Payscale helped guide us on what we should be paying to stay competitive for talent within our industry and location. We now have the confidence to be transparent about pay and employees now feel they are being paid fairly.
Because our bank tellers now understand their earning potential, turnover has reduced to 23 percent. They are not only sticking around, but enhancing the customer experience, improving customer retention and growing the value of each customer.
Our success would not have been possible without Payscale. Our company has seen a huge impact as a result of this partnership, from my own personal career growth to helping our employees see fulfillment to the lasting success of our organization”
Where Payscale makes an impact
New pay structures and career pathing
30% reduction in turnover for tellers
Increased confidence in new job offers
Enhanced credibility in HR with the CEO
Company & Challenge
Based in Michigan with branches throughout the Midwest, Independent Bank had recently activated UltiPro as its core HR system. In moving to software with HR analytics, the organization discovered some disparity in its compensation packages for employees across regions.
Independent Bank had only five levels of pay ranges that were too broad to be useful during hiring. Although the organization used a few banking compensation surveys to inform salaries, the survey data was too limited to inform all of their positions and required some subjective guesses of appropriate wages. This resulted in differences in pay for more generalized roles. The organization also struggled to attract and retain bank tellers due to pay that was below market for a job that — though entry level — required specialized skills in compliance and regulations.
Determined to improve its market presence and reputation as a company that pays well and fairly, Independent Bank partnered with Payscale to improve its compensation structure and practices and standardize pay throughout the organization. Rather than rely on ad hoc requests for pay increases from employees, the organization wanted to be able to make competitive offers at hiring as well as adjustments in compensation based on market data and company strategy.
Where Payscale makes an impact
New pay structures and career pathing
30% reduction in turnover for tellers
Increased confidence in new job offers
Solution & Outcomes
Payscale provided professional services to help Independent Bank develop a new pay structure based on Payscale’s Employee Reported data and Compensation Surveys as well as third-party survey data. The final results were housed in Payscale Insight Lab so that managers have access to salary information. With its positions reclassified so that pay ranges exist for each unique job, the organization can be transparent about how it pays, with rationale grounded in market data.
After conducting market analysis, Independent Bank was able to standardize pay for critical roles and resolve pay inequity issues. With more competitive wages and a clearer idea of career trajectory and earning potential for each position at the branch, turnover for the bank teller position dropped by 30 percent. In addition, the organization felt much more confident in making offers to job candidates.
Standardizing pay for bank tellers had an incredible effect. The organization was able to retain more experienced employees and spend less time training new hires. They also saw improved relationships with customers as bank tellers felt more appreciated and incentivized to serve clients better, enhancing the customer experience and increasing the bottom line.
A data-driven approach to bank teller pay impressed the CEO and built credibility in HR, resulting in HR guiding compensation decisions throughout the organization. Independent Bank then engaged in an initiative to eliminate the gender pay gap within its organization. Using reporting from both Payscale and UltiPro to refine their positions, the organization has seen the gender pay gap decrease.
Solution & Outcomes
Payscale provided professional services to help Independent Bank develop a new pay structure based on Payscale’s Employee Reported data and Compensation Surveys as well as third-party survey data. The final results were housed in Payscale Insight Lab so that managers have access to salary information. With its positions reclassified so that pay ranges exist for each unique job, the organization can be transparent about how it pays, with rationale grounded in market data.
After conducting market analysis, Independent Bank was able to standardize pay for critical roles and resolve pay inequity issues. With more competitive wages and a clearer idea of career trajectory and earning potential for each position at the branch, turnover for the bank teller position dropped by 30 percent. In addition, the organization felt much more confident in making offers to job candidates.
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"Payfactors is a game changer for your market pricing needs. I can provide fast and accurate market data to management in a very easy-to-produce, elegant report."
“Marketpay — concise, consolidated, and clever. Repeatable reporting helps to set an expectation for the internal client and provides a clear understanding of the market comparable to internal jobs.”
"[Payfactors’] analytical dashboards are game-changers for the way we work. They make us more likely to renew. I would want to keep it just to be able to pull data in real time without spending half a day prepping 18 Excel documents. Being able to go in, have our data ready, and see the fancy graphs is amazing. I would just say, keep doing what you're doing — we really love it."
“With Payfactors, we have replaced our labor-intensive spreadsheet job pricing process with a system that works like a dream. We are able to match to benchmarks within the system, easily get up-to-date pricing and age for future cost planning. We’ve cut our process time down by at least 80%."
"Payfactors is a game changer for your market pricing needs. I can provide fast and accurate market data to management in a very easy-to-produce, elegant report."
“Marketpay — concise, consolidated, and clever. Repeatable reporting helps to set an expectation for the internal client and provides a clear understanding of the market comparable to internal jobs.”
"[Payfactors’] analytical dashboards are game-changers for the way we work. They make us more likely to renew. I would want to keep it just to be able to pull data in real time without spending half a day prepping 18 Excel documents. Being able to go in, have our data ready, and see the fancy graphs is amazing. I would just say, keep doing what you're doing — we really love it."
“We initially looked at other vendors who could help us in this area, and we just didn’t find what we were looking for in terms of the level of partnership and expertise that Payscale could provide. It was important for us to make sure that the information we were receiving was reliable and to have it come from a trusted source. We can now confidently say we are looking at compensation in a way that will ensure that we’re building for the now as well as the future.”
“We've used Payfactors for five years. I’ve loved seeing the evolution of the product, - especially after the merger with Payscale.”
“We initially looked at other vendors who could help us in this area, and we just didn’t find what we were looking for in terms of the level of partnership and expertise that Payscale could provide. It was important for us to make sure that the information we were receiving was reliable and to have it come from a trusted source. We can now confidently say we are looking at compensation in a way that will ensure that we’re building for the now as well as the future.”
“We've used Payfactors for five years. I’ve loved seeing the evolution of the product, - especially after the merger with Payscale.”
"Our biggest challenge as compensation specialists is moving at the speed of business. When it comes to people's pay, you have to get it right. And to stay competitive, particularly today, you have to get it in place right away. Payscale gives us current, real-time market data and a streamlined way to access the information we need for analysis and validation."
"Our biggest challenge as compensation specialists is moving at the speed of business. When it comes to people's pay, you have to get it right. And to stay competitive, particularly today, you have to get it in place right away. Payscale gives us current, real-time market data and a streamlined way to access the information we need for analysis and validation."
“We've used Payfactors for five years. I’ve loved seeing the evolution of the product, - especially after the merger with Payscale.”
"Our biggest challenge as compensation specialists is moving at the speed of business. When it comes to people's pay, you have to get it right. And to stay competitive, particularly today, you have to get it in place right away. Payscale gives us current, real-time market data and a streamlined way to access the information we need for analysis and validation."
"Our biggest challenge as compensation specialists is moving at the speed of business. When it comes to people's pay, you have to get it right. And to stay competitive, particularly today, you have to get it in place right away. Payscale gives us current, real-time market data and a streamlined way to access the information we need for analysis and validation."
“We've used Payfactors for five years. I’ve loved seeing the evolution of the product, - especially after the merger with Payscale.”