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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. It was time for a bold move.

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Visit us at #HRTechConf

Compensation Today

As a company that uses billions of data points to help companies get compensation right, PayScale is no newcomer to big data. While predictive analytics aren’t wholly new for company budgeting, forecasting products, or sales metrics, it is a relative newcomer to HR analysis. Some big topics are on the slate for HR Tech this year.

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Tech is changing the game for compensation managers

HR Brew

Payscale has seen increased demand for its products specifically in response to pay transparency laws, said Ruth Thomas, the company’s chief evangelist and pay equity strategist. The software Payscale allows employers to access a range of market data in order to determine a competitive pay range for the jobs they advertise.

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Human Resources Director: Job Description, Skills & Salary

Analytics in HR

Payscale estimates that the average HR Director salary in the United States is around $179,000 annually, while Glassdoor states the average total pay is around $171,000 yearly. Performance management : Overseeing strategies to manage employee performance to increase productivity and help achieve organizational objectives.

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Chief Talent Officer: Everything To Know About This Role

Analytics in HR

It may involve communicating with board members to fully grasp the business goals and expectations and how they can help the company’s production or efficiency via staffing requirements. On a company-wide level, they also assess the staffing needs of each department. In SMEs, chief talent officers work part-time or full-time.

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Talent Acquisition

Analytics in HR

Doing this well leads to lower turnover, higher productivity, and increased engagement. On the other hand, if a company experiences growing demand for their products or services, they may need to increase their workforce to cope with this. This leads to an increase in productivity, collaboration, and problem-solving.

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What Is Human Resources?

Analytics in HR

For example, your HR would look into hiring people who are a good culture fit for the organization so they stay longer and be more productive. Can roll out initiatives to boost employee productivity by launching learning and development programs, performance management tactics, and incentive programs to motivate employees to do better.