payscale: the pay transparency challenge webinar

Download PayScale: The Pay Transparency Challenge webinar

Post on 30-Jul-2015

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1. The Pay Transparency Challenge Deciding Where to Fall on the Salary Transparency Spectrum Mykkah Herner, MA, CCP Director of Professional Services Paige Hanley, CCP Sr. Compensation Professional 2. www.payscale.com 14,000 Positions 3000 Customers 11 Countries 250 Compensable Factors 41 Million Salary Profiles 3. www.payscale.com Agenda Pay Transparency Matters Defining Transparency The Transparency Spectrum Moving to Greater Transparency Immediate Actions www.payscale.com 4. www.payscale.com 5. Pay Transparency Trust Better Business Outcomes! Engagement Why Would Anybody be More Transparent about Pay? www.payscale.com 6. Employees who perceive a fair and transparent pay practice have lower intent to leave and higher satisfaction PERCENT OF RESPONSES LOW AVERAGE HIGH 50% 31% 19% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 1 2 3 4&5 % Responses with Intent to Leave % Responses with High Satsifaction www.payscale.com 7. Workforce Demographics www.payscale.com 8. are changing www.payscale.com 9. Everybodys doing it www.payscale.com 10. whether they want to or not CEO to worker ratios 990s Say on Pay www.payscale.com 11. Defining Transparency www.payscale.com 12. What are we being transparent about? Pay Philosophy Pay Strategy Pay Practices Market Studies Pay Rates www.payscale.com 13. Pay Philosophy www.payscale.com 14. Defining the competition Aiming to meet or exceed the competitions Deciding what matters Acknowledging various segments Pay Strategy www.payscale.com 15. We have a plan Jobs have grade assignments Range minimums / Range maximums Increase process / cycle Budget process / cycle Pay Practices www.payscale.com 16. Market Studies www.payscale.com 17. Salary Rates www.payscale.com 18. The Transparency Spectrum www.payscale.com 19. www.payscale.com Market Study and Processes known 20. 1. Only own pay 21. 2. Manager & Employee Talk About Pay Philosophy shared with managers High level strategy shared with managers We have a plan shared with managers Manager & Employee discuss EE pay 22. 3. Company Pay Philosophy Philosophy shared with employees Strategy shared with managers We have a plan shared with Ees; ranges shared with Ees & Mgrs We do a market study Manager & Employee discuss EE pay 23. 4. Market Study and Comp Processes known Philosophy explained to employees High level strategy shared with Ees; full strategy shared with mgrs Mgrs know all ranges to their level; EEs know ranges in their path and how to advance Market study provider known; EE to mkt results known by EE Manager & Employee discuss EE pay 24. 5. Managers Trained to Talk Pay Philosophy explained to employees High level strategy shared with Ees; full strategy shared with mgrs Mgrs know all ranges to their level; EEs know ranges in their path and how to advance Co-wide results known; EE to mkt results known by EE Manager & Employee discuss EE pay well 25. 6. Published Ranges & Grades Philosophy explained to employees Full strategy shared with EEs All ranges shared with Ees; budget & increase process / cycle known Dept-wide results known Manager & Employee discuss EE pay well 26. 7. Everybody Knows Your Salary Philosophy explained to employees Full strategy shared with EEs All ranges shared with Ees; budget & increase process / cycle known EE to market results shared EVERYBODY KNOWS EVERYBODYS PAY 27. Moving to greater transparency www.payscale.com 28. Explain what transparency is (and isnt) Link transparency with results that matter Gain executive support www.payscale.com 29. Provide information about the business, rationale for increasing communication, and tools for success Expect more to get more No really, train them on communication Train managers www.payscale.com 30. Whats the make-up of your workforce? Are they ready for more transparency? Do they want it? Assess Workforce www.payscale.com 31. D ecider A ccountable R esponsible C onsulted I nformed Get clear about roles www.payscale.com 32. Develop a plan www.payscale.com Employees know Their pay The starting rate for their job Their range cap Employees know Their pay Grade & range Comp Philosophy & basis for increases Average increase across the org / dept / level Third Party Study Requires: Executive support and buy-in for comp plan Increased manager savvy 33. Functional Transparency 34. Immediate Actions Assess your workforce Educate yourself further about transparency Notice what you already do in your org Think about what pushing the envelope means to you Begin talking with your executives www.payscale.com 35. PayScale Delivers Where Other Compensation Providers Fall Short PayScale leads the world in compensation knowledge with the freshest and most detailed data from over 40 million salary profiles. More than 3000 organizations use PayScales software and intelligence to get the greatest return on their talent. Smart businesses use PayScale Insight to recruit, retain and motivate their people. Visit our blog: www.payscale.com/compensation-today Join our Group on LinkedIn: Compensation Today: HR Best Practices Mykkah Herner, MA, CCP Director of Professional Services Paige Hanley, CCP Sr. Compensation Professional www.payscale.com

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