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. 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! 2) PAY STRATEGY Definition: The market you compete in for your talent and how competitively you wish to pay in that market.

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! Others data providers, like PayScale , offer over 14,000 job titles so the percentage of jobs benchmarked will likely exceed 50%, offering an even more precise picture of your pay to market. 4) (LABOR) MARKET Definition: The market is the industry, company size, and location where you compete to hire employees.

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Overcoming the Hot Job Challenge

Compensation Today

Throwing even more fuel onto the hot job fire, when a high demand for certain skill sets fuses with a low supply of workers with those specialized skills, you get a bunch of companies aggressively competing against each other for those workers. In this Solution Brief, you will also learn how some of our customers used PayScale data to overcome their hot job challenges. Smart Recruiting data hot jobs payscale data recruiting solution brief

Turnover Problems in Sales? The Issue is Recruitment, Not Pay

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). The overall conclusion of the study was that the recruiting and onboarding processes needed more attention, not the incentive system. To develop recruiting strategies, focus on the skills and competencies possessed by the top group, he says. PayScale, Inc.,

The top 10 recruiting mistakes employers must avoid

Compensation Today

Recruiting today takes guts. The life of a recruiter, and nearly every other person who’s in charge of hiring, can be stressful and difficult. That’s why I’ve compiled the Top 10 Recruiting Mistakes Employers Must Avoid. Take it from one recruitment pro to another. Instead, recruitment must be focused on long-term benefits to the organization. Ignoring first-impression bias When interviewers equate “like” with competence, problems can ensue. Tess C.

Insurance Recruiting: How to Overcome the Skills Gap

Eightfold

By modernizing their approaches to recruiting and employing new technologies to attract and recruit people. Leverage Recruiting Software to Identify the Best Candidates. Hiring software speeds up the recruiting process in two ways: by allowing organizations to quickly gather and analyze data, and by expanding the pool of talent from which those organizations can choose. Transition to a ‘Screening In’ Approach to Recruiting.

Boese: 3 HR technologies that can help employers struggling to hire

HRExecutive

Advertisement Unemployment Benefits There is anecdotal evidence that many small business owners, particularly in leisure and hospitality, feel that their compensation and benefits can’t compete with federal and state unemployment benefits.

Building Salary Ranges for Beginners, Part 1

Compensation Today

By Jenni Marquez, CCP, PayScale Compensation Professional “What’s the typical salary range for an administrative assistant?” Here at PayScale, we work with a lot of companies who are trying to determine typical salary ranges for their jobs. I often advise my PayScale clients that the sooner they establish a compensation plan, as well as policies around how the plan will be administered, the better off the company will be in the long run.

HR Big Data Continues to Float to the Cloud

Compensation Today

Taylor, PHR, SHRM-CP, PayScale Senior Blogger PayScale’s 2015 Compensation Best Practices Report indicates that HR technology will become hugely important in the coming years. Since PayScale last reported on this topic , many more companies have moved to cloud technology – as a way to create and manage complex compensation programs. Tess C.

Customizing Compensation for the Aging (?!) Millennials

HR Daily Advisor

Payscale recently released a report, Compensation Challenges for a Multi-Generational Workforce , which provides some helpful insights in this area. Recruiting is a challenge for 2015. Learn what’s happening in the real world with our new research report, Recruiting Best Practices: Finding and Attracting Talent in 2015’s Challenging Business Climate. Striking a balance is important in order to avoid alienating either end of the spectrum, according to Payscale.

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). Your employees want to bring home a bigger slice of bacon, and you want to control costs—PayScale can help with both. A lot of companies that used to use search firms have taken that role in-house, but they just don’t have the competencies and skills to do it well.

Wages are Up, but Some Employers are Not Thrilled

Compensation Today

Taylor, PHR, SHRM-CP, PayScale Senior Blogger The PayScale Index anticipates average U.S. This puts added pressure on small businesses to increase payroll, provide adequate benefits under the ACA , and ensure they can compete with larger businesses for talent. If small businesses are destined to keep supporting wage hikes, as indicated by the PayScale Index data, then there must be an even playing field so that they can recruit and retain great talent. Tess C.

3 Tips to Design a Transparent Non-profit Compensation Strategy

Compensation Today

Jessica Miller-Merrell, blogging4jobs PayScale reports that a more transparent compensation policy can support the recruitment and retention of employees at many non-profit organizations, especially in a growing multi-generational environment. PayScale’s whitepaper on Compensation Challenges for a Multi-generational Workforce , states that a certain level of transparency with compensation will go a long way when it comes to competing for talent in a very competitive market.

Surprising Statistics May Shape 2017 Compensation Programs

HR Daily Advisor

The pursuit of the right talent continues to be highly competitive and, according to the latest research from PayScale, that pursuit is shaping compensation programs and strategies. In fact, PayScale’s 2017 Compensation Best Practices Report (CBPR) reveals a shift in strategy, as well as a gap between the perceptions of employees and employers with regard to pay. Differences in perspective are apparent in the PayScale survey. by Lisa Higgins, Contributing Editor.

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.

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. Market should be the industry, company size, and location where you compete for talent. I repeat— where you compete for talent. PayScale is a perfect example. In PayScale’s Insight Analytics, we deem an employee underpaid if their pay falls 20% or more below the target percentile.

CBPR Top 10: What Comptopians Do Differently

Compensation Today

Mykkah Herner, MA, CCP, Modern Compensation Evangelist, PayScale PayScale’s 2016 Compensation Best Practices Report is here! If you want to compete in a rapidly changing global economy, you have to pay more for your hot jobs and your top talent. 58% of employers plan to use learning and development programs to retain and recruit their employees. #10: You’re no longer competing with yourself or the company across town.

Managing Comp during High Growth Phases

Compensation Today

Mykkah Herner, MA, CCP, Modern Compensation Evangelist, PayScale When organizations get into high growth phase, everything starts moving faster. Recruiting speeds up. What markets do you compete with for talent? In lieu of cash, many organizations are turning to what we, at PayScale, call workplace currency. Be sure to attend PayScale's upcoming webinars for expert advice and resources.

The Free Trap: Why Free Data Isn't All It's Cracked Up To Be

Compensation Today

Kari Van Hoof, CCP, PayScale Compensation Professional The internet is a great and wondrous thing, where with just a few key word searches, you can find anything and everything, including pay data. Has it been collected from employees, employers, recruiters or job postings? Grab your copy of PayScale's Compensation Best Practices Report and start managing your salary ranges efficiently. Kari Van Hoof, CCP, is a Compensation Professional at PayScale.

How to Hire Data Scientists When It Seems Like There Are None to Hire

Entelo

Since then the need for data scientists has skyrocketed but the supply has not, which puts recruiters in the delightful position of having to compete with more and more recruiters for a dwindling supply of talent. According to Payscale , the median salary of a data analyst is $55,000 while the median salary of a data scientist is $93,000. Big Data Recruiting Interviewing

Don't Miss this Summer's Hottest Compensation Events

Compensation Today

Taylor, CPC, PHR, SHRM-CP, PayScale Senior Blogger The summer months are just about to kick off and with the warmer weather comes new and exciting industry events. PayScale – Compference (Sept 13-14, 2016) Seattle, Washington will be rocking as PayScale launches it’s annual Compference event at the end of this summer! Tess C.

Organizational Commitment: 7 Ways HR Can Contribute

Digital HR Tech

The central goal here is to improve an organization’s effectiveness and its ability to compete in its industry. In a Payscale survey, a quarter of respondents indicated that higher pay was the primary reason they sought employment outside their current organization.

Top Five Compensation Trends from 2016

Compensation Today

In order to compete for top talent, companies are exploring all options for recognizing and rewarding employees. In PayScale’s 2016 Compensation Best Practices Report we found that 47% of top-performing companies are transparent about pay, vs 40% of all companies. Some defend employees’ rights to talk about pay, while Massachusetts went a step further to ban questions about salary history during the recruitment process. 2016 has been anything but boring.

Why retaining employees is now even more important than retaining customers

Compensation Today

According to PayScale’s 2015 Compensation Best Practices Report , 63 percent of employers consider retention a top priority. When the turnover is voluntary, recruiting, onboarding, and training costs are a given. Read more about the good, the bad, and the ugly of turnover in PayScale’s FREE whitepaper Jessica Miller-Merrell, blogging4jobs How do you retain customers?

Guiding Discussions About Talent Markets

Compensation Today

The quest to understand how businesses are competing in the market for jobs would be a lot easier if you had a crystal ball. It is no easy feat to understand the invisible influencers that impact what you should pay employees, how to recruit top talent and retain employees. We all know we are competing in the ‘market,’ but how do you define what the market is? Here at PayScale, we know developing a talent market strategy matters.

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. Mistake #1: No compensation strategy at all Your compensation strategy defines the market(s) in which you are competing for your talent and how competitively you want to pay in relation to your market(s). Start by thinking about how you define your market and who you compete with for employees.

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. Here are some examples: You Compete With a Different Location, Industry or Company Size for Talent. Especially if you have one or two key roles (like an executive or regional manager) that operate in or compete for talent with a different market. Data, data, data.

The Free Trap: Why Free Data Isn't All It's Cracked Up To Be

Compensation Today

Kari Van Hoof, CCP, PayScale Compensation Professional The internet is a great and wondrous thing, where with just a few key word searches, you can find anything and everything, including pay data. Has it been collected from employees, employers, recruiters or job postings? Grab your copy of PayScale's Compensation Best Practices Report and start managing your salary ranges efficiently. Kari Van Hoof, CCP, is a Compensation Professional at PayScale.

Are Promotions Leaving Your Employees Feeling Short Changed?

Compensation Today

Rita Patterson, Onboarding Manager, PayScale. 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. She jumped at the chance to work at PayScale and has been happily working with the Onboarding team for the last two years

Cincinnati Equal Pay Act: Best Practice for Small Business

A Slice of HR

If a recruiter ever says something like "the market will tell you what the pay is worth," it could be a red flag. Even free sites like payscale can give you a pulse on your data. Nothing on this Web site is intended to substitute for the advice of an attorney; therefore, if you require legal advice, please consult with a competent attorney licensed to practice in your jurisdiction

3 Compensation Strategies for Your Remote Workforce

Linkedin Talent Blog

In this quickly evolving environment, it’s a question that affects not only the existing workforce, but also the companies that continue to recruit and hire new talent.

Equality, Diversity, and the Gender Pay Gap in Tech: 5 Suggestions to Help You Pay Fairly

Compensation Today

By Sonnet Lauberth, PayScale Compensation Professional, As a Compensation Professional, I work with a variety of companies in the technology industry. Taking it a step further, PayScale recently released a new study, Inside the Gender Pay Gap , which looks at the controlled gender pay gap. A compensation strategy where you define which market(s) you want to compete with along with how competitive you want to be. Check out PayScale’s Fair Pay Hub.

Confronting Discrimination In The Workplace (For Leaders)

Vantage Circle

Adapting to a diversity-friendly hiring process means exploring new sources and mediums for recruiting. As a result, it becomes hard for them to compete for career advancement or promotions. By doing so you’d be selecting people based on competency instead of indulging in favoritism.

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. If you are in charge of recruiting, hiring, and retaining talent for your company, then you know the challenge of competing against other organizations to attract the right employees. Many small businesses assume they don’t need to worry about compensation management.

How to Turn Pay Secrecy Obstacles Into Pay Transparency Opportunities

ExactHire

It gave me pause because while, especially as a female with a recruiting/HR background, I have never consciously been a part of a decision to underpay a new hire, what if my peers and I have unintentionally perpetuated pay inequity simply because I’ve been privy to applicants’ salary history in the past? It helps your organization more effectively compete for talent by ensuring that you regularly evaluate the system to ensure it is still reflective of market pay.