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The Pay Transparency Spectrum
Mykkah Herner, MA, CCPModern Compensation Evangelist
Rita Patterson, CCPManager, Customer Education
#TalkPay
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www.payscale.com#TalkPay
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www.payscale.com
Rita Patterson, CCPManager, Customer Education
https://www.linkedin.com/in/rita-patterson-ccp-5b039812
Mykkah Herner, MA, CCPModern Comp Evangelist
https://www.linkedin.com/in/mykkahherner
#TalkPay
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Why Transparency?
The Pay Transparency Spectrum
Tips for Increasing Transparency
Getting started
#TalkPay
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Why Transparency?
#TalkPay
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PERCENT OF RESPONSES
LOW AVERAGE HIGH
50% 31% 19%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
1 2 3 4&5
% Responses with Intent to Leave % Responses with High Satsifaction
Transparency is linked to satisfaction
#TalkPay
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Transparency
Trust
Results!
Engagement
#TalkPay
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Transparency drives results
Study: https://hbr.org/2014/11/cooks-make-tastier-food-when-they-can-see-their-customers/ar/1
Photo: http://segets.com/restaurant-open-kitchen-layout-design-ideas-1-4974-design.html
#TalkPay
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MillennialsI found this report online…
#TalkPay
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Baby Boomers 1946 – 1964 Size: 74M
Communication
About Comp:
Private
Average Tenure:
15 Years
Career Mindset:
Loyal
Self-driven
High Work Ethic
Retirement
Generation X 1965 – 1979 Size: 66M
Communication
About Comp:
Semi-private
Average Tenure:
5 Years
Career Mindset:
Pessimistic
Self-reliant
Work/Life Balance
Management
Millennials 1980 – 1995 Size: 74M
Communication
About Comp:
Public
Average Tenure:
18-24 Months
Career Mindset:
Idealistic
Fairness, Flexibility Values
Work/Life Balance
Advancement
Generation Z 1996 – Present Size: TBD, 69M+
Communication
About Comp:
Semi-private
Average Tenure:
TBD
Career Mindset:
Realistic
Multicultural Fluency
Technology Native
Learning with a Purpose
#TalkPay
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FiveGenerations
of 2020
Gen Z
Millenials
Gen X
Baby Boomers
Traditionalists
Bureau of Labor Statistics Employment Projections
#TalkPay
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of employees are ok with low pay if the rationale is explained
82%
of companies are confident in managers’ ability to have tough pay conversations
80% of employees paid above market believe they’re paid at or below
17%
#TalkPay
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TOP-PERFORMING
of Top-Performing companies are transparent about pay
47%
Vs 40% of all companies
#TalkPay
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The Pay Transparency Spectrum
#TalkPay
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www.payscale.com
The PayScale Pay Transparency Spectrum
#TalkPay
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1. Paycheck“Here’s what you get paid”
#TalkPay
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2. Market Data“Here’s how we use market data to set pay”
#TalkPay
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3. Comp Plan“Here’s where your pay falls in range”
#TalkPay
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4. Culture alignment“Here’s why we pay like we do”
#TalkPay
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5. Open Salary“Here’s everything you want to know about everyone’s pay”
#TalkPay
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Tips for Increasing Transparency
#TalkPay
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Functional Transparency
#TalkPay
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Gain executive support
#TalkPay
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Develop a planEmployees know
× Their pay
× Range max
Employees know
Their pay
Grade & range
Comp Philosophy & basis for increases
Requires:• Executive support and buy-in for comp plan• Increased manager communication skills
#TalkPay
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Get clear about roles
D A R C IDecision-Maker
AccountableResponsibleConsultedInformed
#TalkPay
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Assess Workforce
#TalkPay
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Train managers
#TalkPay
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Total CompStatement
#TalkPay
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Getting Started
• Do a market study • Evaluate your workforce • Assess manager communication skills• Determine current level of transparency• Identify desired level of transparency• Make a plan to get there
#TalkPay
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PayScale Delivers Where Other Compensation Providers Fall Short
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Visit our blog: www.payscale.com/compensation-today
Join our Group on LinkedIn: Compensation Today: HR Best Practices
Rita Patterson, CCP
Manager, Customer Education
Mykkah Herner, MA, CCP
Modern Compensation Evangelist
www.payscale.com
#TalkPay