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  • So, I Benchmarked My Cat

    Mykkahs cat
    Mykkah Herner, MA, CCP, Compensation Consultant at PayScale.com

    Benchmarking is Serious Business

    The job of benchmarking positions is very serious business. I always want to make sure I get the best and most relevant information about every position in a client’s organization so I can make sure I’m making an apples-to-apples comparison with positions in the market. Such is my dedication to benchmarking that I found myself dreaming about benchmarking one job in particular… my cat’s position. Yes, in my now-recurring dream, my cat is in my face, meowing fervently as she expects (demands actually) accurate compensation, right away, for her position. 

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  • Small Business Wages are Climbing Fast!

    Small companies

    by Laleh Hassibi, PayScale.com

    For the first time since the inception of The PayScale Index, small business wages are growing faster than their medium and large-sized business counterparts. This little but important fact has many sitting up and taking notice. Business Insider published an article about this fact noting that, “historically large companies experienced larger pay increases, however over the last two quarters this has switched.”

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  • HR Pros Know all About Binders

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    via imgur i.imgur.com/ovlVk.png

    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 It’s definitely time to rethink the outdated binder-method of HR, but that’s a whole different blog article.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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  • HR Technology Vendors are Marketing Up a Storm

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    by Tim Low, VP of Marketing, PayScale.com

    I attended the HR Technology Conference and Expo in Chicago this week to meet with some partners, attend some sessions, and evaluate the show for PayScale for next year. 

    The sleepy little backwater that used to be called HRIS is now Human Capital Management (HCM) and encompasses software and tools for everything HR from recruiting and onboarding, to training, development (learning), performance management, compensation :) and even 'employer branding' (think of your company page on LinkedIn). 

    Here are three takeaways from the show: 

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  • The Quarterly PayScale Index is Launched!

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    By Laleh Hassibi, PayScale.com

    PayScale has a lot of salary data – in fact, 35 million salary surveys’ worth. While we like to use it to help both individuals and organizations make salary decisions, we also employ a really smart economist, Katie Bardaro, who analyzes our data to take a look back at salary trends. We're pleased to present you with the good news in the newest release of The PayScale Index.

    What is The PayScale Index? The PayScale Index follows the change in salaries of employed US workers, revealing trends in compensation over time. It specifically measures the quarterly change in the total cash compensation of full-time private industry employees nationally, with additional detail on the 20 largest metropolitan areas, 15 industries, 3 company sizes and 19 job categories. For full details about how The PayScale Index is calculated, check out the methodology behind it. 

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  • Let Them Eat Dark Chocolate

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    By Laleh Hassibi, PayScale.com

    The Compliance and Safety team just released the infographic “Does the Food We Eat Affect Our Productivity?” According to their research, encouraging your employees to eat the right foods will give them the ability to be productive powerhouses. Compensating them right isn’t the only way to get them to be more productive. Adequate nourishment can raise national productivity levels by 20%!

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  • 500 New PayScale Customers!

    PayScale has 500 New Customers

    PayScale is growing fast! 500 corporations from across the globe made the decision to subscribe to PayScale's SaaS offerings so far in 2012. New customers in Q3 include Clemson University, Heartland Financial, Earthbound Farms, and Swift Transportation. They join many organizations, including, Adecco, Bloomberg BNA, Gulfstream Goodwill Industries, the Tribune Company and Perry Ellis who signed on with PayScale in the first half of the year.

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  • New CEO on the Block: Yahoo’s Marissa Mayer Reveals Plan for Company Turnaround

    Yahoo
    by Evan Rodd, PayScale.com

    As Yahoo’s third CEO this year, Marissa Mayer is wasting no time turning Yahoo into a fast-paced, mobile force to be reckoned with. She has already replaced chief financial officer Tim Morse, who served as interim CEO last year. Morse has stated he was nervous about working with a new CEO, and rightfully so. Did he know his days were numbered?

    Last week, Mayer held an employee meeting to reveal her vision for the new Yahoo. Anonymous employees rushed to dish on their new boss’ plans for company overhaul, though Melissa isn’t sharing any specific details regarding new products or strategies. What Mayer presented was a general vision of the new Yahoo, and it sounds like she has big plans. 

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  • "We’re too small for a comp plan." Wrong answer!

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    Mykkah Herner, MA, CCP
    Compensation Consultant at PayScale

    I’ve worked with organizations of various employee sizes, from as small as 19 up into the thousands, helping them to develop stellar compensation plans. I really enjoy working with companies that have between 75 and 125 employees. Generally, by that point, there is some acknowledgment that what they are currently doing isn’t working. There is also often some concern about developing something too rigid. These organizations will typically see a huge positive business impact from developing a clear comp plan.

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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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  • CFO Corner: Yahoo Shows the Way On HR Leadership

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    Yahoo CEO Marissa Mayer recently brought in Jacqueline Reses as a new EVP. A veteran of private equity firms, high tech and Goldman Sachs, Reses is as high-powered an executive as you can find. What does Yahoo plan to do with their new rock star? She will focus her energies on leading human resources and talent management.

    Since we happen to be talent management experts, we thought we would share what we think that Reses, as well as leaders at other companies, need to know before taking on the task. PayScale's 2012 Compensation Best Practices report reveals that, for the first time ever, executives’ number one HR concern is retention. With wages climbing and competition for talent increasing, retention is a great place to start.

    Before you rush off and devise efforts to raise your total retention rate, read on to learn about how retention is more complicated than it used to be. Compensation is still the key, but you need to be thoughtful and use the right data in your decisions.

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  • Bring Back the Sizzle!

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  • Calculating Employee Turnover

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    Employee Turnover Rates

    Employee turnover is driven by many factors including inadequate compensation, lack of employee engagement, poor job fit, etc. Whatever the cause, you can easily calculate your company's rate of turnover. This is a critical benchmark that can help you understand your relationship with your competition and with your employees. You should continually monitor this rate so you can make informed choices in the future.

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  • 8 Hot New Jobs

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    In this economy, pricing jobs according to market data is crucial to attracting and retaining talent, and these hot new jobs, identified by PayScale, prove the truth of that. If you were pricing these new and highly specialized jobs according to general economic trends, you would most definitely lose the war on this talent pool. These hot jobs will need to be paid a market premium, over and above the market rate for similar positions in your organization.

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  • Got A Raise Budget Burning A Hole In Your Pocket?

    Raises are Back

    Spend It Wisely

    Raises are back and in a big way. After years of stagnant salary growth, The PayScale Index shows that wages are growing across the economy. If you haven't already started discussing whether or not to offer raises yourself, we're going to make it easy for you.  

    Here are three potential approaches you can take to raises in 2012-13. As you might guess, we think one is definitely better than the others.

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  • Do Your Employees Trust You?

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    Trust Makes the World Go Round

    What's the secret sauce in the recipe for business success? It's trust, according to recent research from Interaction Associates and the Human Captial Institute. The research found that companies with collaborative cultures and trust in management tend to see higher profit growth than those that do not. The bad news for corporate leaders is that they also found that trust is declining across the business world.

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  • What Makes High Tech Employees Smile?

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    When it comes to compensation, it's tough to beat the high tech industry, but the industry doesn't manage their human capital with salary alone. As new research by PayScale reveals, attracting and retaining technology staff takes more than just cutting the biggest check. It requires finding the right mix of pay, benefits, culture and environment that will increase employee satisfaction.

    PayScale’s new Top Tech Employer Comparison report assesses and compares over 20 leading tech firms on employment criteria like comp, benefits, stress levels, work/life balance and employee satisfaction. The report uncovers a number of complex relationships that show the difficulty of achieving workplace satisfaction.

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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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