Analytics in HR

JANUARY 25, 2022

Even so, a recent study by Payscale found that less than 50% of companies have a strategic compensation plan. According to PayScale’s 2021 Compensation Best Practices report , businesses currently have a more challenging time finding and retaining skilled workers than ever before. This is also known as salary benchmarking.

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HR Planning Planning Tools Compensation Hiring Software 126

RecognizeThis!

APRIL 18, 2016

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. – Research on best practices can help a company know what to focus on, but leaders need to consider how those practices play out in their own unique cultures and situations.

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Compensation Today

MARCH 20, 2017

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.

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Compensation Strategy Hiring Software Planning Tools 81

HR Digest

MAY 4, 2021

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. 51% of workers will quit if they are not offered flexible working option.

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Compensation Today

AUGUST 17, 2017

We live, love and dream about data here at PayScale, and big data is driving business and pay decisions across industries and functions. Often folks will begin market benchmarking by looking at data cuts for jobs in their specific industry, location or company type/size. Data, data, data. You Can’t Find Relevant Market Data.

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Zenefits

MAY 9, 2019

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? What are some other means to evaluate compensation without benchmarking?

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Benchmarking Compensation Hiring Software Recruiting Software 31

Zenefits

DECEMBER 29, 2021

With each gap, compare data from compensation benchmarking tools to determine how much you’ll have to spend to attract needed talent. While you can ask friends, colleagues, and mentors how much they might pay to hire and retain talent for particular roles, the best way to gauge how much to pay someone is through using a benchmark tool.

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Compensation Today

JULY 5, 2017

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. Annual pay increases – 3.

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Compensation Today

MAY 3, 2017

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. 42% of #nonprofits pay more for competitive jobs.

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Compensation Payscale Benchmarking HR Software 70

Analytics in HR

JUNE 22, 2022

Benchmarking jobs against data collected and market intelligence to determine competitive compensation for each role. According to Payscale , the average annual base salary for a compensation analyst in the U.S Collecting feedback on compensation-related issues through the above-mentioned research methods. Skills and qualifications.

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Compensation HR Planning HR Software Interview Software 98

Accendo Technologies

SEPTEMBER 25, 2024

Understand Market Benchmarks One of the most critical steps in designing a competitive compensation package is understanding industry benchmarks. Tools like Payscale and Mercer allow companies to calibrate their pay scales based on market trends and specific industries.

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Compensation Bonuses and Incentives Wage and Hour Training Retention and Turnover 52

Compensation Today

JULY 21, 2017

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. Talk comp when you are awarding an increase or promotion.

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Compensation Hiring Software Bonuses and Incentives Payscale 68

Analytics in HR

NOVEMBER 1, 2022

Tasks may include: Managing compensation records Benchmarking of compensation Handling annual performance reviews. Meanwhile, on Payscale , the average annual salary of HR specialists in Chicago is $57,071, while their New York HR specialist colleagues receive $64,890 annually. Compensation and benefits. HR specialist responsibilities.

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HR Planning Resources Hiring Software Onboarding Software 139

Decusoft

NOVEMBER 5, 2021

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. Then they generally take the safest route – the middle lane.

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Compensation Strategy Payscale Hiring Software 52

Compensation Today

MARCH 22, 2017

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 result of that conversation should be a decision on the cut of salary data you will use for benchmarking: industry, size, revenue and location(s). Click To Tweet.

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PlanSource

APRIL 8, 2019

Gallagher’s Best-in-Class Benchmarking Analysis found similarities in employee benefits management across both midsize and large employers. Payscale, 2019. Workers say they would swap a pay increase for more meaningful work or a more understanding boss, but money remains the ultimate motivator for most people. Sign Me Up!

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Compensation Today

SEPTEMBER 7, 2016

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. Learn to utilize all of the #PayScale products at #Compference16! Click To Tweet.

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Compensation Today

SEPTEMBER 25, 2015

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!

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Analytics in HR

MARCH 7, 2022

In order to find out what the current market looks like and where you stand, there are a bunch of resources that you can tap into, such as Payscale, LinkedIn Salary, Glassdoor, The US Bureau of Labor Statistics, and salary and benefits information on competitors’ job postings. Let’s dive in! Researching the market.

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Compensation COMPAS Background screening HR Planning 98

Compensation Today

JULY 23, 2015

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.

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Compensation Strategy HR Planning Payscale 40

HR Daily Advisor

DECEMBER 3, 2014

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). Your employees want to bring home a bigger slice of bacon, and you want to control costs—PayScale can help with both. Learn More.

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Hiring Software Payscale Hiring Planning Tools 40

Compensation Today

JANUARY 21, 2016

Rita Patterson, Onboarding Manager, PayScale. First off, it’s essential to communicate how the salary for that role in your organization is benchmarked. Rita Patterson is a Certified Compensation Professional and manages the Onboarding team at PayScale.

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Payscale Benchmarking Compensation Onboarding 40

Ongig

AUGUST 15, 2022

Be sure to conduct regular salary benchmarking by evaluating your company’s pay standards. Shout-outs: 2022 State of the Gender Pay Gap Report (by Payscale) Tight labor market drives U.S. It’s crucial to demonstrate an engaging employee experience to capture your ideal candidates. And, check how competitive salaries are in the market.

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Talent Experience Hiring Software Workable Recruiting Software 72

Compensation Today

SEPTEMBER 23, 2015

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.

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U-Next

APRIL 17, 2020

The data from this metric can be used to take long term decisions and set ground rules and benchmarking standards. Tracking the absence rate of an employee not just gives the concerned department an idea on project allocation but also give insights on the attitude of individual employees and recognize a pattern.

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Compensation Cafe

APRIL 18, 2016

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.

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Bonuses and Incentives Benchmarking Payscale Compensation 40

Tandem HR

FEBRUARY 9, 2022

Benchmark Jobs to Market. Here are some additional tips: When benchmarking to market, compare the position criteria/description versus position title. According to the PayScale 2021 Compensation Best Practices Report , remote work is on the rise and will likely remain a hot benefit to employees after the pandemic ends.

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Compensation Strategy Retention and Turnover HR Planning 52

HR Daily Advisor

FEBRUARY 14, 2017

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. The opposite is generally true.”.

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Payscale Compensation Employee Engagement Talent Experience 46

Analytics in HR

APRIL 25, 2022

Payscale is an easy-to-use software that offers choices based on company size for small businesses to global enterprises. This benchmark determines which tests applicants take and provides insights into how their behavioral data matches up. Video interview platforms.

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HR Software Hiring Software Recruiting Software Interview Software 122

Heyyy HR!

JUNE 5, 2024

Salary Surveys and Benchmarks Utilize surveys : External compensation agencies have the best data. Online tools such as PayScale’s Salary Calculator aggregate salary information based on job title and location, giving you benchmarks to gauge your worth in the current market.

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Wage and Hour Training HR Planning Hiring Software Strategy 60

Advos

APRIL 29, 2016

PayScale acquires Denver salary data company. Allegis Global Solutions Partners with PeopleTicker for Labor Rate and Benchmarking. Sign-up for our weekly What’s Hot in HR newsletter to get these weekly updates via email. Generational Capital Markets Announces the Acquisition of Culture.Service.Growth. by Qualfon. M&A Friday!

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Compensation Today

AUGUST 20, 2015

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.

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Dr. Nadine

OCTOBER 4, 2018

If you come to the discussion primed with a solid understanding of industry benchmarks, your argument will be more cogent and you’ll be better able to justify your desired salary. Your job is worth what the market will yield. You can’t afford to rely on your employer to determine a fair salary rate.

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Compensation Coaching Payscale Assessment Software 53

Digital HR Tech

NOVEMBER 11, 2019

A Payscale study gives some insight into the influence of salary. Of course, because compensation and benefits can vary across companies and geographic regions, it’s important to benchmark your programs to ensure you’re maximizing the benefits from your programs. How do HR Departments calculate compensation and benefits?

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Compensation COMPAS HR Planning Retention and Turnover 106

Oracle HCM - Modern HR in the Cloud

OCTOBER 10, 2019

” Market data, industry benchmarks, and application of best practices are useful, but also too generic. The right compensation strategy and structure can help us both hire and retain great talent. The challenge with developing the right compensation strategy is that there is no “one size fits all.” You cannot stop there.

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Compensation Hiring Software Bonuses and Incentives Planning Tools 49

Compensation Today

FEBRUARY 12, 2015

Companies should regularly benchmark wage data before settling on a compensation package for a new hire. Use trusted sources, like Payscale, to determine fair compensation so candidates don''t run to the next competitor for more money. Mistake #4.

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Compensation Today

MARCH 3, 2017

Ensure that jobs are benchmarked accurately, and understand where comparable employees are paid in the range for that role, as well as how their experience, degrees, certifications and expertise have impacted that pay. Be honest and don’t shy away from the problem.

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