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! 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. A benchmark job is what you use to compare pay at your company with pay in the market.

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. Paige is a lead on our Expert Services team and a trusted Compensation Consultant at PayScale.

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Compensation Management: Salary Benchmarking and Beyond

Zenefits

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. Compensation benchmarking is designed to maintain fairness for both the employer and the employee.

Nuances of Nonprofit Compensation: 2017 Compensation Best Practices

Compensation Today

Every year, the age-old question would come up when it came time to benchmark our fundraising and programmatic jobs. We have gathered compensation best practices from the more than 400 respondents to the PayScale Compensation Best Practices Report who are in the nonprofit industry. PayScale’s Nonprofit Industry Factsheet provides some insights about how nonprofit organizations approach compensation. Compensation Plans CBPR Nonprofit compensation PayScale Index

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.

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. When we started, they were using four different payroll systems and trying to centralize their compensation planning efforts in PayScale’s Insight. In one organization, one of our savvy Customer Operations Specialists, Carley Anderson, worked to carefully benchmark an office assistant role. It’s that time of year where the ghosts and goblins come out at night.

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. This is an important distinction because many organizations will embark on a market study assuming they should benchmark their pay against their industry, their location, their size. PayScale is a perfect example.

The Role Compensation Plays in Values, Culture & Engagement Strategies

Decusoft

Getting compensation right can be tricky – that’s why businesses perform due diligence and conduct benchmarking surveys. A PayScale survey found that 51% of employees believe they aren’t paid fairly even if they’re at or above industry benchmarks.

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. PayScale's new Support Center can help. Benchmarking Jobs to Market. PayScale can help with this too.

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. See how PayScale can help. Ashley joined PayScale in 2012 and currently manages our Benchmarking department responsible for the job matching and market analysis reports for all 3,400 of our customers! On an intrinsic level it reinforces beliefs and behaviors of employees – ‘I worked hard and did a good job so naturally I deserve a raise’.

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.

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. By Derek Irvine. Recognize This!

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. PayScale’s survey also highlighted a second point that employee perceptions about pay play a significant role in an employee’s desire to leave your company.

Get Me a Compensation Strategy, STAT!

Compensation Today

PayScale’s 2017 Compensation Best Practices Report (CBPR) found that just 37 percent of all organizations have a comp strategy. Here’s an example: The Smith Company will use 10,000-employee sized companies in the Software Development industry in our local markets for competitive benchmarking. PayScale’s 2017 Compensation Best Practices Report (CBPR) found that just 37 percent of all organizations have a comp strategy.

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. 2 – Analyze the Current Compensation Plan Decide if your compensation plan needs a do-over by comparing it to current salary range benchmarks for every job description. Are you in the process of conducting an internal salary review or compensation benchmarking project? Why not get a free salary report and try a PayScale demo today

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. Doing so will highlight any large discrepancies that may need more attention – market data that is well above or below incumbent pay could indicate a need to reevaluate your job benchmark.

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. With ever-changing trends and shrinking competitive advantage, it can be helpful to know what others are doing, and how your own company stacks up against them.

How to calculate for pay for remote workforce

HR Digest

A study by payscale, a payroll company, into salary data reveals that remote workers are actually paid more than people who work in an office. It can include a salary benchmark, location, job level, experience, contract, and even the exchange rate. The future of work is remote.

Use Agile to Make Compensation Changes Manageable

Compensation Today

Job benchmarking to market data – 2. Tip: Ease the effort of the increase process with PayScale Crew. Some of these projects (or pieces of projects) might overlap or be interdependent — for example, job benchmarking to market data will need to occur prior to building pay ranges. For example, job benchmarking is an activity more oriented to grouping by department or job family, where building pay grade ranges are more oriented to “doing it all at once.”.

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. 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.

How to Calculate Your Salary Requirements?

Career Metis

These submitted salaries often serve as a benchmark for potential employees who can get a rough idea of what they will be paid if they join a particular company. . PayScale. PayScale is another popular compensation and job search site on our list.

Top 10 Things to Remember When Tracking Your HR Metrics

Analytics Training

The data from this metric can be used to take long term decisions and set ground rules and benchmarking standards. Metrics are integral part of any business operation.

How to structure employee compensation

Workable

Knowing what each job entails and its value to your company helps you benchmark salaries more effectively. There are two ways companies can create their compensation plans for base salary: Benchmarking (or market pricing) where each job is assigned an individual salary range based on market trends. Here are both approaches with examples and how you can combine them: Benchmarking. Benchmarking helps make your salaries more competitive.

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. I often hear from PayScale customers that they only want to compare themselves to similarly sized organizations in their own industry when pricing their jobs.

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. – Let them know how that pay was determined, and when pay ranges or job benchmarks are reviewed. One of the things we haven’t covered as much is WHEN you should talk about comp. When’s the right time for compensation conversations — and what should you be sharing at that time?

Developing a Compensation Plan, Step 3: Select Data Sources

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. 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). Want access to all seven lessons? Sign up for the course!

Hiring the Wrong Salesperson is a $2-Million Mistake

HR Daily Advisor

Start with PayScale’s (free!) complete guide to compensation plans, Bring Back the Sizzle: PayScale’s Guide to Comp Plans That Get Workers Fired Up (In a Good Way). One trick that DiMisa is seeing is companies who set salary benchmarking targets at 60% to 75% of market—“We’re going to pay at 75%”—to attract people paid at market. Your employees want to bring home a bigger slice of bacon, and you want to control costs—PayScale can help with both.

Developing a Compensation Plan, Step 2: Define Your Strategy

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. The next two lessons in building your compensation plan will teach you how to perform compensation benchmarking. Want access to all seven lessons? Sign up for the course! With your new compensation philosophy hot off the presses, it’s time to go to market to identify the value of your jobs. Decide on Your Compensation Strategy.

M&A Friday! This Week’s HR Deals

Advos

PayScale acquires Denver salary data company. Allegis Global Solutions Partners with PeopleTicker for Labor Rate and Benchmarking. Happy Friday. Each week, with the help of HRmarketer Insight software , our researchers compile a sampling of mergers & acquisition, funding and partnership announcements from the human resource, recruitment and employee benefits marketplace. Sign-up for our weekly What’s Hot in HR newsletter to get these weekly updates via email. M&A.

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.” Depending on your strategy, you might benchmark against other non-profits, private companies, or a mix depending on your workforce. The PayScale Compensation Best Practices report revealed that the number one reason why employees leave a company is because they think they are underpaid.

Are Promotions Leaving Your Employees Feeling Short Changed?

Compensation Today

Rita Patterson, Onboarding Manager, PayScale. First off, it’s essential to communicate how the salary for that role in your organization is benchmarked. You need to help the employee understand that how pay aligns to the market in your organization may not be apples to apples with how the competing organization benchmarks jobs in their company. Rita Patterson is a Certified Compensation Professional and manages the Onboarding team at PayScale.

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

HRO Today

So, while HR has benchmark data and justification capability for virtually every other job in an organization, the CEO or comp committee of the board does not use the same level of rigor. New HRO Today research reveals interesting findings on the gender pay gap for CHROs. By Elliot H. Clark.

CHRO 52

10 Unique Employee Incentive Programs For Your Team 2021

CuteHR

This incentive program a clear benchmark and list of objectives must be placed in front of the employees so that they have an idea of what exactly they can achieve the bonus. Did you feel a lack of engagement from the employees’ side?

Where Is Your Organization on the Pay Transparency Spectrum?

HR Daily Advisor

In a recent webinar, compensation experts Rita Patterson, CCP, and Mykkah Herner, MA, CCP, of Payscale discussed what they call the Pay Transparency Spectrum. In fact, according to a Payscale study, 82% of employees are okay with low pay if they understand the rationale behind their pay. In the same survey, Payscale found that 80% of employees who are paid above market for their role believe they’re paid at or below market. by Lisa Higgins, Contributing Editor.