The Pay Transparency Spectrum: Increasing Transparency Tips
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Pay Transparency remains a hot topic among compensation and HR professionals. However, it is still somewhat controversial to discuss pay strategy openly with employees. In this webinar we will introduce PayScale’s pay transparency spectrum, and share ideas on how it can work to help enhance engagement in your organization. Join PayScale as we discuss: -Why pay transparency? -The 5 levels of the pay transparency spectrum -Tips for increasing pay transparency in your organization -How to avoid the pitfalls of transparency
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The Pay Transparency Spectrum: Increasing Transparency Tips
- 1. The Pay Transparency Spectrum Mykkah Herner, MA, CCP Modern Compensation Evangelist Rita Patterson, CCP Manager, Customer Education #TalkPay
- 3. www.payscale.com Rita Patterson, CCP Manager, Customer Education https://www.linkedin.com/in/rita-patterson-ccp-5b039812 Mykkah Herner, MA, CCP Modern Comp Evangelist https://www.linkedin.com/in/mykkahherner #TalkPay
- 4. www.payscale.com Why Transparency? The Pay Transparency Spectrum Tips for Increasing Transparency Getting started #TalkPay
- 6. www.payscale.com PERCENT OF RESPONSES LOW AVERAGE HIGH 50% 31% 19% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 1 2 3 4&5 % Responses with Intent to Leave % Responses with High Satsifaction Transparency is linked to satisfaction #TalkPay
- 8. www.payscale.com Transparency drives results Study: https://hbr.org/2014/11/cooks-make-tastier-food-when-they-can-see-their-customers/ar/1 Photo: http://segets.com/restaurant-open-kitchen-layout-design-ideas-1-4974-design.html #TalkPay
- 9. www.payscale.com Millennials I found this report online… #TalkPay
- 10. www.payscale.com Baby Boomers 1946 – 1964 Size: 74M Communication About Comp: Private Average Tenure: 15 Years Career Mindset: Loyal Self-driven High Work Ethic Retirement Generation X 1965 – 1979 Size: 66M Communication About Comp: Semi-private Average Tenure: 5 Years Career Mindset: Pessimistic Self-reliant Work/Life Balance Management Millennials 1980 – 1995 Size: 74M Communication About Comp: Public Average Tenure: 18-24 Months Career Mindset: Idealistic Fairness, Flexibility Values Work/Life Balance Advancement Generation Z 1996 – Present Size: TBD, 69M+ Communication About Comp: Semi-private Average Tenure: TBD Career Mindset: Realistic Multicultural Fluency Technology Native Learning with a Purpose #TalkPay
- 11. www.payscale.com Five Generations of 2020 Gen Z Millenials Gen X Baby Boomers Traditionalists Bureau of Labor Statistics Employment Projections #TalkPay
- 12. www.payscale.com 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 80% of employees paid above market believe they’re paid at or below 17% #TalkPay
- 13. www.payscale.com TOP-PERFORMING of Top-Performing companies are transparent about pay 47% Vs 40% of all companies #TalkPay
- 15. www.payscale.com The PayScale Pay Transparency Spectrum #TalkPay
- 16. www.payscale.com 1. Paycheck “Here’s what you get paid” #TalkPay
- 17. www.payscale.com 2. Market Data “Here’s how we use market data to set pay” #TalkPay
- 18. www.payscale.com 3. Comp Plan “Here’s where your pay falls in range” #TalkPay
- 19. www.payscale.com 4. Culture alignment “Here’s why we pay like we do” #TalkPay
- 20. www.payscale.com 5. Open Salary “Here’s everything you want to know about everyone’s pay” #TalkPay
- 21. www.payscale.com Tips for Increasing Transparency #TalkPay
- 24. www.payscale.com Develop a plan Employees know × Their pay × Range max Employees know Their pay Grade & range Comp Philosophy & basis for increases Requires: • Executive support and buy-in for comp plan • Increased manager communication skills #TalkPay
- 25. www.payscale.com Get clear about roles D A R C I Decision-Maker Accountable Responsible Consulted Informed #TalkPay
- 29. www.payscale.com Getting Started • Do a market study • Evaluate your workforce • Assess manager communication skills • Determine current level of transparency • Identify desired level of transparency • Make a plan to get there #TalkPay
- 30. www.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 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-today Join our Group on LinkedIn: Compensation Today: HR Best Practices Rita Patterson, CCP Manager, Customer Education Mykkah Herner, MA, CCP Modern Compensation Evangelist www.payscale.com #TalkPay