Ubiquitiy Retirement+Savings uses PayScale to enable strategic career pathing and eliminate arbitrary cost-of-living increases.
In 2017, Meadows and his team began developing a new compensation framework. First, the team eliminated the use of arbitrary cost-of-living increases. Instead, employees would be expected to earn increases in one of three ways: by taking additional training, adopting more responsibility, or getting promoted. “We wanted employees to feel that compensation is earned, not granted,” said Meadows. “We didn’t want them simply waiting for an increase.”
Simultaneously, the team implemented PayScale’s Insight Essential, the cloud-based compensation tool designed to enable data-driven, transparent compensation management. “We selected PayScale over other vendors for several reasons,” said Meadows. “It’s easy to use and there’s a lot of information on where the data comes from. PayScale also offers a fantastic level of support. We feel like we have a partner in compensation, with a level of service that we haven’t found with other technology providers.”
With PayScale, Ubiquity can base compensation decisions on data, thereby eliminating favoritism, nepotism, and bias. “We want to be a company that is known for being a fair pay provider, not a company that’s going to make the news because we aren’t,” said Meadows. “PayScale helps ensure we’re paying fairly, regardless of gender, ethnicity, or other factors.”
With PayScale, Ubiquity’s employees now know exactly what they need to do to drive pay raises. “The way PayScale has helped us the most is with our career pathing,” said Meadows. “We can show people where they are now and what they need to do to increase their compensation over time. As a result, there’s a shared vision of success, and managers and employees can be more collaborative in achieving performance goals.”
Ubiquity prioritizes transparency with customers around fees; with PayScale, the company can offer employees the same transparency around compensation. “Everyone says ‘Don’t talk about pay’, but that’s not realistic,” said Meadows. “In the right situation, in the right way, talking about compensation can be a powerful tool for development. With PayScale, we now have a transparent compensation philosophy, one where everyone is equipped with the same information.”
With PayScale, Meadows and his team can streamline budgeting for increases, new roles, and employee succession. “It’s easier to budget because we can predict how much we are going to pay,” said Meadows. “PayScale has allowed us to be more stable financially and more competent culturally.”
PayScale’s location-based compensation data helps Ubiquity both attract and retain remote workers. “Seventy percent of our employees work remotely,” said Meadows. “With PayScale, it’s so much easier now to say, ‘Here’s how much we pay in this geographical area.’”