• 23 answers about compensation analytics and the ROI of turnover


    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.

  • Now featuring: MarketWatch and Flight Risk email alerts and more!

    PayScale Product Updates

    Laleh Hassibi, PayScale

    The development team at PayScale is continually hard at work making product improvements and creating new worthwhile features for our customers. The September 26th, 2013 update brings PayScale customers a few enhancements that improve the usability of both Insight and MarketRate products. Here are the updates PayScale customers can look for the next time they log into the product:

  • Now featuring: hybrid jobs and market trends reporting


    Laleh Hassibi, PayScale

    We've been talking about purple squirrels a lot lately at PayScale but what if your organization has a Squirrelcorn – a totally unique job that is the hybrid of two different jobs? How would you price that job? Or what about the situation where some of your jobs are moving faster (or slower) than the general market? Are you able to stay on top of those jobs to ensure you're keeping up with the market and paying employees the right amount? Two new exciting features of PayScale's software can help you with these situations.

  • Catching a Purple Squirrel in 3 Easy Steps

    Laleh Hassibi, PayScale

    Take the PayScale Challenge!
    Are you searching for a purple squirrel – you know, that elusive candidate who has all the qualifications and experience your job position requires? Or maybe you just lost a valuable employee to a competitor.  If you’re like most organizations, you spend between 30% and 50% of revenues – totaling millions of dollars a quarter – on compensation. Getting compensation right not only means having control over the bottom line, but getting and keeping star employees.

  • Nail compensation with Insight Expert


    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?

  • Benchmarking Batman


    Laleh Hassibi, PayScale

    HR managers dream of coming across that perfect candidate – the one who has the ideal set of experience, skills, education and other factors that make them a perfect fit for the job. They also struggle with retaining top performing employees. Kind of like Batman if the position has the job title of Superhero. According to this infographic, Batman has some significant costs associated with his job. The estimated costs to do his job have increased from $10,253 in 1939, to $134,735,100 in 2013. That’s a big change. Assuming Batman's proficiency in his job has increased similarly, what kind of corresponding raise should you give him and how would you even begin to figure it out?

  • EMA Senior Care is getting smarter about comp with PayScale


    Laleh Hassibi, PayScale

    EMA Senior Care a long-term care organization with approximately 850 employees. EMA is located exclusively in Maryland, with six locations across the state. PayScale interviewed Jim Donovan, Director of Total Rewards, to discover how PayScale Insight is helping them drive their business objectives.

  • Is Compensation at Your Company a Shot in the Dark?


    Chris Schave, PayScale Account Executive

    Throughout my time at PayScale I have had discussions around compensation with hundreds and possibly even thousands of HR Professionals, Managers, and Executives. At this point, I’m not really surprised by a whole lot. Some companies have no compensation plan, structure, or strategy, while others have one, but it’s based on shifty compensation practices. There are actually some who are highly sophisticated and know exactly what they are doing and why they are doing it, but that’s not as common as the other two scenarios.

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


    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.
  • Pricing to the Employee vs. Pricing to the Job

    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.

  • 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. 

  • Ignorance is bliss, but knowledge is power

    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.

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

    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.

  • How Fast Are Salaries Growing in Your City?

    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.

  • Poll: Your Company's Support for PHR or SPHR Certification

    Are Companies Paying for HR Professionals to Advance?

    While it's well understood that HR professionals’ career advance more easily with a PHR or SPHR certification, the impact had, until recently, been unquantified. As we previously reported in "Infographic: The Impact of the PHR and SPHR on Careers," PayScale researchers have made the value of gaining certification clear. Those professionals who hold a certification earn more money and get promoted faster. What's more, the advantage is seen in a variety of industries and locations. For the hard numbers, be sure to read the full report.

  • A PHR or SPHR Certification Means Money

    PHR and SPHR Certifications Boost Pay in Nearly All Sectors

    No matter where you live or where you work, earning a PHR or SPHR certification means a higher average salary. That’s among the findings of the research behind PayScale’s new report “Worth It? The Value of the PHR and SPHR.” PayScale analysts looked at the median pay for a given job title and compared those that held either a PHR or the SPHR with those that did not. They then rolled up these values to analyze the impact of a PHR or SPHR on salaries in entire metros and industries. Across ten largest metros and ten of the most significant industries, holders of one of the two certifications on average make significantly more than those who do not.

  • Infographic: The Impact of a PHR or SPHR on Careers

    Shifting HR Careers into Overdrive

    In competitive job categories like HR, careers can often feel like they are stuck in the slow lane. The new PayScale report "Worth it? The Value of the PHR and SPHR" reveals that attaining a PHR or SPHR certification is a powerful way to break out and accelerate a HR career.  

  • Use Data When Setting Raises, But Don't Stop There

    How the PayScale Index Fits Into Raise Planning

    Some high level strategic thinking and data gathering must happen before raises can be given out. From following inflation and local market rate shifts, to considering business goals and budget constraints, HR professionals must be extra hard working and efficient with their time to pull off smart merit increases. How can all of the information gathering be simplified? When do you have enough input to make a smart decision?

  • The PayScale Index: Which Jobs Do Best?

    Is Your Job One of the Winners?

    By Tripp Ritter, PayScale

    Earlier this week, we saw that The PayScale Index revealed major differences in wage growth among metros. Hold on to your hats, because the differences in wage growth among jobs is even more stark. The leading job's wages raced ahead nearly 10% since 2006. The last place job did so poorly that it has lower wages than in 2006! You can find all the details in the The PayScale Index, but we also have an infographic showing the top and bottom three. Find out how your job fared in the past few years.
  • The PayScale Index: Which Cities Do Best?

    Where are People Making More Money?

    By Tripp Ritter, PayScale

    The economy, on the whole, is on the way up. If that doesn't ring true, it could be where you live. There are significant differences in wage growth between major metros. The PayScale Index breaks the differences down for you. Is your metro a leader or is it a lagard? Find out now.

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