webinar-understanding the corporate chasm
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Escape to Comptopia
The Corporate Chasm
Mykkah Herner, MA, CCPModern Compensation EvangelistJennifer Ferris, CCPManager of Professional Services
15,000 Positions 3500 Customers 11 Countries250 Compensable Factors54Million Salary Profiles
Jennifer Ferris, CCPManager Professional Serviceshttps://www.linkedin.com/in/JenniferFerrisCCP
Mykkah Herner, MA, CCPModern Comp [email protected]_Hernerhttps://www.linkedin.com/in/mykkahherner
Understanding the Corporate ChasmBridging the gapsFair PayAppreciationTransparencyWhere to start
550K Employees SurveyedNearly 7600 Respondents
Bridging the gaps
63.7% of employees report being paid "below average"
72.5% of employers consider their employees fairly paid
Hardwired for fairness
Most Do Not Know if They Are Paid Fairly
Full Article: https://hbr.org/2015/10/most-people-have-no-idea-whether-theyre-paid-fairly
What can you do?
Fair pay to the market
Individuals in the same job or job family
Pay based on performance
Individuals in the same job or job familyCompression within and between roles
Individuals in the same job or job familyAuditing pay for protected classes
Fair isnt necessarily equal
For more information: https://hbr.org/2016/03/when-unequal-pay-is-actually-fair
45% of respondents feel like they are appreciated at work
78% of employers feel their people are their greatest asset
Appreciation drives results
Image: http://www.quantumworkplace.com/future-of-work/funny-ecards-for-employee-appreciation-day/Study: http://www.health.harvard.edu/newsletter_article/in-praise-of-gratitude
How does perception of pay impact employees?
What can you do?
Relationship with Manager
67% of respondents report having a great relationship with their direct manager35.1% of employers cite a bad relationship with direct supervisor or manager as in the top three reasons people voluntarily leave
EQUIP MANAGERSEducate ThemGive them the big pictureGive them tools
Learning & Development58.2% of employers plan on offering learning and development opportunities in 2016
45.3% of employees "agree" or "strongly agree" that their employer provides them with enough opportunity for learning and development
Spectrum of Learning & Development Activities
Learning management systemMentorsLunch & LearnsHR-led manager groupsStructured succession planning
Showing appreciation through total rewards
21% of employees agree that their company is transparent about pay
40% of employers report that they are transparent about pay
Transparency drives resultsStudy: https://hbr.org/2014/11/cooks-make-tastier-food-when-they-can-see-their-customers/ar/1
17% of companies are confident in managers ability to have tough pay conversations82% of employees are ok with low pay if the rationale is explained
What can you do?
Whats the right amount of information to share?Pay Transparency
Whats your deal?
Employees and employers are in a relationship where they agree to things
Exchange of valueMental math does it add up?Ongoing calculation that results in level of contribution & rewards
Need help getting started?
Identify any skills gaps amongst your managers and plan to train in communication
Audit Learning & Development activities and plan to expand offerings
Complete a market study to make sure youre paying fairly
Review comp plan to determine readiness to share cross org
PayScale Delivers Where Other Compensation Providers Fall Short
PayScale leads the world in compensation knowledge with the freshest and most detailed data from over 54 million salary profiles. More than 3500 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-todayJoin our Group on LinkedIn: Compensation Today: HR Best PracticesMykkah Herner, MA, CCPModern Compensation Evangelist
Jennifer Ferris, CCPManager of Professional Services