Creating pay transparency in the workplace

CREATING bamboohr.com TRANSPARENCY IN THE WORKPLACE Rusty Lindquist Mykkah Herner VP OF HR INSIGHTS AT MODERN COMPENSATION BAMBOOHR EVANGELIST AT PAYSCALE payscale.com CREATING TRANSPARENCY IN THE WORKPLACE Agenda • Pay Transparency Matters • Defining Transparency • The Transparency Spectrum • Moving to Greater Transparency • Immediate Actions bamboohr.com payscale.com CREATING TRANSPARENCY IN THE WORKPLACE Pay Transparency gets everyone in the same boat, paddling in the same direction bamboohr.com payscale.com CREATING TRANSPARENCY IN THE WORKPLACE Why Would Anybody be More Transparent about Pay? Better Business Outcomes! Engagement Trust Pay Transparency bamboohr.com payscale.com Employees who perceive a ‘fair and transparent pay practice’ have lower intent to leave and higher satisfaction PERCENT OF RESPONSES LOW AVERAGE HIGH 50% 31% 19% 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% % Responses with Intent to Leave 4&5 % Responses with High Satsifaction CREATING TRANSPARENCY IN THE WORKPLACE Workforce Demographics… bamboohr.com payscale.com CREATING TRANSPARENCY IN THE WORKPLACE … are changing bamboohr.com payscale.com Everybody’s doing it… CREATING TRANSPARENCY IN THE WORKPLACE .whether they want to or not • CEO to worker ratios • 990s • Say on Pay bamboohr.com payscale.com 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 Published Ranges & Grades • 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 Everybody Knows Your Salary • 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 CREATING TRANSPARENCY IN THE WORKPLACE Gartner Hype Cycle Peak of Inflated Expectations VISIBILITY Plateau of Productivity Slope of Enlightenment Trigger Trough of Disillusionment TIME / MATURITY bamboohr.com payscale.com CREATING TRANSPARENCY IN THE WORKPLACE Adoption Curve VISIBILITY Chasm of Wants INNOVATORS bamboohr.com EARLY ADOPTERS EARLY MAJORITY LATE MAJORITY LAGGARDS payscale.com CREATING TRANSPARENCY IN THE WORKPLACE Moving to greater transparency bamboohr.com payscale.com CREATING TRANSPARENCY IN THE WORKPLACE Gain executive support • Explain what transparency is (and isn’t) • Link transparency with results that matter bamboohr.com payscale.com CREATING TRANSPARENCY IN THE WORKPLACE Train Managers • Provide information about the business, rationale for increasing communication, and tools for success • Expect more to get more • No really, train them on communication bamboohr.com payscale.com CREATING TRANSPARENCY IN THE WORKPLACE Assess Workforce • What’s the makeup of your workforce? • Are they ready for more transparency? • Do they want it? bamboohr.com payscale.com CREATING TRANSPARENCY IN THE WORKPLACE Get clear about roles bamboohr.com payscale.com CREATING TRANSPARENCY IN THE WORKPLACE Develop a plan bamboohr.com payscale.com CREATING TRANSPARENCY IN THE WORKPLACE Functional Transparency bamboohr.com payscale.com CREATING TRANSPARENCY IN THE WORKPLACE Immediate Actions • Assess your workforce • Educate yourself further about transparency • Notice what you already in your org • Think about what “pushing the envelope” means to you • Begin talking with your executives bamboohr.com payscale.com CREATING TRANSPARENCY IN THE WORKPLACE Thank you! Follow BambooHR and PayScale on social media: bamboohr.com/blog | payscale.com/compensation-today bamboohr.com payscale.com CREATING TRANSPARENCY IN THE WORKPLACE 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 PayScale Download a free ebook on communicating compnesation http://resources.payscale.com/hr-ebook-communication.html bamboohr.com payscale.com ... payscale.com CREATING TRANSPARENCY IN THE WORKPLACE Defining Transparency Defining Transparency bamboohr.com payscale.com CREATING TRANSPARENCY IN THE WORKPLACE What are we being transparent about?... CREATING TRANSPARENCY IN THE WORKPLACE Market Studies bamboohr.com payscale.com CREATING TRANSPARENCY IN THE WORKPLACE Salary Rates bamboohr.com payscale.com CREATING TRANSPARENCY IN THE WORKPLACE. .. WORKPLACE The Transparency Spectrum bamboohr.com payscale.com CREATING bamboohr.com TRANSPARENCY IN THE WORKPLACE payscale.com CREATING TRANSPARENCY IN THE WORKPLACE Only own pay bamboohr.com payscale.com