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.
6. THE REASONS
YOU’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.
7. 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
9. This image cannot currently be displayed.
• Expertise/Recommendations
• Time/Resources Constraint
• Collaboration
• Need for manageable structure
• Multiple locations/different
structures
• Experiencing rapid growth
Why Insight
Expert?
Compensation
Terms Defined
10. LONG TERM
BENEFITS
Improve budgetary impact
Ease recruitment efforts
Increase retention
Improve performance
Better employee engagement
11. Partnering with PayScale
ESTABLISH PLAN IMPLEMENT PLAN MAINTAIN PLAN
CLARIFY BUSINESS GOALS
& ESTABLISH IMPACT
MEASUREMENTS
DESIGN COMPENSATION
STRUCTURE TO ALIGN
WITH STRATEGY
ADVISE ON MITIGATING
OUTLIERS & RISK
PROVIDE ONGOING COMP SUPPORT
INCORPORATE
PERFORMANCE/MERIT
PROCESS AS DESIRED
ANNUAL PLAN
REFRESH
UNDERSTAND
COMPETITIVE MARKET
ROLL COMPENSATION
POLICY & CHANGES
WITH EXECUTIVES
SPOT MARKET CHANGES
AND ADDRESS IMPACT TO
COMP PLAN QUARTERLY
MEASURE EMPLOYEE
ENGAGEMENT
DEFINE COMP STRATEGY
& ROLL OUT PLAN
TRAIN MANAGERS ON
COMMUNICATING
COMP PLAN
16. COMMUNICATING
COMP
• 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”
17. PLAN
MAINTENANCE
• Assist with budget increase preparation
• Quarterly updates
• Advise on comp issues
• Keep plan current to market annually
• Support communication
19. Karaka Leslie
karakal@payscale.com
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.
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