Insight Expert Webinar Slides - 2014
19
Get Pay Right with Insight Expert Karaka Leslie Product Marketing Manager www.payscale.com
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As you build out your compensation strategy, it's imperative to have reliable data to inform your salary decisions, easy to use software to automate compensation processes, and expert guidance to walk you through getting pay right.
Transcript of Insight Expert Webinar Slides - 2014
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
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
