With more than 500 employees working in a rapidly changing industry, PAC Worldwide wanted to remain competitive in pay while still ensuring fiscal responsibility to stakeholders.
Self-reported compensation surveys aren’t always received well by HR leaders, who often doubt the data’s validity. Diane originally felt the same way. "When I first came to PAC Worldwide, I wasn’t a big fan of PayScale. I was willing to throw it out the window. It was hard for me to wrap my head around self-reported data or see how you could obtain enough of it to make it worthwhile. But when I saw how PayScale could help us develop a long-term compensation strategy—and the true breadth and depth of the data they could access—it changed my whole perspective."
"Technology is changing rapidly right in front of our eyes. Once-a-year, formal compensation data—the data you get from those big surveys—goes very stale very quickly," said Toomey "Instead, with PayScale we’re making our compensation decisions based on real-time—not last year’s or even last month’s— information.
PAC Worldwide uses PayScale to streamline salary benchmarking, set and adjust pay raises, identify flight risks, and allocate increases based on performance—tasks that would be too time consuming and error prone with spreadsheets. "The thought of pulling a spreadsheet together, benchmarking the data every time, putting data in—it’s so old school. It’s time to move on," said Toomey "Spreadsheets are also not as accurate. With PayScale, the calculations are done for us, and I can easily drill down into specific pay issues and pull reports on the complete picture of our compensation strategy."
With PayScale, PAC Worldwide leaders can pull real-time market salary data on demand, increasing both transparency and bargaining power. "I like the fact that I can pull a market report while an employee is in my office," said Toomey, "I can give them an idea of what the position might look like and how we can compensate them in line with market values. With PayScale, we’re eliminating guesswork."
PAC Worldwide will soon be expanding into a new manufacturing operation on the opposite coast. PayScale’s Market Differentials Analysis (MDA) has been instrumental in forecasting budgets for the new opportunity. "We’re just starting to figure out what all these jobs will cost in the new area," said Toomey, "PayScale is so handy; it goes beyond cost-of-living analysis and makes it easier for us to budget for the new location."