Compensation Planning in 7 Actionable Steps

Analytics in HR

Thorough compensation planning allows your organization to create compensation systems that reward employees fairly and support business goals. What exactly is compensation planning, what are its objectives, and how do you go about compensation planning in practice?

White House Announces PayScale Commitment to Largest-Ever Non-Compete Data Collection

Compensation Today

PayScale is thrilled to announce that we are launching a data collection effort, encouraged by the White House Council of Economic Advisers, in an effort to gain more understanding around the prevalence and impact of non-compete agreements in the U.S. The White House Council of Economic Advisers encourages #PayScale to gather data on #non-competes! PayScale will be working with a team of researchers to examine the resulting non-compete data.

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Top 15 Compensation Management Tools in 2021

Vantage Circle

Companies consider several factors when deciding on a compensation planning tool. In layman’s terms, compensation management software allows an organization to plan and administer employee compensation packages in an organized manner.

PayScale Index: Wage Growth Slows in Q1

Compensation Today

percent annually in the first quarter of 2017, according to the newly updated PayScale Index , but slowed from Q4 2016. The labor market is in transition from the post-election bump in Q4,” said Katie Bardaro, VP of Data Analytics and Lead Economist at PayScale. Learn More About Our Compensation Software. The PayScale Index shows positive results tempered by uneven wage growth by industry and geography. PayScale Index. Wages in the U.S. grew 2.1

What COVID means to compensation

HRExecutive

This is the second in a series on compensation during the pandemic. The coronavirus pandemic has upended scores of traditional HR structures: hiring, recruiting, onboarding and compensation. Related: Will other employers follow Google’s latest remote plan?

Canadian Edition of PayScale’s 2017 Compensation Best Practices Report Has Arrived!

Compensation Today

The annual Compensation Best Practices Report (CBPR) you know and love now has an all-Canada edition! While the full report is in its eighth year, this is the first year we’re able to detail Canadian-specific compensation practices — we’re excited to share with our Canadian readers what other companies in their country are doing when it comes to setting pay for their employees. Learn More About Our Compensation Software.

Compensation Analyst: All You Need to Know About the Role

AIHR

In the competitive candidate market, organizations need to get their compensation strategy right. That’s why a compensation analyst is a fast-growing role and a career path worth considering. Let’s explore the role of a compensation analyst and how you can become one.

PayScale Is Headed to #SHRM17 Conference. See You There?

Compensation Today

Next week, June 18 – 21, the PayScale crew is off to New Orleans for SHRM17 Annual Conference and Exposition. We have two awesome prizes we’re raffling off: Trip to our own Compference 2017 , the modern compensation event featuring over 500 compensation leaders. Exploring the Compensation Data Landscape: Finding the Right Data Puts You Ahead of the Competition : This session will show you how you can have the right compensation data to help you win the talent war.

PayScale's Compensation Glossary: Part 4 of 4

Compensation Today

Jenni Marquez, CCP, PayScale Compensation Professional Let’s review. If the external inequity is due to internal pay being higher than market, then you likely have a compensation budget problem. Why it matters: Compression is one of the more challenging issues in compensation. That said, paying new employees at the same rate (or higher) than incumbents can cause some real and ongoing compensation problems, including morale issues.

Add PayScale’s Compference 2017 to Your HR Conference Schedule

Compensation Today

In the HR field, there are several that rise to the top and specialize in fascinating topics like compensation planning, HRIS, innovation and disruption — depending upon what you want to learn more about. This conference is specifically designed for compensation professionals — most who attend have the word “compensation” in their title. The conference is focused on recognition but touches on performance and compensation as well.

PayScale’s Annual Top Tech Employers Comparison Is Here!

Compensation Today

Each year, PayScale runs the numbers on the nation’s top tech employers to shed light on what the employee experience (and pay) is like at some of the hottest companies in the country. We included 52 organizations in this year’s review — up considerably from last year’s total of 18 — for a more comprehensive look into what’s going on in the tech industry from a compensation and employee-outlook perspective. Learn More About Our Compensation Software.

2021 Was the Biggest Year Yet for HR Tech: See 30+ of the Top M&A Activities

Lighthouse

When you juxtapose that with the fact that 2021 was the biggest year ever for the HR technology market in terms of investment, we just couldn’t go without sharing the biggest pieces of the last 12 months and highlighting a few for their specific value. Learning Management Technology.

Juggling the Challenges of Remote Employee Compensation

Astron Solutions

According to Payscale’s 2021 State of Remote Work Report , 43% of employees expect more remote work options moving forward. Three Common Approaches to Remote Work Base Pay Compensation. Incorporating Total Rewards into Compensation for Remote Employees.

PayScale Tools for Today's Comp Pro! Compensation Glossary: Part 1 of 4

Compensation Today

Jenni Marquez, CCP, PayScale Compensation Professional Even the most seasoned HR professional might take a big gulp if approached by their CEO to take charge of anything comp. That’s because, despite being part of the HR department, compensation is like the cool kid at a party. PayScale has you covered in our new, 4-part Comp Glossary. Today’s Lesson: A Little Comp 101 Consider the comp pros at PayScale to be an extension of your team!

Nuances of Nonprofit Compensation: 2017 Compensation Best Practices

Compensation Today

In a prior life, I did compensation and HR for a nonprofit. 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. 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.

Developing a Compensation Plan, Step 1: Set Pay Philosophy

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. By now, it’s well-accepted that a comprehensive, up-to-date compensation plan is a must for successful business. A tight talent market means organizations are focusing more than ever on strategies to retain and hire top employees, compensation being a big one. Unfortunately, putting together a strong compensation plan is no easy task. The 5 Elements of a Comp Plan.

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. Learn More About Our Compensation Software. Start scouting around for your compensation data sources. Blog: Is Your Compensation Plan Competitive Enough to Retain Top Talent?

The Ripple Effect of a Pay Strategy Change

Compensation Today

PayScale was there for The Elevate Summit , BambooHR’s first ever user conference, and we know many of you were too. One particularly special session for us was “The Ripple Effect of a Pay Strategy Change,” in which PayScale CPO Dave Smith presented with Justin Gagnon, CEO of our customer, Choicelunch. Learn More About Our Compensation Software. Here are some helpful resources: 5 Easy Steps to a Smart Compensation Plan. Communicating Compensation.

Developing a Compensation Plan, Step 4: Set Guidelines or Ranges

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. Learn More About Our Compensation Software. Like most things in compensation, there is no hard and fast rule here. In the next lesson, we’ll help you round out your comp plan with policies and processes. Want all seven Modern Compensation Planning lessons delivered right to your inbox? Compensation Plans compensation planning compensation plans pay ranges

Compensation Challenges in 2022: Brace for Turbulence

Astron Solutions

We are facing an interesting time in compensation. In this Astronology® we will review some of the factors in play with the current compensation upheaval. In these turbulent times, it is important for employers to develop a plan to guide their organization through the storm.

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. How competitive do you plan to be relative to your talent market(s)?

How Compensation Can Help Your Company Innovate

Compensation Today

Whether it’s a new streaming digital music service that renders your CDs obsolete or a new SaaS technology vendor that’s upending the status quo at your business, innovation is disrupting our lives every day. Then in the late 1960s and early 1970s, business started shifting to more automated production, using computers and information technology. By the mid-2000s we started to see the blending of technology and devices. Focus on Compensation.

Developing a Compensation Plan, Step 6: Implementing Your Plan

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. With your compensation plan in hand, it’s now time to take all your preparations and begin to utilize your comp plan. In this case, consider a multi-year plan to resolve the pay issues. Ultimately, you’ll want a clear communication plan for each level of your organization: Update your executives with the status of pay at your organization.

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. Why it matters: Often misunderstood but a very critical part of evaluating compensation is the benchmark job. 3) COMPENSABLE FACTORS Definition: The details about a job that influence how the job is paid.

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?

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.

PayScale Gender Report Reveals Female Software Engineers Get Paid 12% Less

Compensation Today

The PayScale Women at Work survey indicates that less than 5 percent of all software architects are women. Further, women in software engineering jobs earn at least 12 percent less than men in similar jobs. A LinkedIn survey supports this data, revealing that less than one-tenth to a quarter of all software engineers are women. Have technology companies made the workplace female friendly? Women in technology careers across the nation face similar scenarios.

Why You Should Share Total Compensation Statements With Your Employees

Compensation Today

In the last few months I have worked with over a dozen companies rolling out their annual increase cycle in PayScale’s Crew. Last month when PayScale published the 2017 Compensation Best Practices Report (CBPR), research showed that 40 percent of all organizations provide total compensation statements. What Is a Total Compensation Statement? Learn More About Our Compensation Software. The Wrong Way to Communicate Compensation.

Which Compensation Structure Is Right for Your Company?

Compensation Today

Compensation structures continue to evolve, and they usually do so to help organizations keep current with both market and workforce trends. Some may wonder what compensation structures are. Loosely, “compensation structure” refers to the various ways that companies can organize their pay practices. How have compensation structures developed? Grades and Ranges: today’s compensation structure. Learn More About Our Compensation Software.

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.

Developing a Compensation Plan, Step 7: Keeping It Updated

Compensation Today

This is a lesson from PayScale’s Modern Compensation Planning ecourse. Now that you’ve built and implemented your plan, think about how you can keep it current both from year to year and between cycles. One of the tricks of compensation planning is that it’s never truly done. Here are some suggestions to help you do just that: Build an evaluation process into your rollout that makes adjustments to the plan after a month, a quarter or maybe six months.

Healthcare Happenings: 2017 Compensation Best Practices

Compensation Today

In PayScale’s 2017 Compensation Best Practices Report we learned that about half of healthcare organizations (49 percent) will compensate more for competitive jobs. 49 percent of healthcare orgs will compensate more for competitive jobs – which usually means nurses, physicians, etc. Learn More About Our Compensation Software. It provides some insights about how medical and healthcare organizations approach compensation.

Six Considerations When Evaluating Your Compensation Strategy

Tandem HR

While compensation is only one factor for recruiting and retaining talent, it is critical to your overall HR strategy. Whether initiating or updating your compensation strategy and philosophy, the following best practices may help guide your process and decisions.

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.

How do we put a price on what our employees do at work?

Compensation Today

Multiple locations across the state, ranging from rural to metropolitan, added a level of complexity to compensation as part of a recruitment and retention strategy for HPM’s 300 employees. We partnered with PayScale , a cloud-based compensation software, to help HPM first devise a compensation philosophy and then access current market data to assign fair and objective pay to HPM’s jobs. Payscale helps us do that.”.

7 Things to Look for in a Compensation Package

Visier - Talent Acquisition

Quite the hot commodity, workers can afford to be a little picky and a little particular about what kind of compensation they’d like in exchange for their labor. With companies competing for workers, savvy job seekers know exactly what they’re looking for in their compensation packages.

Comp Strategy for Small Businesses: 2017 Compensation Best Practices

Compensation Today

Only 29 percent of small businesses have a compensation strategy, according to data collected for PayScale’s Compensation Best Practices Report , compared with 37 percent of all organizations — despite the fact that small businesses must compete with larger orgs for talent, generally with smaller compensation budgets. But without a compensation strategy, there’s no way for orgs to tell if their money is being used effectively … or wasted.

4 Questions Enterprise Compensation Management Should Answer

HRsoft

Enterprise compensation management (ECM) refers to the ways in which pay policies are administered, organized, and automated in companies. Because compensation accounts for a significant portion of overall business costs – up to 70% – it’s important to ensure pay is achieving what it’s intended to do. Specifically, ECM should be able to answer the following questions: Does our workforce feel they’re being fairly compensated?

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.

Compensation Trends: Disruption in Action at the 2017 Total Rewards Show

Compensation Today

In years past, PayScale has faced crossed arms, skepticism, and comments like, “I don’t believe in user-submitted data,” because we were doing something different (innovating?) in the world of compensation management. We were offering up our modern, mammoth data set of crowdsourced, vetted and validated “employee-sourced” data and traditional compensation pros were aghast. Learn More About Our Compensation Software.