We make market pricing Better by helping you market price at scale while consuming your favorite compensation surveys like Radford, McLagan, Mercer, Willis Towers Watson, and Culpepper. Searching for jobs? Adding them to projects? Waiting weeks for your yearly "data update" to finish? Doing off-line analysis and additional matching because it's too hard to do in your system? These are all examples of friction that happen with legacy providers, but not with BetterComp.
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According to Revelio Labs, careers in the #HR field are often unplanned with “only 18% of HR professionals starting their careers in HR”, either as a first or second job out of college. For all the #Compensation Pros out there, I'd love to hear about your career journey:
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Let's Talk Job Levels! 🔍 Job levels are an internal hierarchical structure that: 🎯 Provides clarity on the differences in required skills, responsibilities, and corresponding pay ranges of job roles 🎯 Helps define a clear path for internal mobility It's an essential component of your job architecture! Do you have defined job levels at your organization today? #JobArchitecture #JobLevels #CareerFramework
🌟 The growing need for comp pros to develop a more business-oriented mindset and the rise of the "Compensation Business Partner" role was one of the major discussion points during our latest webinar, "What's New and Next in Comp Data?" 🤔 Want to know what this shift entails? Prosper Consulting LLC offers 5️⃣ guiding principles to become a business partner. 📖 Check out their blog for the full insights here: https://lnkd.in/dBK5e-C9 #Compensation #CompensationBusinessPartners #CompensationCareer
💡 Our latest webinar brought together experts from Aon, Mercer, Korn Ferry, and WTW for an insightful discussion on the current and future state of compensation data. Topics Covered Include: • Emerging trends in compensation • AI’s impact on the compensation industry and the role of comp pros • The future of alternative data • The changing regulatory landscape around pay • Candid advice from our panelists Missed the webinar or want a refresher? 🔍 Access our comprehensive recap here! https://lnkd.in/gpHy-SrB #compensation #marketpricing #compensationdata
Wishing everyone a happy and safe 4th of July! 🇺🇸🎇 The BetterComp team will be celebrating Independence Day with a 4-day weekend! It's the perfect opportunity to enjoy time with family and friends, reflect and recharge. But why limit the spirit of independence to just one day or one weekend? Compensation teams can declare their independence from outdated market pricing technology year-round by making the switch to BetterComp. Enjoy the festivities, stay safe, and let’s make market pricing better together! #July4 #Independence #BetterComp
📝 Maryland’s new wage transparency law takes effect on October 1, 2024. As pay transparency continues to gain momentum, effective compensation benchmarking only becomes more critical. 🔍 Discover why effective market pricing is important for ensuring pay transparency here: https://lnkd.in/giQAnRJT #PayTransparency #Compensation #MarketPricing
“The best AI is going to be underpinned by the best data.” - Sambhav Rakyan, Global Business Leader, Rewards Data Intelligence at WTW. During our recent webinar through WorldatWork, “What’s New and Next in Comp Data,” our expert panelists discussed the potential impact of AI on the role of Comp Pros and the compensation industry as a whole. Missed the live discussion? It’s not too late to catch all the insights! Register here to access the on-demand webinar: https://lnkd.in/g9FKTc8M
Pride Month serves a reminder of the progress that we’ve made and the remaining work that needs to be done to champion equality and acceptance for all. And this work needs to be done every day, not just in June. Let's commit to ongoing support, understanding, and celebration of the diversity that enriches us all! #PrideMonth #InclusiveWorkplace
Want to get started with market pricing? ⏸️ Before you begin, do the prep work first! To get started with market pricing, you will need: • Data • A handle on your jobs/job architecture • A clear vision of your job pricing philosophy Now that you've done your prep work, here are the 4️⃣ key steps of market pricing! STEP 1: Determine Benchmark Jobs - Benchmark jobs are the ones easiest to align with the broader market. Benchmark jobs will have similar functions, responsibilities, and possibly even titles across industries. STEP 2: Job Matching 🔄 - Match your benchmark jobs to jobs from your salary data 💼. - If you have a formal job architecture, align your levels with any included in your data source. - After your benchmark jobs are matched up, you can slot in your non-benchmark jobs based on experience level, value creation, etc. STEP 3: Data Alignment 📈 - Think about how you want to slice and dice your data. For example, do you want to just look at your specific industry or are there several in which you compete for talent? STEP 4: Price and Evaluate 💰 - Use your compensation philosophy to price your jobs relative to the data. - Double check your work and make changes as appropriate while considering your overall budget. Want to learn more about market pricing? Check out our market pricing guide here: https://lnkd.in/gp9CcxnU #BetterComp #MarketPricing #Compensation
🚀 Job Families and Functions! Specific naming conventions may vary across different organizations and contexts. Nonetheless, having these defined is a great step towards: 🔍 Understanding how roles are related to one another within the organization 🌱 Identifying areas of career growth for employees 🛠️ Identifying skills/qualifications of roles to assist with talent recruitment ...and much more! 💬 How do you use job family and functions in your day-to-day...let us know in the comments! #JobFamily #JobFunction #Compensation