation strategy

Developing a Compensation Plan, Step 7: Keeping It Updated

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. One of the tricks of compensation planning is that it’s never truly done. If you have an organization that involves managers, train them in what matters in defining jobs for compensation purposes, and have them review their job descriptions for accuracy. One of the tricks of compensation planning is that it’s never truly done. Learn More About Our Compensation Software.

The Four Times You Should Be Talking About Compensation Throughout the Year

Compensation Today

We’ve written a lot at PayScale about compensation communication — especially about WHY talking about compensation is important, and WHO should be talking about pay. When’s the right time for compensation conversations — and what should you be sharing at that time? The best time to talk about compensation isn't at the annual review. – Let them know how that pay was determined, and when pay ranges or job benchmarks are reviewed.

How to Speak With Your Non-Profit Employees About Compensation

Compensation Today

By Sonnet Lauberth, PayScale Compensation Professional Compensation can be a tricky topic, especially within the non-profit sector where many employees feel that they are “overworked and underpaid.” However, when communication about compensation is handled correctly, it can increase employee trust in the organization, improve employee engagement, and decrease turnover. If you don’t currently have a compensation plan in place, now is the time to get started.

When You Need to Move Beyond Data for Pay Decisions

Compensation Today

We live, love and dream about data here at PayScale, and big data is driving business and pay decisions across industries and functions. But when it comes to data-based decision-making, there a few occasions when decisions about pay and compensation need to go beyond the data. Often folks will begin market benchmarking by looking at data cuts for jobs in their specific industry, location or company type/size. Learn More About Our Compensation Software.

Halloween Horror Stories: Top 5 Scariest Comp Situations

Compensation Today

Back in the day, our Benchmarking Maven, Ashley Adair, worked to benchmark the role of an Office Manager. Years ago, we partnered with a customer to develop compensation grades and ranges for their organization. When we started, they were using four different payroll systems and trying to centralize their compensation planning efforts in PayScale’s Insight. He received a benchmarking project from an oil company not too long ago; they had a thousand jobs!

How to calculate for pay for remote workforce

HR Digest

Getting pay right for remote workers requires a thoughtful and well-articulated approach to compensation To get a fair compensation package for remote workers, certain factors must be considered. People working in the same job located anywhere are compensated similarly.

You're Underpaying. Now What?

Compensation Today

Jenni Marquez, CCP, PayScale Compensation Professional Most organizations don’t intend to pay employees low, but market shifts and legislation changes can often result in underpaid employees. As an HR practitioner, especially one involved in compensation, it’s important to keep an eye on your compliance with wage laws in your area. PayScale is a perfect example.

Countdown to Compference: Market Reports

Compensation Today

I’m thrilled to be joining some of my PayScale colleagues in presenting at Compference 16 next week, where I’ll be partnering with Kaylyn Messer, Senior Customer Success Manager, to talk about understanding and using our salary data reports. It’s an exciting opportunity to speak directly with our customers about PayScale and how they can best utilize our products to be fair, transparent, and modern in their approach to compensation.

Why Increasing Pay Isn’t Always the Answer

Compensation Today

Sonnet Lauberth, PayScale Compensation Professional In my time as a Compensation Professional at PayScale, I’ve helped over 75 organizations develop a co mpensation strategy and structure to suit their needs and spoke with hundreds of companies about the challenges they face regarding compensation. Time and time again, the top two challenges I hear are that they don’t have a compensation structure in place and/or they have employees who feel they are underpaid.

Where Is Your Organization on the Pay Transparency Spectrum?

HR Daily Advisor

Many believe in a more-is-better approach to transparency in compensation, and there are some great reasons to explore the idea. In a recent webinar, compensation experts Rita Patterson, CCP, and Mykkah Herner, MA, CCP, of Payscale discussed what they call the Pay Transparency Spectrum. Compensation strategy, including transparency, is a component of a talent management strategy. What data – market study or benchmark – was it based on?”

You've Got Me Feeling Emotions.About Comp!

Compensation Today

Ashley Adair, PHR SHRM-CP, Benchmarking Team Lead at PayScale Whether we want to admit it or not, compensation is emotional. This means getting clear on your compensation philosophy by partnering with your internal contacts (typically HR and comp departments). Anticipate the conversation, NOT what the employee is asking So here you are, sitting across from an employee who has questions about their compensation. See how PayScale can help.

Building Salary Ranges for Beginners, Part 2

Compensation Today

By Jenni Marquez, CCP, PayScale Compensation Professional In our never-ending quest to keep human resource and compensation managers informed and educated about compensation best practices, here is our second part in our two-part series on Building Salary Ranges for Beginners. A pay range is the upper and lower bounds of compensation, which include a range minimum, midpoint, and maximum.

Chasing Best Practices

Compensation Cafe

One of the common questions I hear from clients centers on how well their people practices and budgets compare to industry benchmarks and groups of top-performers. Research from the firm PayScale may help to answer at least some of those questions, with their annual analysis of compensation trends and activity. High performers are also more likely to adopt a mindset in which people are valued and engage in more transparent communication around compensation.

How to Clean House on Your Comp Plan

Compensation Today

Rita Patterson, Onboarding Team Lead, PayScale Creating a comp plan is like cleaning your house. But cleaning your house and planning your compensation don’t have to be so daunting. Don’t expect yourself to handle job analysis, market benchmarking, comp structure creation, and raise recommendations all in one fell swoop. At PayScale - we’re ready to roll up our sleeves and grab a broom with you.

CEO’s Letter: We Should Be Better (If CEOs Would Only Join Us)

HRO Today

A few months ago, we undertook a comprehensive report on CHRO compensation. The initial premise of the study was to see if there was a correlation between CHRO compensation and a variety of business metrics. for non-cash compensation.

CHRO 52

How to Calculate Your Salary Requirements?

Career Metis

Some industries, such as law firms, accounting firms, or healthcare, follow lockstep compensation, where your pay is linked to the number of years you have worked in the past. PayScale. PayScale is another popular compensation and job search site on our list.

5 Mistakes You May Be Making That Are Impacting Your Talent Pipeline

Compensation Today

By Sonnet Lauberth, PayScale Compensation Professional Today’s business leaders know that talent is critical to an organization’s current and future success. As a Compensation Professional, my job is to help organizations create a compensation plan that reflects their business goals, mission, and organizational culture. If you’re currently seeing a shortage in your talent pipeline, then it might be time to review your compensation strategy.