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  • Q and A from PayScale webinar series: Compensation Budgeting

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    Mykkah Herner, M.A., CCP, PayScale

    PayScale recently hosted a three-part webinar series all about Compensation Budgeting, presented by yours truly. Part one was all about managing pay inequities. Part two taught attendees all about raises, and part three showed how to pull it all together using PayScale Insight. If you missed any of the webinars, you are welcome to view the recordings. Since this is a topic of interest to so many of our Compensation Today readers, we're posting my answers to many of the questions received after the webinars here. Enjoy!

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  • 23 answers about compensation analytics and the ROI of turnover

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    Mykkah Herner, M.A., CCP, PayScale

    PayScale recently hosted a wildly popular webinar entitled Compensation Analytics: The ROI of Turnover, presented by me, Mykkah Herner. If you missed the webinar, you are welcome to view the slides from the presentation. Since this is a topic of interest to so many of our Compensation Today readers, we're posting my answers to many of the questions received after this webinar here.

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  • Nail compensation with Insight Expert

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    Laleh Hassibi, PayScale

    PayScale is well known in the job seeker world as the place to go to find out what they should be paid. Many businesses also know PayScale for our fresh, detailed compensation dataset and our MarketRate product that gives market-based job reports. But did you know about that we also offer a software product called Insight Expert that can help you manage compensation for your entire workforce?

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  • Managing Employee Pay with Ranges

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    Mykkah Herner, MA, CCP; Manager of Consulting Services at PayScale

    I spend quite a bit of time working with people to develop appropriate structure for their organizations. How many grades should they have? How wide should the ranges be? How can I make sure my ranges are aligned to the market? I’ve written before about pricing based on the job vs pricing based on the employee, which is a very strategic step forward for the organization. The question is, once you build your ranges around the market, how do you determine where to place your employees within range?

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  • The Top 5 Paid Blue Collar Jobs in America

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    Tess C.Taylor, PHR

    Many people are looking for a way out of their white collar careers that are stressing then out or not giving them the satisfaction they expected. A Brookings Institution study released this week indicates that (science, technology, engineering, and math), so called STEM skills, are rapidly increasing in demand by employers. As of 2011, STEM skills account for 20 percent of the workforce, with some 26 million jobs meeting this category–twice as many since the Industrial Revolution.

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  • Attracting Top Talent with Salary Benchmarking - Why It's Crucial to Your Business

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    Tess C. Taylor, PHR

    Despite the abundance of candidates on the job market today, hiring managers may still find it challenging to consistently attract high potential candidates. These are the elusive candidates who have outstanding credentials, stable work histories, and a drive and determination that far exceeds that of their peers.
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  • Support Your Managers in Making Better Compensation Decisions

    Sean Conrad, Halogen Software

    What’s wrong with this scenario?

    “Hey, everyone, here’s a pay increase just for showing up at work. Oh, and another thing — everyone gets the same amount.”

    Admittedly, it’s not all that fair but it sure is easy. Unfortunately that easy route can also lead to bad feelings, diminished morale and lower productivity in the workplace. i.e., why should I go the extra mile if she does the minimum and received the same pay raise as me?  The downstream effects can be even worse, including loss of your top performers as they seek greener (and fairer) pastures elsewhere.

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  • Pricing to the Employee vs. Pricing to the Job

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    Mykkah Herner, MA, CCP, PayScale

    As an employee, I’m often concerned with my own value and therefore worth to the organization. As a manager, I was often trying to determine the value of each job to the organization. Now as a comp professional, I focus on a little bit of both: the value of the job itself, but also the value of the employee to the organization.

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  • The Right Way to Give Pay Raises

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    Stacey Carroll, PayScale.com

    Last week, PayScale presented a well-attended webinar entitled, “The Right Way to Give Pay Raises.” This time of year, we hear from many of our customers that they have a raise budget for next year, but need help understanding how to best allocate the funds. The overall budget for pay increases seems to be between three and four percent for most companies this year. At the same time, research suggests that to truly drive behavioral change the reward has to be significant (upwards of seven percent). So, how do you motivate your talented employees to stay and perform at their best with only a four percent raise to give? The best solution is to use a Merit Matrix to differentiate raises based on three factors: market changes, proficiency, and performance.

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  • Pay Bands, Pay Scales and Other HR Jargon You Don't Know But Should

    Pay bands
    Jessica Miller-Merrell, Blogging4Jobs

    If you’re in the business of giving or receiving (or hoping to receive) an annual merit increase, it’s a good time to get familiar with pay bands. Pay bands — a term that is sometimes used to lump broader terms such as pay levels, ranges or grades — is a component of an organized salary compensation structure. For example, an administrative position at a software company might include receptionists, office assistants and executive assistants. Those jobs are categorized together and given a predetermined minimum and maximum (Pay Band 1 = $12-$18 per hour). 

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  • HR Pros Know all About Binders

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    by Laleh Hassibi, PayScale.com

    The topic of Mitt Romney’s “binder full of women” is all over the social media channels today and the subject of memes, blogs and various other forms of snidery. HR professionals know all about binders, having relied on binders full of salary data to make decisions about pay for a long time. It’s definitely time to rethink the outdated binder-method of HR, but that’s a whole different blog article. Right now, I want to take a swing at gender pay inequity, which is the heart of the Mitt Romney binder debacle. Men making more money than women is not a new discussion by far, but one that can easily be made a non-issue in any company with some good solid compensation planning.

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  • Ignorance is bliss, but knowledge is power

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    By Mykkah Herner, MA, CCP, Compensation Consultant at PayScale.com

    Think ignorance is bliss?

    You’ve heard some rumbling here and there, but no one has come out and said anything. That means you don’t have a compensation issue. Right? Well, maybe, but do you really want to chance losing your top performers? We’ve heard this from a number of potential clients: “We don’t have any major problems, so comp strategy is not a priority. We think we may have issues with pay, but not knowing for sure makes us feel better. Ignorance is bliss.” This “do nothing” objection may work out alright for the short term, but in the long term you run a real risk of losing your top performers, having pay inequity issues, and generally being a poor steward of one of the largest resource expenses in your organization - employee compensation.

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  • Too Hot To Handle? What to do about salary range busters.

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    The business case for pay grades over individual ranges is clear. Switching to pay grades reduces administrative burden, facilitates internal alignment and makes it easier to set salaries for jobs that lack market benchmarks. PayScale's new eBook “Bring Back the Sizzle: PayScale’s Guide to Comp Plans That Get Workers Fired Up (in a good way),” clearly lays out the process for creating ranges. Be sure to read it!

    The hottest jobs, though, fall over the top of your pay ranges for similar jobs. Because of their higher-than-average demand, they command higher prices than similar jobs. Rather than lose valuable candidates and employees to your competitors, you need to accommodate those range outliers in one of two ways.

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  • Do I mean percentage or percentile?

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    Mykkah Herner, MA, CCP

    Compensation Consultant at PayScale

    When benchmarking positions, it’s easy to get tongue-tied over the terms percentage and percentile. Percentiles are admittedly confusing. People generally understand that market pay breaks out at the 10th through 90th percentiles, but what does that even mean? And how can I use that information to manage employee pay? When are percentages valid when talking about employee pay? I often get these questions from my clients.  The answer is that we use both percentiles and percentages when developing and managing compensation plans.

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  • How Fast Are Salaries Growing in Your City?

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    Creating the right compensation plan depends on having current data. One of the key pieces of the compensation puzzle is the rate of wage growth in the local metropolitan area. The most recent release of The PayScale Index shows the rate at which wages grew from Q2 2011 to Q2 2012. The results show considerable variance among the top metros. Read on to learn which are leading and which are lagging.

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  • Accounting Salary Guide

    Salary Range for an Accountant Need to Set a Salary Range for an Accountant? PayScale Fills in Your Compensation Data Gaps

    We have received numerous questions from HR professionals and business owners wondering what people in various job positions and industries are paid. So, with this post, we offer you the second in a series of analyses and up-close views we’ll be taking of the salary ranges for many different jobs.

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  • Salary Range of a Cop

    Salary Range of a Cop Need to Set a Salary Range for a Cop? PayScale Offers Real-Time Compensation Data

    By Staff Writer

    We have received numerous questions from HR professionals and business owners wondering what the people in various job positions and industries are paid. So, with this post, we offer you the first in a series of analyses and up-close views we’ll be taking of the salary ranges for many different jobs.

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  • Determining Salary Range Widths by Profession

    Pay grades Determining Salary Range by Profession

    In a previous blog post we talked about the first few steps of establishing a formal compensation plan. Today’s post will be a continuation of that process. We’ll talk about how you can build your company’s salary ranges from market data.

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  • Typical Salary Ranges for Today’s Market

    How to Set Typical Salary Ranges for Your Organization

    In our business here at PayScale, we work with a lot companies who have reached the point where it’s time to establish a formal compensation program. They come to us with lots of questions about how this is done and where they should start in determining typical salary ranges. So, how do you know if it’s time to create formal salary ranges at your organization? 

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