Pay conversations surround us every day, and the conversation around pay transparency in particular seems likely to continue to grow.
While transparency is deeply rooted in our values and compensation philosophy here at PayScale, we’re not the only ones who are recognizing and embracing this thriving trend. In PayScale’s 2017 Compensation Best Practices Report (CBPR), nearly half (49 percent) of surveyed organizations said they are aiming for pay transparency this year. These organizations plan to share more about their pay philosophy, practices and more.
Pay should no longer be a dark secret. In fact, the opposite is proving to be true: Both data and customers are telling us now, more than ever, that it is essential to be transparent about pay with employees.
While many companies rely on managers to communicate pay to their employees, only 19 percent of organizations are confident in their managers’ ability to have these conversations. PayScale’s latest features seek to build that confidence in managers by providing them with easy access to the tools they need to have valuable and meaningful pay conversations.
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Introducing our new and improved Employee Compensation Report
PayScale’s Employee (EE) Compensation report equips managers to easily communicate pay with their employees, based on market data and the organization’s pay philosophy.
HR remains in full control with the EE comp report’s robust functionality and the ability to configure it based on preferred level of transparency, while also ensuring that the company’s pay philosophy is cascaded.
According to a PayScale survey of 71,000 employees, 82 percent of employees felt satisfied at their company even if they were underpaid, as long as they knew the reason why.
Communicating comp with employees helps them not only have a greater connection and respect for the organization but also helps them feel valued. This means better work!
And communicating compensation doesn’t stop after a single pay conversation. It continues with every increase cycle.
PayScale Team is a product designed to make the increase cycle easy. In the latest release, managers with multiple teams have their very own, user-specific dashboard designed to surface key actionable items and decision-ready data in order to accelerate the increase cycle.
With the new dashboard, managers can make informed increase choices quickly and easily, then get back to other aspects of their jobs.
Check out this video to see how these new features can help you and your team talk about comp.
So, what’s your level of transparency?
Looking to become more transparent about comp but need the tools to do so? Learn more about PayScale’s compensation software today.
Tell Us What You Think
What are the toughest compensation questions facing your organization? We want to hear from you. Ask your questions in the comments.