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Mykkah Herner, MA, CCPModern Comp Evangelist
https://www.linkedin.com/in/mykkahherner
www.payscale.com
5 Steps to Compensation Benchmarking
1. Decide on Your Compensation Strategy
2. Apply Your Compensation Strategy to the Data
3. Match Your Jobs to Your Data Source
4. Turn Market Data into Guidelines for Pay (Ranges)
5. Handle “Hot Jobs”
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MillennialsI found this report online…
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of employees are ok with low pay if the rationale is explained
82%
of companies are confident in managers’ ability to have tough pay conversations
80% of employees paid above market believe they’re paid at or below
17%
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#1 Decide on your strategy
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Compensation strategy
Talent Market(s)
Industry
Size
Location
Org type
Level of competitiveness
How aggressively
to pay
What to reward
Performance, Experience,
etc
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#2 Apply strategy to data
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Compensation data
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#3 Match Jobs
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Match function, responsibilities, and level…
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Vs Job Title
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#4 Create guidelines for pay
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Develop Job Ranges
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#5 Handle “Hot Jobs”
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Track market movement for hot jobs and skills
29%*
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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 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 blog: www.payscale.com/compensation-today
Join our Group on LinkedIn: Compensation Today: HR Best Practices
Mykkah Herner, MA, CCP
Modern Compensation Evangelist
www.payscale.com
