webinar-what top performing companies do differently
TRANSCRIPT
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What Top Performing Companies Do Differently
Mykkah Herner, MA, CCPModern Compensation Evangelist
Sonnet Lauberth, MA, CCPCompensation Professional
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15,000 Positions 3500 Customers 11 Countries
250 Compensable Factors54Million Salary Profiles
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Top Performing Companies …• Have Transparent Pay Practices• Develop Competitive Strategies• Pay Their People
Where to start
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of Top Performing companies are transparent about pay
47%Vs 40% of all companies
Transparent Pay Practices
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Decide on the right level of transparency for your organization
Transparency Spectrum
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It’s time to clean house
Before taking the doors off your cupboards, clean them out.
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Effective communication mitigates pay concerns
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
17%
But…
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Job Information
Teach managers to discuss market reports
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Total Compensation Statement
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Prepare your managersExplain the reportGive them talking pointsAnticipate employee questions
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Competitive Strategyof Top Performing companies pay more for competitive jobs61%Vs 54% of all companies
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Equal isn’t necessarily fair
Keep an eye on your hot jobs. Pay more where you have to
Industry: IT ServicesSize: 200 EEsLocation: Seattle, WA
Industry: IT ServicesSize: 10,000 EEsLocation: Seattle, WA
ONE-STRATEGY-FITS-ALL
SEGMENTED WORKFORCE
Industry: IT ServicesSize: 200 EEsLocation: Seattle, WA
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Define your strategy
Talent Market(s)
Industry, Size,
Location
Level of competitiveness
How aggressively
to pay
What to reward
Performance, Experience,
etc
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Target critical roles above the 50th %Tile
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Millennial Strategy
of Top Performing companies will change their strategy for millennials
35%
Vs 28% of all companies
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Know your workforce
Coming soon: Gen Z…
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Pay your people
90% of top performing companies gave increases in 2015
Vs 84% of all companies
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Give substantive raises
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0-5% 6-10% 11-15% 16-20% 21%+0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Average Raises
All Top Performing
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Get creativeof Top Performing companies use variable pay
81%
Vs 74% of all companies
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Evaluate your mix of pay
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Company culture, compensation philosophy, and compensation strategy
Base pay plan
Variable or incentive pay plan
Individualized rewards & recognition
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Know what motivates your workforce
Some creative perks out there…
Passes to sporting events
Learning and development opportunities
Gym memberships
Catered lunches
Fido Friday
In office massagesFree fruit
Days off after big deadlines
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Pay Fairlyof Top Performing companies say their employees are paid fairly
83%
Vs 73% of all companies
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Happy Equal Pay Day?
http://www.payscale.com/hr/equal-pay
https://www.whitehouse.gov/equal-pay/myth#top
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Need help getting started?• Get to know the makeup of your workforce; ask what
motivates them
• Review all elements of your comp plan, especially strategy and mix of pay
• Decide how transparent you would like to be; start mapping the steps to get there
• Do a market study to see whether you are, in fact, paying your people
• Do an internal audit to ensure you’re paying fairly
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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-todayJoin our Group on LinkedIn: Compensation Today: HR Best Practices
Mykkah Herner, MA, CCPModern Compensation Evangelist
Sonnet Lauberth, MA, CCPCompensation Professional
www.payscale.com