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Join Payscale’s Chief Product Evangelist, Ruth Thomas and Director of Social Impact, Vicky Peakman as they discuss the concept of pay for performance and what that can look like for your organization.
The document provides information on rethinking a company's compensation strategy. It discusses why having an effective compensation strategy is important, especially given current market challenges. It outlines the difference between a compensation philosophy and strategy. The document then discusses the key considerations and steps in developing or revisiting a compensation strategy, including determining scope, data sources, pay ranges, and addressing locations and transparency. It provides an example case study of the compensation strategy journey at Payscale, including their goals, processes, and next steps. The document concludes with final tips for developing a compensation strategy.
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Join Payscale’s Lexi Clarke, Chief Human Resources Officer as she discusses how to rethink and build a better compensation strategy that works for your organization.
Mastering Vendor Selection and Partnership ManagementBoundless HQ
The success of global payroll is a combination of the right internal team, their processes, and the right help from external vendors and partners.
In this presentation, you will discover:
1. How to assess your organisation's payroll needs and match them to the right vendor services
2. Key strategies for evaluating potential vendors
3. How to get buy-in from senior management
4. The nuances of sustaining effective vendor partnerships, from setting clear expectations and communication channels to regular performance evaluations
5. Real-world insights into overcoming common pitfalls in global payroll management
Tailored for payroll professionals looking to improve their global payroll operations by finding the right partners.
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Join Payscale’s Chief Product Evangelist, Ruth Thomas and Kim Taylor, VP of Compensation Services as they give expert advice to prepare you for the upcoming comp planning season.
Are you really in charge global sourcingJoann Martin
This document discusses key factors in selecting a business partner and maintaining a successful partnership. It addresses:
1) The most important factors are trust, alignment, and communication between partners.
2) Setting aligned expectations and ensuring goals are consistent is critical for long-term success. Flexibility is also important to allow for innovation.
3) Maintaining governance, stakeholder involvement, and communication keeps the relationship in control while allowing flexibility.
Success should be measured holistically using both tangible and intangible metrics beyond just SLAs. Communication is key to addressing any failures.
This document summarizes trends in total rewards programs including talent, retirement, health benefits, and incentives. Key points include:
- Companies are applying analytics to predict turnover and engagement, and using career paths to address different generational needs.
- Regulatory pressure is increasing risk mitigation around compensation. Many are moving to tighter pay grades and expanding short- and long-term incentives.
- Controlling healthcare costs while providing choice and accountability is a challenge. Compliance and attracting talent are priorities.
- Retirement benefits face challenges around regulations, volatility, liabilities, and changing demographics. Employers bear more responsibility.
- The review found Employer XYZ's programs generally aligned with markets, with opportunities to
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Join Payscale’s Chief Product Evangelist, Ruth Thomas and Director of Social Impact, Vicky Peakman as they discuss the concept of pay for performance and what that can look like for your organization.
The document provides information on rethinking a company's compensation strategy. It discusses why having an effective compensation strategy is important, especially given current market challenges. It outlines the difference between a compensation philosophy and strategy. The document then discusses the key considerations and steps in developing or revisiting a compensation strategy, including determining scope, data sources, pay ranges, and addressing locations and transparency. It provides an example case study of the compensation strategy journey at Payscale, including their goals, processes, and next steps. The document concludes with final tips for developing a compensation strategy.
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Join Payscale’s Lexi Clarke, Chief Human Resources Officer as she discusses how to rethink and build a better compensation strategy that works for your organization.
Mastering Vendor Selection and Partnership ManagementBoundless HQ
The success of global payroll is a combination of the right internal team, their processes, and the right help from external vendors and partners.
In this presentation, you will discover:
1. How to assess your organisation's payroll needs and match them to the right vendor services
2. Key strategies for evaluating potential vendors
3. How to get buy-in from senior management
4. The nuances of sustaining effective vendor partnerships, from setting clear expectations and communication channels to regular performance evaluations
5. Real-world insights into overcoming common pitfalls in global payroll management
Tailored for payroll professionals looking to improve their global payroll operations by finding the right partners.
Webinar - Preparing for Successful Year End Compensation PlanningPayScale, Inc.
Join Payscale’s Chief Product Evangelist, Ruth Thomas and Kim Taylor, VP of Compensation Services as they give expert advice to prepare you for the upcoming comp planning season.
Are you really in charge global sourcingJoann Martin
This document discusses key factors in selecting a business partner and maintaining a successful partnership. It addresses:
1) The most important factors are trust, alignment, and communication between partners.
2) Setting aligned expectations and ensuring goals are consistent is critical for long-term success. Flexibility is also important to allow for innovation.
3) Maintaining governance, stakeholder involvement, and communication keeps the relationship in control while allowing flexibility.
Success should be measured holistically using both tangible and intangible metrics beyond just SLAs. Communication is key to addressing any failures.
This document summarizes trends in total rewards programs including talent, retirement, health benefits, and incentives. Key points include:
- Companies are applying analytics to predict turnover and engagement, and using career paths to address different generational needs.
- Regulatory pressure is increasing risk mitigation around compensation. Many are moving to tighter pay grades and expanding short- and long-term incentives.
- Controlling healthcare costs while providing choice and accountability is a challenge. Compliance and attracting talent are priorities.
- Retirement benefits face challenges around regulations, volatility, liabilities, and changing demographics. Employers bear more responsibility.
- The review found Employer XYZ's programs generally aligned with markets, with opportunities to
The document discusses variable pay, including:
- Variable pay aims to reward employees for objectives and results beyond regular job responsibilities, while fixed pay compensates for day-to-day work.
- There are three categories of variable pay: incentives, bonuses, and recognition. Incentives are tied to pre-determined criteria while bonuses are for completing specific tasks. Recognition is more subjective.
- An effective variable pay program is linked to business objectives, has clear purposes and performance measures, and considers factors like eligibility, funding, and implementation.
- In India, the ratio of fixed to variable pay is shifting, with variable pay expected to increase to 25-30% on average from the previous 10-
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Join Chief People Officer, Lexi Clarke and Senior Director of Product Marketing, Brooke Grimes as they share key insights and tips for ensuring a smooth year end compensation planning process.
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Join Payscale’s Chief Product Evangelist, Ruth Thomas as she discusses 5 key principles of modern compensation management and what the future of compensation management technology could look like.
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Join members of Payscale’s HR and compensation team for an event that will prepare you for the upcoming compensation budgeting season. We will cover exciting new data on the topic as well as actionable insights and tips to help you be successful whether it is your first time, or you are a seasoned pro.
Most of the small, emerging (SME's) organization 's CEO or Business heads have a challenge on "PEOPLE MANAGEMENT."
When the business head does not plan and execute the people management process effectively, the organization suffers from slipping deliveries, quality issues, increase in human resources cost, IR related problems and eventually all those failures affecting the business profitability and growth.
The solutions call for a holistic approach to all aspects of the people management process, and this presentation attempts to give some perspectives from my experience with SME's in different regions.
Recently I shared this presentation in one of the SME 's CEO forum and received a lot of interaction and appreciation.
Hope this helps for business heads / CEO's
What you'll learn:
Reasoning behind this new guide
Major changes since 2005
Reasonable compensation changes
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Cognizant agency rules
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This year, we are proud to be back in person for the fifth annual Manufacturing Education Day on October 29, 2021. As the year comes to an end Rea & Associates is thrilled to bring together top industry experts to support the ongoing success of the manufacturing industry.
Whether you manufacture pallets, pivoted your core products, or are looking for great insight, register today to ensure you don’t miss this essential event!
The document summarizes key points from a presentation on effective rate case management. It discusses the current regulatory landscape where the number of rate cases continues at a brisk pace but approved returns are declining. It also discusses how some utilities are responding with strategies like future test years, alternative cost recovery, and improved regulatory relationships. The document also covers considerations for future test years and multi-year rate plans, noting utilities must improve budgeting to qualify for future test years and multi-year plans can provide predictability but require additional regulatory scrutiny.
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Join Payscale’s pay equity experts Ruth Thomas and Vicky Peakman as they cover best practices to ensure your compensation policies are aligned and fair, how to build a sustainable pay equity management framework, and how auditing your pay policies can lead to a more inclusive and transparent company culture.
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Join Payscale’s Director of Compensation, Minde Stone and Associate Director of Content Marketing, Amy Stewart on Thursday, July 27th at 11 AM PST as they discuss how to build an effective compensation budget.
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Join our bench of pay equity experts as they walk through the critical steps involved in tackling your pay equity issues and communicating your findings.
Age of Alignment: Linking Compensation & Business StrategyPearl Meyer
We’ve entered a new era, with evolving responsibilities for the Board of Directors. Today, the “review and concur” role is no longer sufficient. This is true from a regulatory and compliance perspective, and it’s also true as companies must be prepared for the challenge of fast, frequent, and often disruptive market forces. Recently, the NACD released its Blue Ribbon Commission report on Strategy Development. Among many important findings and recommendations, it states that providing necessary strategic direction requires a new level of ongoing Board engagement. A key question posed for Boards to evaluate their processes is “Does our incentive structure reinforce or unintentionally undermine the chosen strategy?”
Today, our discussion will be lead by two members of the Blue Ribbon Commission. Greg Lau, of RSR Partners and a member of the Board of NACD, as well as Steven Van Putten, managing director and office head from Pearl Meyer & Partners’ Boston location. We will also be joined by consultant Michael Ng from Pearl Meyer and Partners.
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The document discusses compensation and total rewards. It defines compensation as the total payments provided to employees in exchange for work performed, including pay, incentives, and benefits. Total rewards refers to all aspects of an employee's work experience, including compensation, benefits, work environment, career development opportunities, and recognition. The purpose of a total rewards approach is to attract, motivate, and retain talented staff through an effective compensation strategy.
This document discusses best practices for compensation management. It covers total rewards approaches, compensation components like base pay and benefits, pay structures using grades and ranges, and individual pay determination. The goal is to attract, motivate and retain employees through legally compliant, cost effective, and equitable compensation that recognizes individual contribution and performance.
Performance-based equity programs aim to drive corporate, group, and individual performance through linking equity awards to measurable performance metrics. Common metrics include total shareholder return, revenue growth, and profitability measures. Programs can take various forms, from awards triggered solely by performance to awards with vesting contingent on achieving performance thresholds. Well-designed programs with clearly defined and communicated metrics can be an effective incentive, but complex multi-year programs pose challenges to ensure goals do not motivate unintended behaviors.
The document discusses various methods for financial forecasting. It describes quantitative methods like straight line forecasting, moving average forecasting, and linear regression forecasting which use historical data to predict future trends. It also covers qualitative methods like market research and the Delphi method which rely on expert opinions. Financial forecasting is important for decision making, budgeting, convincing investors, and determining how resources should be allocated.
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Join a panel of compensation data experts from Empsight, Avnet, Orlando Health, and Payscale as they discuss best practices and advice for effectively selecting and using salary data.
The document discusses variable pay, including:
- Variable pay aims to reward employees for objectives and results beyond regular job responsibilities, while fixed pay compensates for day-to-day work.
- There are three categories of variable pay: incentives, bonuses, and recognition. Incentives are tied to pre-determined criteria while bonuses are for completing specific tasks. Recognition is more subjective.
- An effective variable pay program is linked to business objectives, has clear purposes and performance measures, and considers factors like eligibility, funding, and implementation.
- In India, the ratio of fixed to variable pay is shifting, with variable pay expected to increase to 25-30% on average from the previous 10-
Webinar - Are You Ready for Compensation Planning Season?PayScale, Inc.
Join Chief People Officer, Lexi Clarke and Senior Director of Product Marketing, Brooke Grimes as they share key insights and tips for ensuring a smooth year end compensation planning process.
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Join Payscale’s Chief Product Evangelist, Ruth Thomas as she discusses 5 key principles of modern compensation management and what the future of compensation management technology could look like.
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Join Payscale’s Chief Product Evangelist, Ruth Thomas and Senior Corporate Attorney- Employment, Lulu Seikaly as they discuss the current landscape of global pay transparency legislation and best practices for remaining compliant.
Webinar - Navigating Compensation Budgeting SeasonPayScale, Inc.
Join members of Payscale’s HR and compensation team for an event that will prepare you for the upcoming compensation budgeting season. We will cover exciting new data on the topic as well as actionable insights and tips to help you be successful whether it is your first time, or you are a seasoned pro.
Most of the small, emerging (SME's) organization 's CEO or Business heads have a challenge on "PEOPLE MANAGEMENT."
When the business head does not plan and execute the people management process effectively, the organization suffers from slipping deliveries, quality issues, increase in human resources cost, IR related problems and eventually all those failures affecting the business profitability and growth.
The solutions call for a holistic approach to all aspects of the people management process, and this presentation attempts to give some perspectives from my experience with SME's in different regions.
Recently I shared this presentation in one of the SME 's CEO forum and received a lot of interaction and appreciation.
Hope this helps for business heads / CEO's
What you'll learn:
Reasoning behind this new guide
Major changes since 2005
Reasonable compensation changes
Expanded audit guidance
Cognizant agency rules
New England Compensation Trends & Pay PracticesPayScale, Inc.
As you consider employee raises and prepare your compensation strategy, it's imperative to have reliable, New England-specific data to inform your decisions when building a solid compensation foundation.
This year, we are proud to be back in person for the fifth annual Manufacturing Education Day on October 29, 2021. As the year comes to an end Rea & Associates is thrilled to bring together top industry experts to support the ongoing success of the manufacturing industry.
Whether you manufacture pallets, pivoted your core products, or are looking for great insight, register today to ensure you don’t miss this essential event!
The document summarizes key points from a presentation on effective rate case management. It discusses the current regulatory landscape where the number of rate cases continues at a brisk pace but approved returns are declining. It also discusses how some utilities are responding with strategies like future test years, alternative cost recovery, and improved regulatory relationships. The document also covers considerations for future test years and multi-year rate plans, noting utilities must improve budgeting to qualify for future test years and multi-year plans can provide predictability but require additional regulatory scrutiny.
Webinar - How to Build Fair Compensation Policies That Support Pay EquityPayScale, Inc.
Join Payscale’s pay equity experts Ruth Thomas and Vicky Peakman as they cover best practices to ensure your compensation policies are aligned and fair, how to build a sustainable pay equity management framework, and how auditing your pay policies can lead to a more inclusive and transparent company culture.
Webinar - Build Your Best Compensation BudgetPayScale, Inc.
Join Payscale’s Director of Compensation, Minde Stone and Associate Director of Content Marketing, Amy Stewart on Thursday, July 27th at 11 AM PST as they discuss how to build an effective compensation budget.
Webinar - How to Prepare for a Pay Equity Analysis Series Ep 3: Take ActionPayScale, Inc.
Join our bench of pay equity experts as they walk through the critical steps involved in tackling your pay equity issues and communicating your findings.
Age of Alignment: Linking Compensation & Business StrategyPearl Meyer
We’ve entered a new era, with evolving responsibilities for the Board of Directors. Today, the “review and concur” role is no longer sufficient. This is true from a regulatory and compliance perspective, and it’s also true as companies must be prepared for the challenge of fast, frequent, and often disruptive market forces. Recently, the NACD released its Blue Ribbon Commission report on Strategy Development. Among many important findings and recommendations, it states that providing necessary strategic direction requires a new level of ongoing Board engagement. A key question posed for Boards to evaluate their processes is “Does our incentive structure reinforce or unintentionally undermine the chosen strategy?”
Today, our discussion will be lead by two members of the Blue Ribbon Commission. Greg Lau, of RSR Partners and a member of the Board of NACD, as well as Steven Van Putten, managing director and office head from Pearl Meyer & Partners’ Boston location. We will also be joined by consultant Michael Ng from Pearl Meyer and Partners.
Webinar-5 Things to Prepare for 2023 Compensation Planning SeasonPayScale, Inc.
Join Payscale’s Director of Total Rewards, Minde Stone; Chief Product Evangelist, Ruth Thomas; and VP of Data, Kim Taylor on Wednesday, October 26th at 9 AM PST as they discuss the top things to think about as you plan for compensation in the new year.
Webinar - Mid-Year Check In: Are you Prepared to Tackle Compensation througho...PayScale, Inc.
Whether you are just getting started in comp, or looking for a refresher on compensation practices, join Payscale compensation professional, Sam Noble on as she deep dives into compensation practices and what to be thinking about as we head into the second half of the year.
The document discusses compensation and total rewards. It defines compensation as the total payments provided to employees in exchange for work performed, including pay, incentives, and benefits. Total rewards refers to all aspects of an employee's work experience, including compensation, benefits, work environment, career development opportunities, and recognition. The purpose of a total rewards approach is to attract, motivate, and retain talented staff through an effective compensation strategy.
This document discusses best practices for compensation management. It covers total rewards approaches, compensation components like base pay and benefits, pay structures using grades and ranges, and individual pay determination. The goal is to attract, motivate and retain employees through legally compliant, cost effective, and equitable compensation that recognizes individual contribution and performance.
Performance-based equity programs aim to drive corporate, group, and individual performance through linking equity awards to measurable performance metrics. Common metrics include total shareholder return, revenue growth, and profitability measures. Programs can take various forms, from awards triggered solely by performance to awards with vesting contingent on achieving performance thresholds. Well-designed programs with clearly defined and communicated metrics can be an effective incentive, but complex multi-year programs pose challenges to ensure goals do not motivate unintended behaviors.
The document discusses various methods for financial forecasting. It describes quantitative methods like straight line forecasting, moving average forecasting, and linear regression forecasting which use historical data to predict future trends. It also covers qualitative methods like market research and the Delphi method which rely on expert opinions. Financial forecasting is important for decision making, budgeting, convincing investors, and determining how resources should be allocated.
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3. Today's Agenda
• An introduction to the annual review
• Background
• Pros and Cons
• Payscale’s CBPR data
• Factors impacting the annual approach today
• How to choose the right approach for your organization
5. The annual review
Compensation (often
combined with performance)
evaluations that occur at one
time for all employees, or
groups of employees.
Also know as:
❑ Common date review
❑ Focal review
❑ Merit review
6. The annual review • Assess whether compensation aligns with
market and make appropriate adjustments to pay
structures
• Evaluate internal equity and consistency with
pay practices
• Align pay with career growth and role expansion
• Allocate base and variable pay to recognize
performance and business outcomes
• Educate managers and employees on
compensation strategy and policies
• Provide an opportunity for anyone wishing to
express concerns, contest salaries, or ask
questions about their pay and role
Also know as:
❑ Common date review
❑ Focal review
❑ Merit review
7. 2024 Compensation Best Practices Report
When will 2024 base-pay increases (adjustments for the 2023 merit year)
become effective for employees in your organization?
8. • Allow simultaneous peer
comparisons to provide context for a
more equitable review process
• Easier to monitor governance with
compensation principals
• Any changes to the process happen
at the same time each year ensuring
all employees are evaluated equally
• Supports alignment with financial
planning and business goals
• Opportunity for more robust analytics
• Allows consistent communications
Pros
The annual review
9. • Allow simultaneous peer
comparisons to provide context for a
more equitable review process
• Easier to monitor governance with
compensation principals
• Any changes to the process happen
at the same time each year ensuring
all employees are evaluated equally
• Supports alignment with financial
planning and business goals
• Opportunity for more robust analytics
• Allows consistent communications
• Time-consuming and resource-
intensive
• When linking to PRP, feedback may not
be timely or not reflective of the entire
year’s performance
• May not be frequent enough to keep
pace with external talent markets or
internal progression rates
• Need clear guidelines for newer
employees
• Undermines maintenance of data
integrity
Pros Cons
The annual review
11. Poll 1: What factors do you consider when adjusting
base pay annually (select all that apply)?
A. Merit/performance
B. Market adjustment/cost of labor
C. Inflation/cost of living
D. Pay compression
E. Internal pay equity
F. Tenure
G. Change in location
H. Education/certification
I. Competitive skills
J. Minimum-wage increases
K. Other (please specify)
12. Which of the following were
factored into base-pay
increases in 2023?
2024 Compensation Best Practices Report
13. Anniversary based
review
Compensation reviews conducted annually that
correspond to specific dates for each individual
employee, like their hire date or date of their recent
promotion.
• Spreads workload out across year – leads to a
more personalized approach for each employee,
but this puts internal equity at risk
• Late reviews common with admin burden of
retroactive adjustments
• Harder to manage budget control and governance
with compensation guidelines
14. Frequency of pay increases,
small shift to annual but this may
reflect macro environment.
Do you give pay increases out of
cycle?
2024 Compensation Best Practices Report
15. Frequency of annual pay reviews
CBPR Year 2024 2023 2022
Ad hoc 10% 9% 11%
Annually 74% 69% 79%
Twice annually 7% 11% 4.4%
Quarterly 2% 4.5% 0.8%
Continuous/rolling cycles 4% 3.4% 5.2%
2024 Compensation Best Practices Report
16. Poll 2: Are you looking to increase the frequency at
which you give pay increases?
A. Yes, to once a year
B. Yes, to twice a year
C. Yes, to quarterly
D. Yes, to continuously
E. No
F. Unsure
17. Frequency of pay review by size of organization
2024 Compensation Best Practices Report
18. Frequency of pay reviews by industry
Agencies
&
Consultant
Arts,
Entertain
&
Recreation
Construction Education Energy
&
Utilities
Engineer
&
Science
Finance
&
Insurance
Food,
Beverage
&
Hospitality
Gov Health
Care &
Social
Assistance
Manufacture Nonprofit Real
Estate,
Rental &
Leasing
Retail &
Customer
Service
Tech
(including
software)
Transport &
Warehouse
Other
Ad hoc
16% 15% 14% 8% 5% 4% 6% 11% 9% 8% 10% 10% 11% 10% 10% 8% 11%
Annually
67% 54% 61% 72% 78% 76% 82% 68% 69% 74% 76% 79% 76% 72% 73% 79% 75%
Twice
annually 5% 10% 9% 10% 11% 10% 4% 7% 11% 7% 6% 4% 6% 7% 10% 4% 4%
Quarterly
3% 7% 6% 1% 3% 5% 2% 3% 1% 2% 2% 1% 0% 2% 1% 2% 1%
Continuous
3% 7% 7% 2% 2% 1% 2% 3% 8% 4% 2% 4% 1% 7% 3% 3% 4%
2024 Compensation Best Practices Report
19. Is an annual review the only option?
Annual Review
+ rigorous ad hoc
approach
Annual Review + Mid
Year (promos and new
hires)
+ rigorous ad hoc
approach
Quarterly
+ rigorous ad hoc
approach
20. Beware of the leaky bucket
Ensure you are capturing total cost or
off-cycle increases to reflect total
change in payroll YOY
Also monitor for fairness of distribution
21. State of
labor markets
and where you
source talent
Skills
requirements
especially hot
skills
Compliance with Pay
Transparency
legislation
Turnover &
hiring rates
Level of pay
transparency
Type of pay
structures used
Global or multi-
national
Rate of change
in internal talent
marketplace
So, it
depends!
Which approach is best?
22. Our recommendations
Establish a cadence that works for your business – there is no normal!
Define clear objectives and differentiate between your mid-year, quarterly, annual processes
Maximize efficiency by deploying technology to streamline and facilitate collaboration and
communication
Source salary data to support frequency of review approach
Monitor for the leaky bucket to keep track of overall annual costs
Communicate, communicate and communicate more
23. Gain a competitive edge in a fierce
talent market while building a more
fair, equitable and transparent pay
strategy
Employee Reported
The world’s largest real-time
salary database
HR Market Analysis
A composite of analyst curated
employer reported survey data
Peer
A transparent & dynamic HR
reported data network
Market Pricing
Pay Equity
Pay Structures
Compensation
Planning
Survey Management
& Participation
Reporting
& Analytics
Total Rewards
Statements
Job Descriptions
Management
24. Q&A
Interested in a demo of Payscale’s
compensation software?
We’d love to chat, let us know in the poll!
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