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Range and Strategy

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Structure can be a good thing. Pay ranges give you guidelines for how to pay your people, and help you to identify pay inconsistencies and inequities across your employees. Join this webinar to learn more.

-An overview of how to use your Insight Platform to build out a range structure
-Best Practices of what to think about when building out a structure in the tool for the first time
-Keys tips to implement pay ranges in your organization

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Range and Strategy

  1. 1. Ranges and Strategy Training Session will start at 10:05 am
  2. 2. www.payscale.com Introduction Diane Schuman Customer Training Specialist Lauren Heino Compensation Professional
  3. 3. www.payscale.com Rita Patterson, CCP Manager, Customer Education https://www.linkedin.com/in/rita-patterson-ccp-5b039812 Mykkah Herner, MA, CCP Modern Comp Evangelist https://www.linkedin.com/in/mykkahherner 1 2 3 Agenda • What to think • Identify your Labor Market • How competitive do you want to be? • Creating Ranges in Insight • Setting Ranges • Employees to Ranges Report • Key tips to implementing • How to handle outliers
  4. 4. www.payscale.com What is a Labor Market? To define a Labor Market means to choose a “cut” of the compensation data based on where you compete for talent – organization type, company size, geography, and/or industry. Location Market Labor Market Industry Company Size Org Type
  5. 5. www.payscale.com How competitively do you want to pay? What’s your target market percentile? 50TH PERCENTILE LAG THE MARKET MEET THE MARKET LEAD THE MARKET 90TH PERCENTILE 10TH PERCENTILE
  6. 6. www.payscale.com Definition: Job-Based Ranges Ranges are built around the market value for the job, at the targeted percentile
  7. 7. www.payscale.com Using Pay Ranges Range MidpointMinimum Maximum $50,300 $74,400$62,400 Range Midpoint:Range Minimum: Range Maximum: • Employees new to the role • Employees with lower performance or proficiency • Employees proficient in their role • Employees with good performance • Aligns with the market • Employees with high performance • Employees with demonstrated high proficiency and experience
  8. 8. www.payscale.com Handling Green Outliers • Increase all to bottom of range • Focus increases on top performers • Focus increases on critical segments • Bring employees into the range over time • Special circumstances allow for payment below range
  9. 9. www.payscale.com Handling Red Outliers • Freeze base pay • Offer one-time performance-based payout (if warranted) • Allocate increases by position in range • Pay determined by factor other than market
  10. 10. www.payscale.com Develop guidelines or policies about: • Where new employees enter ranges • How current employees move within ranges • What happens when an employee is promoted? • How much discretion do managers have? Get specific, where it makes sense! Guidelines or Policies
  11. 11. www.payscale.com • New positions • Evaluate ranges to market • Annually based on market research • Shift ranges as necessary (2-3 years) • Evaluate Ranges • Revised job duties • Hot jobs Maintaining Compensation Structure
  12. 12. Questions?