Post on 08-Apr-2017
How to Do Comp Like Top-Performing
Companies
Camie BaileySr. Customer Education and Training Specialist
Mykkah Herner, MA, CCPModern Compensation Evangelist
www.payscale.com #CBPR17
54 Million Salary Profiles250 Compensable Factors
15,000 Positions 6,000 Customers 2,300 Skills
Hi, We’re PayScale!
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Mykkah Herner, MA, CCPModern Compensation Evangelist
https://www.linkedin.com/in/mykkahherner
Camie BaileySenior Customer Education and Training Specialist
https://www.linkedin.com/in/camiebailey
www.payscale.com #CBPR17
2017 CBPR
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7,700 HR Leaders, Comp Pros, Execs
Org Size
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Top-Performing Companies
#1 in their industryMet or exceeded revenue goals in 2016
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Market-Competitive Pay
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of top-performing companies have completed a market study within the past 12 months (vs 52%)
of top-performing companies reference the market at least weekly for individual jobs (vs 12%)
16%
62%
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Develop a clear compensation strategy
47% of top-performing companies have a comp strategy (vs 34%)
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0%
10%
20%
30%
40%
50%
60%
Target a highermarket percentile
Offer a marketpremium in base pay
Offer a marketpremium bonus
Provide tangiblebenefits or perks
Provide intangiblebenefits or perks
How do you compensate more for competitive jobs?
Top-Performer Typical
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Create guidelines for pay and keep them current
68% of top-performing companies have updated their grades and ranges within the past year (vs 62%)
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Reinforce Culture with Compensation
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of top-performing companies have changed pay due to an employee engagement survey (vs 24%)
of top-performing companies say their employees are paid fairly (vs 42%)52%
32%
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Make the link between engagement and pay
48% of top-performing companies measure engagement more frequently than annually (vs 43%)
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0%
10%
20%
30%
40%
50%
60%
70%
Bigger base payincrease
Bonus orincentive, noformal plan
Goal-basedbonus orincentive
Award orrecognition (like
employee ofthe month)
Flexible workschedule
Non-monetarypublic
recognition
Paid time off Commissions Flexible worklocation
Equity We don't
How do you reward/recognize high-performing employees?
Top-Performer Typical
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Effective Pay Conversations
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of top-performing companies provide a total compensation statement (vs 38%)
of top-performing companies train managers how to talk pay with employees (vs 28%)37%
53%
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Share more data with employees
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Involve managers in pay decisions
59% of functional managers in top-performing companies approve or recommend employee pay (vs 53%)
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0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Communicationstyles
Compensation basics Specificcompensationconversations
Organizationperformance
Organization culture
What kinds of manager training do you offer?
Top-Performer Typical
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Immediate Actions1. At the very least, look at market data for your
competitive jobs
2. Make a list of the things that really matter for your culture & start connecting the dots to comp
3.
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Camie Bailey
Senior Customer Education and Training Specialist
Mykkah Herner, MA, CCP
Modern Compensation Evangelist