Written by Salary.com Staff
March 13, 2023
Here at Salary.com, we offer employers software that is an all-in-one solution to your compensation management called CompAnalyst. With CompAnalyst, we will provide market-price jobs with current data that you can trust. As well as this, CompAnalyst offers you the opportunity to create and model salary structures in 3 steps, manage job descriptions, produce compensation reports, identify pay gaps, and more.
In this webinar, Katie Stukowsi, Managing Director of Solutions Consulting at Salary.com, will walk you through how you can address pay equity using the software. Pay equity is a critical aspect for all organizations, which is why we want to help you tackle the challenges that you may face in relation to it. Without further ado, let’s take a look at one of the many services that CompAnalyst can offer.
At Salary.com, our definition of pay equity is as follows:
Pay equity is fair pay for comparable jobs that is internally equitable, externally competitive, and transparently communicated. Pay equity requires a comprehensive solution that reflects what’s happening inside and outside your organization – defining how organizations approach their relationship with their employees.
Fair pay and the war for talent are top priorities for HR to address. As organizations emerge from the pandemic, compensation and equity are critical to culture and engagement. Employees are demanding pay equity too as they wish for them and their colleagues to be valued by their organization.
There is also legislation in place to ensure that organizations comply with pay equity laws. Katie Stukowski explains:
“We also know that there are a number of reasons why pay equity is important. The easiest level to sum it up is the OFCCP and state law they prohibit pay discrimination.”
CompAnalyst Pay Equity Suite is the industry’s only end-to-end solution delivering a year-round focus on pay that is internally equitable, externally competitive, and transparently. There are many features to the pay equity component of the software. Here are some of them:
The Pay Equity Suite uses the employer-reported data found on CompAnalyst. Salary.com purchases hundreds of employer-reported surveys throughout the year to curate the 15,000 jobs listed within our database. This is updated on a monthly basis, and it reflects the current market trends that we’re seeing. Katie Stukowski shares her input:
“Within the all-in-one solution, our CompAnalyst market data is fully integrated so that clients have access to this up-to-date information to tackle competitive pay offers, as well as to help implement or look at internal pay ranges against accurate market data to identify where shifts need to take place.”
In the Pay Equity Suite, you can search for specific jobs and their location to see what pay looks like in different labor markets. When searching geographically, you have the ability to look within states and major metro regions, even down to a zip code if necessary. The market data not only allows you to pool multiple jobs into a report, but it also allows you to view every job with a full description, education, skills, and competencies.
You can also hone in your scope of what you look for in an industry when using the tool. Once you’ve made selections on which data you want, CompAnalyst will then allow you to run market pricing reports. From here, you can look at the salary ranges and rates of the roles that you choose.
The salary information isn’t only published, but so is the total cash compensation plus any short-term incentives the role may receive in a one-year period. We also publish long-term incentives for those organizations that reward for reasons such as loyalty and commitment. Knowing these can help you see how incentives affect pay equity in similar organizations to yours.
The Pay Equity Suite also enables you to think about pay grades and pay ranges. CompAnalyst offers you a way to group these similar positions and define a range while also comparing your internal range with the market range. You can then compare your pay range with the market range to help you identify any pay gaps that exist.
The Pay Equity Suite also allows you to add additional variables to your reports. You can bring in data around age, ethnicity, and gender, as well as performance and skills to look at specifics. Doing this helps you start thinking about gap analysis and adjustments that may be necessary.
If you want to find out more about CompAnalyst, we have various webinars available to help guide you. If you wish to hear in more detail about the Pay Equity Suite, you can watch the webinar on the topic by Katie Stukowski. Follow this link here to get started!
Download our white paper to further understand how organizations across the country are using market data, internal analytics, and strategic communication to establish an equitable pay structure.