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12 20 22-Recorded Webinar-Maximizing MarketPay-Structures-Job-Based-Ranges.pdf

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Join Payscale’s MarketPay Product Manager and Education team for a group discussion and training that covers roadmap, best practices, and how to implement range-based structures amidst the current pay legislation landscape.

Join Payscale’s MarketPay Product Manager and Education team for a group discussion and training that covers roadmap, best practices, and how to implement range-based structures amidst the current pay legislation landscape.

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12 20 22-Recorded Webinar-Maximizing MarketPay-Structures-Job-Based-Ranges.pdf

  1. 1. Maximizing MarketPay Structures & Job Based Ranges Tuesday, December 20th
  2. 2. Kevin Coogan Product Manager II MarketPay Karen Taylor Principal Customer Support Analyst Liz Ruiz Product Training Specialist Payscale Team
  3. 3. Today's Agenda • Roadmap • Pay Legislation Rundown • Structure Modeling • Intro to Job Based Ranges • Payscale Resources • Q&A
  4. 4. Product Update
  5. 5. 5 What’s Our Focus? Stability Hardware/software upgrades to improve MarketPay performance Workflow enhancements Quality of life updates to make common tasks easier User Education focus Continue to push out great support content, mainly focused on two user personas: 1. Getting started with MarketPay 2. Tips for experienced users to get the most out of MarketPay
  6. 6. A Look Ahead Roadmap UX/Architecture Updates Payscale Connect SSO integration MP/Tableau Integration Enhancements Concatenate Position Comp Summary pdf​ Add option to download multiple jobs into a single pdf Market Pricing and Salary Structure Stability and Enhancements
  7. 7. https://www.payscale.com/solutions/us-pay-transparency-legislation/ Additional Resources Pay Legislation Pay Transparency Legislation Guide • Comprehensive list of current & proposed pay transparency legislation in the United States Pay Legislation Webinars Highlighted Content • Pay Legislation in the News • Transparency Thought Leadership States and municipalities are fighting to close the pay gap. One way they are doing this is by increasing pay transparency regulations for employers. Here you can stay up to date with current transparency legislation in the United States and proposed legislation.
  8. 8. Guide to Pay Transparency Legislation in Job Postings Entity Requirement Who Must Comply Implementation Date California Salary range in job descriptions Employers with 15+ employees 1.1.2023 Colorado Salary range in job descriptions and general benefits information in job description Employers with at least one employee in Colorado Existing New Jersey City, NJ Salary range in job descriptions Employers with 5+ employees and principal place of business in New Jersey City Existing New York City, NY Salary range in job descriptions Employers with 4+ employees, with at least 1 in NYC 11.1.2022 Ithaca, NY Salary range in job descriptions Employers with 4+ employees 9.1.2022 Westchester County, NY Salary range in job descriptions Any employer where a job can be performed in Westchester County 11.6.2022 Washington Salary range in job descriptions and general benefits information in job description Employers with 15+ employees, with at least one working in Washington 1.1.2023 Waiting for Governor's signature in NY State
  9. 9. 92% of workers support salary transparency laws Half of those supporters say salary ranges on job postings should be limited i.e., not listed as $0 - $300k 6 in 10 organizations will disclose pay rate or range in U.S. locations where required 53% of global orgs provide or plan to provide a narrative on their approach to managing pay equity Two-thirds of organizations currently have pay ranges or grades for most of the jobs at their organization Current Climate Impact Employers who disclose salaries in their job postings attracted two times more traffic and six times more applicants. 1 in 3 potential employees will decline a job interview if they don’t know the salary range of the role. 63% of workers worry salary transparency will cause problems among co-workers. Employees who work for a very transparent organization are 65% less likely to leave relative to a less transparent organization. Payscale Resume Builder Adzuna WTW WTW Payscale Resume Builder Resume Builder
  10. 10. GROUP POLL / DISCUSSION How has pay transparency legislation impacted your organization?
  11. 11. Structure Modeling
  12. 12. Job Based Ranges (JBR)
  13. 13. Job Based Ranges (JBR) Basics Focus on external market value Individual pay range for every benchmarked job Simple to set up and update Often appropriate for smaller orgs Great for “hot jobs” Range value may change YoY depending on the market Ranges are built around the market value for the job, at the targeted percentile.
  14. 14. Additional JBR Considerations Determining the Range Midpoint • Do not take market data at face value and automatically adhere to the market for your ranges. The 25th/50th/75th percentiles are not the same as your Min/Mid/Max. • Decide how competitive you want to be for each position (lead, match, or lag the market). Most companies begin by meeting the market (targeting 50th percentile) if they haven’t created pay ranges before. Determining the Width/Spread of a Salary Range Generally, pay spreads are narrower for lower paying jobs and wider for higher paying jobs. Reasons for wider ranges include need for longevity, time to proficiency, tenure, and catering to roles with more responsibility and bigger scope (i.e., CEO will have a wider range than Admin Assistant). Creating Guidelines for Everyday Comp Scenarios Once you have ranges defined, you’ll want to develop guidelines for different situations such as where new employees enter (hiring range), how movement happens within a range, and what takes place is someone is promoted, transferred, or demoted? Using Metrics with Pay Ranges • Leverage Compa-Ratio or Range Penetration to manage employee pay through a range. Since the midpoint is also considered the proficiency point for the job employees should be hired at or near the range minimum, and as they gain proficiency, their pay should approach the midpoint. • They help to identify over- and underpaid employees, plus support your understanding if you are rewarding people appropriately, for the behaviors you need to achieve business objectives. Implementing Ranges/ Comparing Incumbent Pay to New Ranges If you've never employed pay structure within your organization prior you may also be faced with addressing, and potentially correcting years of previous pay decisions and actions that perhaps don't fully align with company goals. While daunting, with the right steps and communication you can successfully execute your ranges and pay program moving forward Adjusting Pay Ranges At a minimum we recommend that you evaluate your pay ranges on an annual basis. With a quick-moving market, you risk making offers that are uncompetitive, and may also risk underpaying your existing employees if you do not review on a consistent cadence. Many top-performing companies review at least a subset of their jobs on a quarterly basis.
  15. 15. Payscale Connect and Academy
  16. 16. Payscale Connect One-stop hub for Payscale help Articles Training Community Support Learning Resources Product Webinars Thought Leadership Industry Events Product Feedback
  17. 17. Payscale Connect Homepage Search by keyword Navigate with the homepage tiles
  18. 18. Open the Help Menu to find quick links to articles, guides, and live trainings Payscale Connect Homepage
  19. 19. The Payscale Community is a place to connect with other compensation professionals and share your knowledge. Or just ask a question! Payscale Community
  20. 20. Join discussion groups focused on compensation industry topics that matter to you Stay up to date with all the latest Payscale news and announcements Payscale Community Exciting improvements are planned for the community in 2023, stay tuned as we revamp and refresh!
  21. 21. Contact Support by clicking the homepage tile or from the header ribbon. Use the support form to submit your request or question Keep track of your support case and monitor its progress in My Cases. Contact Support and My Cases The Contact Support menu surfaces helpful links to assist when you run into trouble
  22. 22. • Improved help article experience • Find articles faster with a new organization system and improved page layout • Faster, easier login! • Login with SSO right from MarketPay • Brand new, revamped Community • Connect with other compensation professionals and help answer questions Payscale Connect Coming Soon!
  23. 23. Payscale Academy In-depth, Self-Paced Product Training Resources Short-form videos Product Training Informative lessons Live Group Training On-demand product Webinars
  24. 24. Payscale Academy Academy is the on-demand training component for Payscale's Support and Education experience
  25. 25. Payscale Academy Learning Paths Thoughtfully curated content presented as convenient, self- paced lessons. Complete all the lessons in a course or pick and choose what you need
  26. 26. Q&A Feel free to ask any questions in the chat!

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