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Identifying&AddressingCompensationNeeds
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Introduction
KyleMurphySr.CustomerSuccessManager
DianeSchumanCustomerTrainingSpecialist
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WhatshouldIbeasking?
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IntroducePayScale
Identifytheirneeds
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TalentMarkets
Whatdotheywanttoreward?
Howcompetitivedotheyneed tobe?
Whataretheclient’smarkets?
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JobDescriptions
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AllTheyGaveMeIsAJobTitle
Isitacommon title?
Isitaunique title?
• UsePayScaletocreateabaseline.• Reviewandrevisewithyourclient.
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MatchtheJob,NotthePerson
Remindyourclients:• Youarematchingajob
thatbestfitstheirbusiness.
• Don’tgetstuckbenchmarkingacurrentincumbent.
• Benchmarkforfutureincumbents.
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KeyReportsForYourClients
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MarketReports
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DetailedMarketDataReports
CompInfluencers:
HowdoIviewthisdata?
DETAILEDMARKETREPORTS
YearsofExperience
DETAILEDMARKETREPORTS:
Education
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TargetPercentile– BestPractices
Discoveryourclient’spaystrategyWhataretheirmissioncriticalroles?Rolesthatareeasytorecruitfor?Rolesthatemployee’squicklygrowoutof?
LeadTheConversation
80%ofemployeeswillcomparepaySource:Card,D.,etal.,(2011);“InequalityatWork:TheEffectofPeerSalariesonJobSatisfaction.”
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DataMethodology
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UnderstandingtheDataSummary
Whydoes“x”companyor“x”locationappearinmydatasummary?
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Match&Deliver
• OurMarketMatch™algorithmlooksat1,000soffactorsthatimpactpayin8countries,&15,000+jobtitlestofindtherightfitforyourposition
• Determines45bestmatcheddatapoints• Evaluatesjobintalentmarkets(whereyoucompeteforemployees)
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PayScaleData
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ThePayScaleDataDifference
Benchmarktoyourpositions
Fresh,neveragedLargestsalarydatabaseintheworld
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Q&A(we’llemailthisout)
Perceptionofpaymatters
“Ineedtomakeanoffer.What’sthegoingrateforthisjob?”
“HowdoIknowiftheraisethey’reaskingforisfair?”
“HowmuchwouldthisjobcostifwemovedittoIowaCity?”
“Ifwegivethemapromotion,what’sthenewjobworth?”
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Appendix
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PartnerTrainings
• BenchmarkOverview(live)
• PricingaJob(recorded)
• SettingaLaborMarket(recorded)
• Understandingthereport(recorded)
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PayScale Methodology
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Validate
• 25hardcodedvalidationrules• Weedoutmultiplesubmissionsand
extremeoutliers• Teamofdatascientists,analystsand
economistsregularlyreviewingincomingdatatolookforstatisticalanomalies
• Eliminatenonsenseprofilesandstatisticaldeviations(bothautomatedandmanual)
Leveraginghumanandmachinestoensureonlyvalidateddataisincluded
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Augment&Analyze
• Leverageexternaltaxonomies(e.g.,industryhierarchy,metrodefinitions,etc.)• Determinesynonymjobtitles(samepayandsametasks,allelseequal)• Reviewdistributionstodeterminepotentialproblemareas
1.Samecoretasks2.Samepayallelseequal
SoftwareDeveloper
C++Developer
SoftwareEngineer
iOSDeveloper
THECOSTOFGETTING
COMPWRONGPayrollisbyfaryourbiggestexpense;thecostofgettingitwrongisimmense.
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PayScale MethodologyTalkingPointspt 1Collect– 10Mmonthlyvisitors!• Lookingtopriceeithertheircurrentjoborajoboffer,orexploreanewcareerpath
• Surveyislong- Investment• Theyareincentedtogiveusaccurateandcompleteinformationsotheygetaccurateinformationback(surveypsychology)
Validate– 25validationrules!• Weedoutmultiplesubmissionsandextremeoutliers• Teamofdatascientists,analystsandeconomistsreviewincomingdatatolookforstatisticalanomalies
• Eliminatenonsenseprofiles
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PayScale MethodologyTalkingPointspt 2Augment&Analyze• Leverageexternalhierarchiesanddefinitions(eg Metroarea)• Determinesynonymjobtitles• Reviewdistributionstodeterminepotentialproblemareas
Match&Deliver• OurMarketMatch algorithmlooksat1,000soffactorsthat
impactpay• Determine45bestmatcheddatapoints• Assessjobintalentmarkets(whereyoucompeteforemployees)
