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Creating Pay Transparency In The Workplace

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Rusty Lindquist VP of HR Insights at BambooHR Paige Hanley, CCP Senior Compensation Professional at Payscale


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Pay Transparency Matters Defining Transparency The Transparency Spectrum Moving to Greater Transparency Immediate Actions Agenda


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Pay Transparency gets everyone in the same boat, paddling in the same direction.


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Why Would Anybody be More Transparent about Pay? Pay Transparency Trust Better Business Outcomes! Engagement


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Employees who perceive a ‘fair and transparent pay practice’ have lower intent to leave and higher satisfaction Intent to leave Satisfaction


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Workforce Demographics…


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… are changing


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Everybody’s doing it…


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...whether they want to or not CEO to worker ratios 990s Say on Pay


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Defining Transparency Defining Transparency


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What are we being transparent about? Pay Philosophy Pay Strategy Pay Practices Market Studies Pay Rates


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Pay Philosophy


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Defining the competition Aiming to meet or exceed the competition Deciding what matters Acknowledging various segments Pay Strategy


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Pay Practices


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Market Studies


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Salary Rates


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The Transparency Spectrum


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1. Only own pay


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Philosophy shared with managers High-level strategy shared with managers Plan shared with managers Manager and employee discuss employee’s pay 2. Manager & Employee Talk About Pay


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3. Company Pay Philosophy Philosophy shared with employees Strategy shared with managers Plan shared with employees; ranges shared with employees and managers Do a market study Manager and employee discuss employee’s pay


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4. Market Study & Comp Processes known Philosophy explained to employees High-level strategy shared with employees; full strategy shared with managers Managers know all ranges to their level; employees know ranges in their path and how to advance Market study provider known; employee to market results known by employee Manager and employee discuss employee’s pay


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5. Managers Trained to Talk Pay Philosophy explained to employees High-level strategy shared with employees; full strategy shared with managers Managers know all ranges to their level; employees know ranges in their path and how to advance Company wide results known; Employee to market results known by employee Manager and employee discuss employee pay well


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Philosophy explained to employees Full strategy shared with employees All ranges shared with employees; budget and increase process / cycle known Department-wide results known Manager and employee discuss employee pay well 6. Published Ranges & Grades


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Philosophy explained to employees Full strategy shared with employees All ranges shared with employees; budget and increase process / cycle known Employee to market results shared Everybody knows everybody’s pay 7. Everybody Knows Your Salary


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Gartner Hype Cycle VISIBILITY TIME / MATURITY Trigger Peak of Inflated Expectations Trough of Disillusionment Slope of Enlightenment Plateau of Productivity


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Adoption Curve VISIBILITY INNOVATORS EARLY ADOPTERS EARLY MAJORITY LATE MAJORITY LAGGARDS Chasm of Wants


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Moving to greater transparency


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Explain what transparency is (and isn’t) Link transparency with results that matter Gain executive support


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Provide information about the business, rationale for increasing communication, and tools for success Expect more to get more No really, train them on communication Train Managers


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What’s the makeup of your workforce? Are they ready for more transparency? Do they want it? Assess Workforce


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ecider A ccountable R esponsible C onsulted I nformed Get clear about roles


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Develop a plan


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Functional Transparency


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Immediate Actions Assess your workforce Educate yourself further about transparency Notice what you already do in your org Think about what “pushing the envelope” means to you Begin talking with your executives


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Follow BambooHR and PayScale on social media: bamboohr.com/blog | payscale.com/compensation-today Thank you!


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Questions? BambooHR Receive a free job posting on our ATS and full HRIS for one week. We will contact everyone within the next few days to set this up. Download a free ebook on communicating compnesation. PayScale http://resources.payscale.com/hr-ebook-communication.html


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