Webinar-Comp is Culture: Findings from PayScale's 2017 Compensation Best Practices Report
•Télécharger en tant que PPTX, PDF•
1 j'aime•993 vues
Compensation reflects your culture. However, there's a disconnect between how employers think their employees feel about pay and how employees feel. The 2017 Compensation Best Practices Report supports this disconnect: 44% of employers say their employees are fairly paid, but only 20% of employees agree. Join PayScale and BambooHR as we discuss more interesting findings from the 2017 Compensation Best Practices Report. We’ll also discuss how organizations use modern compensation practices to get positive business results. Register for this webinar and you’ll learn: -What trends exist in pay transparency -Why the standard 3 percent raise might be on its way out -Why you should consider paying more for competitive jobs -How to align variable pay to business goals
Recommandé
Recommandé
Contenu connexe
Tendances
Tendances (20)
En vedette
En vedette (19)
Similaire à Webinar-Comp is Culture: Findings from PayScale's 2017 Compensation Best Practices Report
Similaire à Webinar-Comp is Culture: Findings from PayScale's 2017 Compensation Best Practices Report (20)
Plus de PayScale, Inc.
Plus de PayScale, Inc. (20)
Webinar-Comp is Culture: Findings from PayScale's 2017 Compensation Best Practices Report
- 2. bamboohr.com 1-866-387-9595 Comp is Culture Rusty Lindquist VP of Thought Leadership BambooHR Mykkah Herner Modern Compensation Evangelist Payscale
- 3. bamboohr.com payscale.com Thanks-A-Latté Some companies dilute their increase pool so much that increases to individual employees are incredibly small. They essentially amount to an extra latte per paycheck.
- 4. bamboohr.com payscale.com We Surveyed Over 7,700 HR Leaders, Comp Pros, Execs Number of Locations Size of Organization Level of Management Location
- 5. bamboohr.com payscale.com Comp Is Culture The talent game is about reputation. How you pay, what you value and how you communicate that to your employees is integral to engaging your employees. This is your ‘Pay Brand.’
- 6. bamboohr.com payscale.com Top-performing Companies Realize the Connection Between Comp and Culture
- 7. bamboohr.com payscale.com Are You out of Touch With Your Employees?
- 8. bamboohr.com payscale.com Do You Ask Them About Pay?
- 9. bamboohr.com payscale.com Back to “Thanks-A-Latté”… 11% of organizations said they don’t reward or recognize high-performing employees
- 10. bamboohr.com payscale.com Modern Comp Tips to Get You Back on Track
- 11. bamboohr.com payscale.com Get the C-suite to Care About Comp 57% agree that employee compensation is becoming more important to their executives
- 12. bamboohr.com payscale.com Target Higher Transparency Nearly half of all organizations seek to be transparent in 2017
- 13. bamboohr.com payscale.com Death of the 3% Raise If your employees matter to you, show them with cash • Only 26% of companies gave a 3% average raise • 34% of organizations say the highest base pay increase they gave to an employee topped 10% • 11% reported an average increase over 5%
- 14. bamboohr.com payscale.com Pay More for Your Competitive Jobs 51% of organizations pay more for competitive jobs
- 15. bamboohr.com payscale.com Data Is the Backbone of Good Comp To retain, engage, attract top talent in critical roles, you need good data • 54% of organizations have done a full market study within the past year • 46% reference market data for individual jobs more frequently than annually • 13% check market data for jobs at least weekly
- 16. bamboohr.com payscale.com Align Variable Pay to Objectives In 2016, 34% of organizations gave bonuses more frequently than annually
- 17. bamboohr.com payscale.com What’s Next for HR?
- 18. bamboohr.com payscale.com The Compensation Crystal Ball Biggest predicted challenges for 2017 • Retention & Recruitment • Engagement • Development
- 19. bamboohr.com payscale.com Check out the 2017 CBPR View interactive charts and download the report www.payscale.com/cbpr Keep an eye out for upcoming webinars that will keep the comp in your culture all year long.
- 20. bamboohr.com 1-866-387-9595 Comp is Culture Follow BambooHR and PayScale on social media: bamboohr.com/blog Payscale.com/blog Thank you!
- 21. bamboohr.com 1-866-387-9595 Comp is Culture
- 22. bamboohr.com 1-866-387-9595 Comp is Culture Questions?
Notes de l'éditeur
- Crystal TIME: ~ 5 min
- In other words – not at all motivating
- This is a big data set. 7% is still over 500 responses. (see 8% Canada)
- Your Pay Brand
- There is evidence that some organizations realize the connection between comp and culture. Those companies are thriving.
- On the other hand, some companies are *really* missing the mark. Those companies are *not* thriving.
- 50% of orgs agree that comp drives engagement, but only about a quarter of them (26%) have changed pay as a result of ee engagement survey feedback 11% of companies don’t ask about pay on engagement surveys – we wonder: how do you know how they feel about pay if you don’t ask?
- Given how many options there are for how to reward employees for high-performance, we were shocked by how many organizations don’t. #1: Bigger base pay: 54% #2: Bonus – no formal plan: 35% #3: Goal-based bonus: 29% #4: Award or recognition (ee of the month): 28% #5: Non-monetary public recognition: 23% #6: Flexible work schedule: 22% #7: Commissions: 12% #7: PTO: 12% #7: Flexible work location: 12% #10: We don’t: 11% #11: Equity: 7%
- Execs are starting to care – we’ve got to help connect the dots to help them care about comp in useful ways Comp as an extension of culture, drives talent strategy, engagement, business results…
- Transparency is 3+ on the spectrum Transparency isn’t all or nothing, but about finding the right fit for your culture Be Consistent Ducks in a row (plan setup) Make an intentional decision and stick with it.
- Organizations and employees do a Value exchange – their deal We asked orgs 3 questions about raises to understand the practice: what they budgeted, about their average increase, and about their highest increase given. Also, when we say 3% we mean it – one bucket went up to 2.99%, one started at 3.01%. Between them was 3.0. Most interesting – how many don’t give 3… because they know they have to exceed that for the best talent. And even when they give 3% on average, their highest increases are higher. – appropriately differentiating pay to reward results.
- It’s about Fairness….. To market
- Employees come with data. They come to interviews with it; they come to evaluation meetings with it; and they come to managers when they least expect it, armed with data. Companies need to equip managers with data, and train them to use it. Explain why the data is a reflection of the organizational priorities. To do so, you need to make sure you have good data that fits your needs: Fresh Accurate Validated Encompasses all jobs/locations (breadth & depth)
- Last not least, let’s talk about variable pay. Companies are doing it. 74% of companies use variable pay: Individual bonus: 64% Discretionary bonus: 46% Hiring bonus: 27% Team bonus: 25% Retention bonus: 22% Market premium bonus: 4% make sure variable pay is aligned with what you’re doing everywhere else. frequency aligns to business cycles (project, quarterly, etc) consider variable pay at all levels: exec, directors & managers, exempt, non-exempt, sales This especially should align with the cultural values you express (how hierarchical; do all employee contributions matter, etc)
- Biggest challenges for 2017? It was all about talent. Retaining the millennial workforce as they move into management and leadership roles. Developing talent to fill the gaps as the Boomers finally consider retirement. At the end of the day, pay is about people.