Get Pay Right with

Insight ExpertKaraka Leslie

Product Marketing Manager

www.payscale.com

14,000 Positions 3000 Customers 11 Countries

250 Compensable Factors40 Million Salary Profiles

Agenda

Why have a compensation strategy?

Insight Expert

• Why?

• Long Term Benefits

• Process

Questions?

Why Have a

Compensation

Strategy?

THE REASONSYOU’RE

CREATING A COMP PLAN

1. IT MAKES GOOD BUSINESS SENSE.

2. IT HELPS ATTRACT AND RETAIN TALENT.

3. IT SUPPORTS THE MISSION, STRATEGY AND CULTURE OF THE ORGANIZATION.

Compensation is a keystone

that holds organizations

together. In particular, good

compensation design can

impact:

• Recruitment

• Retention

• Budget / Revenue

• Performance

• Employee Engagement

Good

compensation

design ensures

organizational

success

Insight Expert

This image cannot currently be displayed.

Compensation

Terms Defined

• Expertise/Recommendations

• Time/Resources Constraint

• Collaboration

• Need for manageable structure

• Multiple locations/different

structures

• Experiencing rapid growth

Why Insight

Expert?

LONG TERM BENEFITS

Improve budgetary impact

Ease recruitment efforts

Increase retention

Improve performance

Better employee engagement

ESTABLISH PLAN IMPLEMENT PLAN MAINTAIN PLAN

CLARIFY BUSINESS GOALS

& ESTABLISH IMPACT

MEASUREMENTS

ADVISE ON MITIGATING

OUTLIERS & RISK

DESIGN COMPENSATION

STRUCTURE TO ALIGN

WITH STRATEGY

PROVIDE ONGOING COMP SUPPORT

ANNUAL PLAN

REFRESH

INCORPORATE

PERFORMANCE/MERIT

PROCESS AS DESIRED

Partnering with PayScale

UNDERSTAND

COMPETITIVE MARKET

ROLL COMPENSATION

POLICY & CHANGES

WITH EXECUTIVES

SPOT MARKET CHANGES

AND ADDRESS IMPACT TO

COMP PLAN QUARTERLY

DEFINE COMP STRATEGY

& ROLL OUT PLAN

MEASURE EMPLOYEE

ENGAGEMENT

TRAIN MANAGERS ON

COMMUNICATING

COMP PLAN

COMP DESIGN ELEMENTS

PHILOSOPHY

STRATEGY/IES

STRUCTURE

POLICY

WHAT IS MY MARKET?

WHAT DO YOU WANT TO REWARD?

HOW COMPETITIVE DO YOU WANT TO BE?

BUILD PAY RANGES

ADVISE ON OUTLIERS

COMMUNICATINGCOMP• Train managers on communicating

compensation plan effectively

• Compensation 101

• Compensation structure & policy

• Improve performance management

practices that link to pay

• Tips for having “the talk”

PLAN MAINTENANCE• Assist with budget increase preparation

• Quarterly updates

• Advise on comp issues

• Keep plan current to market annually

• Support communication

Questions?

Karaka Leslie

karakal@payscale.com

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

PayScale’s 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 Compensation Today blog: http://www.payscale.com/compensation-today

Join our Group on LinkedIN: Compensation Today: HR Best Practices

Request a customized demo: http://resources.payscale.com/Request-a-Demo.html