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.
Hybrid Market Reports
Pricing ad-hoc hybrid jobs has never been easy – up until now, that is. With PayScale’s new hybrid market report, users simply complete a market report for each of the positions being combined into one job, and then add the weighting for each one. PayScale automatically blends the two reports and provides the combined pay range for the hybrid job in real-time. The Hybrid Market report is part of MarketRate reporting, available to both MarketRate and Insight subscribers.
Market trends and hot jobs analysis
In this volatile economy, it’s not uncommon for the market value of compensation to shift swiftly and dramatically. PayScale Insight subscribers will now be able to view alerts for jobs moving faster or slower than the national market. Staying on top of market trends for an organization’s specific positions will help them make compensation decisions from real-time knowledge.
This unique trend analysis is not looking at aggregate trends, but rather is a precise look back at the previous 12 months, in quarterly intervals, for particular job profiles and their compensable factors.
There are two situations where it’s critical to watch the market closely:
- Hot Jobs:
These are jobs where compensation is increasing faster than the national market averages. It’s a good idea to benchmark hot jobs against the market frequently and to adjust compensation to keep up. Otherwise, there’s a risk of under-paying those employees and possibly losing them to competitors who are keeping up with the market.
- Cold Jobs:
Compensation for these jobs is increasing slower than the national market and there’s a risk of over-spending on compensation by over-paying these employees.
PayScale Insight Expert customers benefit from having detailed quarterly analysis and recommendations for their market movers done for them by PayScale’s Certified Compensation Experts (CCPs).
In PayScale Insight, detailed market data reports now include trend data for each job in your workforce.
There’s also a new view under ‘Market Reports’ that provides a helicopter view of your workforce, with varying shades of color, from dark pink to blue, indicating jobs that are lagging or exceeding the market.
Do you need help knowing how to handle compensation for the movers and shakers in your organization? Consider subscribing or upgrading to PayScale Insight Expert and get quarterly hot jobs’ analysis as part of your ongoing compensation management services.