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Webinar - The Compensation Maturity Journey

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Webinar - The Compensation Maturity Journey

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This session will cover the landscape of compensation challenges and the journey to mature compensation management, explaining the main steps in building a compensation strategy and program that not only meet your needs of today but can quickly adapt and change with you as the market evolves.

This session will cover the landscape of compensation challenges and the journey to mature compensation management, explaining the main steps in building a compensation strategy and program that not only meet your needs of today but can quickly adapt and change with you as the market evolves.

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Webinar - The Compensation Maturity Journey

  1. 1. The Compensation Maturity Journey: How to build a strategic approach to compensation
  2. 2. Ruth Thomas Chief Product Evangelist Payscale
  3. 3. A new era for compensation strategy
  4. 4. #COMPFERENCE22 The challenges we face 4 What is our role in supporting employees against the background of a cost-of-living crisis? How can I comply with multi-state and geography legislation demanding more? How has my competitive market shifted? Am I prepared to respond at pace? Do I have the right total rewards package to attract the talent I need and retain my top performers? How can we leverage compensation to reshape our workforce for the demands of this time? What’s the right way to adapt pay for remote or hybrid work? How can I adapt to a changing environment when things are shifting so quickly? How transparent can I realistically be right now without risking losing out on talent or losing my current talent? How do we tackle pay compression and maintain equity?
  5. 5. #COMPFERENCE22 The talent crisis is unabating 5
  6. 6. #COMPFERENCE22 6 More organizations are recognizing a need for a strategic approach to compensation 86% of orgs say they have a compensation strategy or are working on one — a 10% increase from last year and a 16% increase from previous years (when this stat hung out at 70% YOY). However, only about half of orgs are confident in their strategy.
  7. 7. #COMPFERENCE22 And this is was a high priority in 2022 7
  8. 8. #COMPFERENCE22 What does strategic compensation look like? 8 Organization Mission & Strategic Objectives Compensation Philosophy & Strategy
  9. 9. #COMPFERENCE22 9 “Strategic Compensation happens when you start viewing pay as an investment rather than a cost and treat your people as an asset “
  10. 10. Compensation Challenges Fundamental elements and best practices to face the future with certainty and readiness
  11. 11. #COMPFERENCE22 11 Identifying your compensation strategy • A compensation philosophy defines your fundamental approach and what you are trying to achieve with pay. Your philosophy should link compensation to the mission, values, and guiding principles of your organization. • Your compensation strategy should bring your philosophy to life! A strategy typically includes a definition of the external competitive market and internal equity objectives, as well as defining your compensable factors along with definitions of the pay programs you’ll use and why they’re in place.
  12. 12. #COMPFERENCE22 12 Building a solid foundation • Job management is central to any compensation effort. It involves defining job descriptions as well as leveling jobs and creating and managing the job architecture required for your business to operate. • Salary data is the essential ingredient that enables leading organizations to confidently price jobs. • Market pricing is a pay methodology that enables you to analyze what everyone else is paying for specific jobs in specific markets and establish pay ranges appropriate to your compensation strategy. • Pay structures involve grouping comparable jobs into pay grades, with a minimum and maximum rate based on credentials, experience, and seniority level. • Pay Equity ensures external and internal equity and consistent application of pay polices.
  13. 13. #COMPFERENCE22 13 Managing the compensation cycle • Pay analysis and reporting are key to providing business insights. Analytics will support compensation decisions and confirm if you are executing your compensation philosophy and strategy. • The annual Compensation planning process is the primary method for aligning your pay practices, in today’s business environment there is a need to be more agile. • Today’s modern organizations understand that comp requires real collaboration to have the most impact. Empowering managers to make informed decisions and ensuring employees understand how pay is determined are critical. • Pay communications and transparency have never been more important. Communicating more openly with employees about how compensation works in your organization builds trust and engagement.
  14. 14. #COMPFERENCE22 14 Monitoring trends and hot topics • Tracking and responding to labor market trends, economic conditions and shifting business models is essential • Your compensation approach should be agile to adapt to these market changes, our compensation eco systems need to be dynamic. • Building resiliency is essential and compensation resiliency is dependent on strong foundations
  15. 15. #COMPFERENCE22 15 Not sure implement these compensation challenges? That’s why we’re here.
  16. 16. #COMPFERENCE22 Choose the data sets that reflects what the market is paying and ensure you remain competitive without overpaying. Leverage Payscale data and/or manage and participate in market surveys from our platforms. Understand Competitive Market & Determine Data Strategy Leverage your market data to implement your pay strategy and prepare for pat transparency. Develop your job architecture, complete market pricing and create pay structures. Reporting makes it easy to make pay decisions while keeping an eye on underpayment, overpayment and equity challenges within your business. Benchmark Jobs and Create Pay Structures Communicate pay ranges internally by securely delivering customized compensation statements Confidently post competitive salary ranges in line with your strategy Communicate Compensation Internally and Externally Facilitate Collaborative Compensation Planning Rapidly build and maintain job descriptions that help you best understand the jobs performed at your organization to ensure accurate pay. Understand Employees Jobs Complete Pay Equity Analysis The Payscale Portfolio HR Market Analysis, Employee Reported, Peer Payfactors, MarketPay Total Rewards Statements, Payfactors, MarketPay Automate the merit cycle including HR, Comp and front-line management teams, empowering more meaningful pay conversations Enforce budgets, strategy and timelines from a single location Compensation Planning Pay Equity Understand representation and statistical pay gaps within your organization Complete remediation planning based on your budget Complete analysis using easily available data in place of or alongside pay equity consulting work Compensation Philosophy and Strategy Job Description Manager, MarketPay Jobs Powered by JDXpert
  17. 17. Compensation Maturity Building a strategic approach to compensation
  18. 18. #COMPFERENCE22 18 The compensation maturity model
  19. 19. #COMPFERENCE22 19 CBPR 22 outcomes on maturity 41% of Payscale customers are advancing or optimizing their pay practices compared to 23% of non-Payscale customers.
  20. 20. #COMPFERENCE22 Maturity by company size 20 1-99 employees 100-749 employees 750-4,999 employees 5,000-49,000 employees 50,000 or more employees 0 As Needed 14.4% 7.8% 3.0% 1.6% 1.1% 1 Emerging 31.5% 25.5% 14.4% 7.0% 5.5% 2 Developing 34.9% 42.9% 39.4% 35.6% 20.9% 3 Advancing 12.4% 19.9% 32.2% 38.7% 42.9% 4 Optimizing 14.4% 7.8% 3.0% 1.6% 1.1%
  21. 21. #COMPFERENCE22 21 Compensation maturity drivers TECHNOLOGY: Investment in technology to automate compensation processes, to ensure focus is on outcomes rather than processing whilst delivering critical insights to inform decision-making. PEOPLE: The level of dedicated resource allocated to managing compensation as well as integration with other talent processes and collaboration across the organization. PROCESSES: Streamlined, consistent yet adaptable process that require minimal administration and are monitored for effectiveness. DATA: Along with annual and quarterly published results, real-time validated survey data is available for on-going or just-in-time salary planning and review that's precisely aligned to the organization's data strategy.
  22. 22. #COMPFERENCE22 22 The 25th Edition of the Annual Systems Survey Maturity drives our ability to contribute strategic value
  23. 23. #COMPFERENCE22 23 Maturity drives positive business outcomes ✓Increased process efficiency ✓More time for value-add activities ✓Reduced risk of error ✓Greater market competitiveness ✓Higher talent retention ✓Increased return on investment and business value
  24. 24. Explore the Expo Hall for more resources! Payscale would love for you to participate in our Compensation Best Practices Report (CBPR) this year. Look for the open survey on payscale.com. Q&A Evaluate this session Look for Evaluations above the Live Chat or in the left- hand nav of your dashboard.

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