Payscale

Taking the path to compensation-strategy success doesn't have to be a solo journey. Connect and collaborate with over 6,000 HR and compensation professionals at Payscale's exclusive FREE virtual Compference this September 17th –19th. Hear from leading practitioners, keynote speakers, and expert voices in our field to gain the insights, resources, and data you need to modernize your compensation practice. Here's why you should attend: • Uncover the latest trends in compensation and total rewards from industry leaders. • Deep-dive into breakout sessions designed to address specific challenges you're facing. • Network with HR and compensation professionals and learn from their real-world experiences. • Get an exclusive look at Payscale's industry-leading compensation solutions like MarketPay and Payfactors. • Current Payscale customers can unlock powerful user insights and maximize the value of their Payscale suite. Compference24 will also feature world-class, paid workshops following each day's free sessions. Register today to take advantage of our early bird rate (standard price begins August 16). Don't miss this opportunity to elevate your compensation strategy and drive better business outcomes. Register for FREE today! 👇 https://lnkd.in/dUCPsjW3

In the United States, only a small portion of organizations (19%) anticipate a 2025 salary increase budget that is higher than 2024's. The majority of organizations expect salary budgets to remain the same. ⚖️💵 In our recently published and extensive Salary Budget Survey, we provide unparalleled insights on projected salary budget submissions from 1,550 organizations collected between May and June of 2024. In the United States, the primary reason organizations said they reduced pay increases is that increases were higher in prior years. Concern about economic conditions was the second reason. However, organizations that said they are expanding budgets cited increased competition for labor as well as improved economic conditions. The full report shows the breakdown of salary budget increases by industry groups, sectors, FTE counts, revenue, regions, and individual states for each employee group studied. This level of detail provides employers with niche data specific to their size, industry, and location that can empower them to make informed decisions for their employees. Download the free report today: https://lnkd.in/gAy-Qg9n

Employee satisfaction has hit a four-year low. 📉 HR Dive reported on BambooHR's recent research analyzing data from 57,000 employees, which found that happiness scores have steadily declined from 44 in May 2020 to 35 in May 2024. "This persistent decline throughout Q2 2024, with scores consistently below 36, is alarming and signals a critical need for organizational introspection and action," says Anita Grantham, BambooHR’s Head of HR. The decline in worker happiness was observed across various industries: - Travel and hospitality experienced a 12% drop between Q1 and Q2. - The tech industry reached a four-year low due to "persistent layoffs" and inflation. - Healthcare saw a 7% drop, with workers citing insufficient compensation. - The restaurant and food and beverage industries faced declines due to "heat-related illnesses and fatigue." To address this, organizations should prioritize open communication, listen to employee feedback, and create a more supportive work environment. Grantham also emphasizes the importance of engagement, especially during workplace transitions. Interestingly, smaller organizations had happier employees, with those at orgs of 24 employees or fewer scoring 50 compared to scores in the 30s for larger orgs. This suggests that fostering camaraderie and providing peer-to-peer recognition can significantly impact morale. Ultimately, the goal should be to build a workplace that genuinely prioritizes employee well-being and satisfaction, thereby cultivating a culture of sustained happiness and productivity. Read the whole article today: https://lnkd.in/gvK_EWeB

Discover the latest insights from our 2024 Salary Budget Survey in our recent Comp & Coffee episode. Get the data you need for effective 2025 salary planning. Highlights include: - Planned vs. actual increases in 2024 - Merit, COLA, promotional, and structure increases - US and Canada segmentation, state and province breakdowns, company size, and industry-specific data Learn how macroeconomic factors such as a cooling labor market, declining inflation, and much more, may influence your salary budget planning for the year ahead. For full details and to leverage these insights in your planning, listen to the full episode of Comp & Coffee: https://lnkd.in/gUk38ifN And download the report from our website: https://lnkd.in/gAy-Qg9n Start prepping now—budget season is here! 📈☕

🎙️ We're excited to announce the latest episode of Comp & Coffee is live, and in it we dive deep into the findings from Payscale’s 2024 Salary Budget Survey. Join host Ruth Thomas and guests Amy Stewart, Principal Research and Insights, and Minde Stone, Senior Director of Rewards, HR Operations, and Talent Acquisition, as they unpack the insights shaping next year's compensation strategies. 📈 Key takeaways include: - Declining Salary Budgets: Only 19% of U.S. organizations plan higher salary budgets for 2025 compared to 50% during the Great Resignation in 2021. - Macro Trends: Cooling labor markets and subsiding inflation are driving smaller salary increases. - Industry Variations: Healthcare and government sectors are experiencing unique trends, influencing higher pay increase plans compared to technology and other sectors. For those planning for the future, tune in for expert tips on leveraging this data for effective compensation planning. Whether you’re gearing up for budget season or looking to align with industry standards, this episode is your go-to resource. Join the conversation and get ahead with your compensation strategies. Listen now and let us know your thoughts! 👉 https://lnkd.in/gUk38ifN Download the Salary Budget Survey: https://lnkd.in/gAy-Qg9n 📅 Don’t forget to mark your calendars for Compference24, happening from September 17th to 19th. Dive into workshops on strategy, execution, and communication to build a robust compensation plan: https://lnkd.in/dUCPsjW3 #CompAndCoffee #SalaryBudgetSurvey #CompensationStrategy #Compference24

We're excited to share that our Keynote for Day 3 of Compference24 will be 🥁 🎤 In Pursuit of Equity: A Fair Pay Conversation with Sophia Bush From the Great Resignation to Return to Office, workplace dynamics have been evolving at breakneck speed. The world of work is hungry for balance. Join actor and Angel City Football Club (ACFC) investor, Sophia Bush, and Angel City Football Club's Head of Community and Marketing, Catherine Dávila, as they discuss the essential connections between workplace belonging and psychological safety, the power of authenticity and embracing one's whole self at work, and how these pillars intersect with employee well-being and the pursuit of pay equity. This is a one-of-a-kind conversation you won't want to miss. Join us for Compference24 — Payscale's leading, annual, and FREE online conference tackling all things comp. We invite you to register today! 👉 https://lnkd.in/dUCPsjW3 #Compference24 #letstalkfairpay #payequity #workinprogress

On Day 2 of Compference24, there will be two foundational workshops providing best practices and actionable tips for leveraging two of Payscale's core tools: Payfactors and MarketPay. – Workshop 1: "How to best leverage Payfactors for reporting" with Daehi Hwang, Compensation Analyst at Payscale, and Kayla Clowers, Analyst, Business Intelligence I at Payscale. In this two-hour paid workshop, you will get in-depth, interactive demonstrations on the reporting tools and features in Payfactors — including custom report options — that can help you analyze whether you are paying fairly, identify where pay increases and/or promotions are needed, and report on investment needs and impacts. Attendees can expect the following takeaways: The ability to use Payfactors reports and other tools to identify pay disparities; an understanding of how to use data within the system to make informed pay decisions; and insights into how to tell the story to executives and business partners. Register for this paid workshop here: https://lnkd.in/gqsuUcAD – Workshop 2: "How to best leverage MarketPay for reporting" with Vijay Saxena, BI Analyst II at Payscale, Bob Armentano, Business Intelligence Consultant at Payscale, and Chloe Polanco, MBA, Senior Compensation Analyst at Payscale. In this two-hour paid workshop, you will get in-depth, interactive demonstrations on MarketPay reporting tools and features — including custom report options — that can help you budget for pay increases, analyze whether you are paying fairly, identify where pay increases and/or promotions are needed, and report on investment needs and impacts. Attendees can expect the following takeaways: The ability to use MarketPay reports and other tools to identify pay disparities; an understanding of how to use data within the system to make informed pay decisions; and insights into how to tell the story to the executives and business partners. Register for this paid workshop here: https://lnkd.in/gqsuUcAD To learn more about all our offerings at Compference24 and to register for free, head to our website: https://lnkd.in/dUCPsjW3

On Day 2 of Compference24, we'll have two informative, expert-led panels designed to help HR and comp professionals demonstrate the value of their investment in compensation and learn how to build effective career paths. – Panel 1: "Leveraging data and reporting to show the effectiveness of investment in compensation" with Benjamin Tudor, Executive Director, Compensation & Retirement at Yale New Haven Health, Marc Mullis, Chief Excitement Officer at Payformance Partners, and Youmna El, Senior Director of Human Resources at NewCold USA Services. In this panel, practitioners and experts will share real-world examples of how investment in compensation budgets, tools, and best practices have made a difference in their organizations — especially in challenging economic conditions. – Panel 2: "The impact of job leveling and how to build effective career paths" with Stephanie Spratling, MM, CCP, Lead Compensation Consultant at Michigan Medicine – University of Michigan, and Hunter Blake, Sr. HR Director, Compensation & Analytics at Milliken & Company. In this session, you will learn how to optimize the use of compensation management tools, including how to utilize market data for salary structure changes, labor market analysis, and other workforce analytics. You will also learn how to establish a standardized methodology for job leveling and explore different approaches to job groupings, job progression, and career pathing. This session is appropriate for compensation professionals at all organization types and sizes, and especially those using or interested in MarketPay. Find out more about the rest of our world-class program and register to join us: https://lnkd.in/dUCPsjW3

🎓 Payscale's 2024 College Salary Report is here! 🎓 The report ranks the top schools and majors based on mid-career salary potential, highlighting the significant impact of education on earning. Insights from this year's report highlight: 🔬 STEM Majors Dominate: Fields like Petroleum Engineering and Electrical Engineering & Computer Science lead the way with six-figure salaries. 🏫 Top Schools for Bachelor’s Degrees: MIT, Princeton, and the U.S. Naval Academy are among the highest for mid-career median salaries. 👨⚕️ Associate Degrees Shine Too: The Helene Fuld College of Nursing tops the list for associate degree holders with impressive earnings. 🎗️ While salary potential is important, Payscale research also finds that meaningful work can be fulfilling and valuable. Nine out of 10 graduates with these degrees believe the work they do makes a positive impact on the world, giving them a sense of purpose despite some earning moderate salaries. Most Meaningful Majors: - Music Therapy: 95% - Cardiopulmonary Science: 92% - Radiation Therapy: 91% - Alcohol & Drug Studies: 90% - Cardiovascular Technology: 89% Explore the data to help make informed decisions about your education and future career https://lnkd.in/g7EFkEiY

We know that employing effective reporting techniques and crafting strategies for pricing unique or hard-to-fill jobs are challenges all HR and comp professionals face. That's why on Day 2 of our Compference24, we've got two excellent sessions designed to help you tackle those challenges: – Session 1: "Reporting techniques to save time and show that pay is fair and competitive" with Genesis Russell, Business Intelligence Analyst at Payscale, and Rekha Gurnani Chowdhury, Compensation Expert, Leader, & Consultant. In this session, you will get an overview of the different kinds of reports that can save you time and demonstrate to business partners and executive leadership that pay is fair or make the case for investment to proactively address underpaid employees. This type of analysis can be done when market pricing to make salary offers or during the pay increase cycle to work toward a state of sustainable fair pay. – Session 2: "Creative data strategies for pricing unique or hard-to-fill jobs" with Jody Amdal, Benchmarking Services Manager at Payscale, and Alena Reva, VP of Total Rewards and People Operations at Foghorn Therapeutics. In this session, you will get practical guidance on how to use or combine various types of market data to price niche or hard-to-fill jobs while staying true to your compensation philosophy, strategy, and commitment to equity. Register today for Compference24 to take your compensation management to the next level 👉 https://lnkd.in/dUCPsjW3