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The Corporate Chasm Mykkah Herner, MA, CCP Modern Compensation Evangelist Jennifer Ferris, CCP Manager of Professional Services

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Post on 15-Apr-2017

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Escape to Comptopia

The Corporate Chasm

Mykkah Herner, MA, CCPModern Compensation EvangelistJennifer Ferris, CCPManager of Professional Services

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15,000 Positions 3500 Customers 11 Countries250 Compensable Factors54Million Salary Profiles

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Jennifer Ferris, CCPManager Professional Serviceshttps://www.linkedin.com/in/JenniferFerrisCCP

Mykkah Herner, MA, CCPModern Comp [email protected]_Hernerhttps://www.linkedin.com/in/mykkahherner

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Understanding the Corporate ChasmBridging the gapsFair PayAppreciationTransparencyWhere to start

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550K Employees SurveyedNearly 7600 Respondents

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Bridging the gaps

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Fair Pay

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63.7% of employees report being paid "below average"

72.5% of employers consider their employees fairly paid

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Hardwired for fairness

Study: https://depts.washington.edu/uwkids/Shaw.Olson.2012.pdf

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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

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What can you do?

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Fair pay to the market

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Internal Equity

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Individuals in the same job or job family

Pay based on performance

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Individuals in the same job or job familyCompression within and between roles

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Individuals in the same job or job familyAuditing pay for protected classes

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Fair isnt necessarily equal

For more information: https://hbr.org/2016/03/when-unequal-pay-is-actually-fair

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Appreciation

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45% of respondents feel like they are appreciated at work

78% of employers feel their people are their greatest asset

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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

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How does perception of pay impact employees?

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What can you do?

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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

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EQUIP MANAGERSEducate ThemGive them the big pictureGive them tools

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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

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Spectrum of Learning & Development Activities

Learning management systemMentorsLunch & LearnsHR-led manager groupsStructured succession planning

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Showing appreciation through total rewards

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Transparency

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21% of employees agree that their company is transparent about pay

40% of employers report that they are transparent about pay

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Transparency drives resultsStudy: https://hbr.org/2014/11/cooks-make-tastier-food-when-they-can-see-their-customers/ar/1

Photo: http://segets.com/restaurant-open-kitchen-layout-design-ideas-1-4974-design.html

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Effective Communication

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

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What can you do?

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Whats the right amount of information to share?Pay Transparency

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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

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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

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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

www.payscale.com

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