Compensation leaders are feeling more pressure than ever to “get compensation right”. This means that comp leaders look to multiple types of market data to create a comprehensive, reliable perspective on how to pay employees in a competitive and equitable way.
Managing that data, resolving any gaps in it, and then utilizing it to build or reprice salary ranges is no small task. For many teams, it’s a time-consuming process that often involves unwieldy, error-prone spreadsheets—and often results in a lack of confidence in the output.
To help compensation and Total Rewards leaders overcome this problem, we’ve upgraded Pave Market Pricing to simplify and accelerate the entire pricing process. With Market Pricing, you can analyze multiple market datasets, leverage benchmarks to create or update comp bands, and confidently share them with compensation stakeholders, all in one place.
Learn more about what’s new in Market Pricing, and how compensation teams can leverage this tool for more efficient processes.
Better Compensation Data Management
Getting your compensation data in order should be the first step in any repricing exercise. The process of aggregating data for jobs is burdensome—sometimes corners are cut, mistakes are made, or the process is deferred altogether.
With Pave’s Market Pricing, comp leaders can get out of the dreaded spreadsheets and easily manage multiple data sources in one system. This helps you to identify the best compensation market data to use to update your bands, whether that’s Pave data or other sources.
With Market Pricing, comp leaders can have a better grasp on their compensation data:
- Unlock better insights. Map your job architecture to different survey providers, easily generate accurate benchmarks for building or repricing your bands, and boost confidence in every decision.
- Fill data gaps quickly. Identify and resolve missing or inconsistent data in seconds with bulk editing tools, ensuring your market data is clean and reliable.
- Access Pave data seamlessly. Harness Pave’s trusted dataset for real-time benchmarks that help you build or reprice bands faster and with greater accuracy.
Market Pricing offers flexibility you can’t get in a spreadsheet—not to mention, you won’t have to deal with huge files that take minutes to load or cause your computer to crash.
Build Confidence in Compensation Bands
Once you’ve used the data to generate benchmarks, you need to aggregate that into salary ranges or pay bands. Market Pricing helps streamline this part of the repricing process, too.
The band generation tool in Pave’s Market Pricing is a one-stop shop to set up and clean up your comp bands. Now in the Pave platform, comp teams are able to:
- Generate bands effortlessly. Quickly create new compensation bands for all pay types using any data source, and free up time to focus on strategic priorities.
- Model various scenarios. Visualize the changes you want to make before you implement them.
- Configure granular permissions. Share the finalized comp ranges with relevant stakeholders to meet their transparency requirements.
With Market Pricing, you can access your salary and equity data to generate your bands, without clunky spreadsheets—and in far less time.
Compensation Workflows That Mitigate Risk & Build Trust
Without accurate comp bands, companies face a number of risks. From pay disputes and reputational damage to non-compliance and an inability to attract top talent, getting compensation wrong can have a big impact on growth.
Market Pricing helps alleviate these risks, and creates benefits that can be felt throughout the organization:
- Stay within budget. With accurate ranges, you make your Finance team happy by avoiding overpaying for roles or dealing with costly pay escalations.
- Comply with pay transparency. From a regulatory point of view, it’s easier to comply with pay transparency when you have accurate comp bands to stand behind.
- Automate tasks. Eliminate manual work and automate certain comp tasks that People Ops or HR teams may not be familiar with.
- Build a repeatable strategy. Save time by setting a repeatable comp strategy to come back to year-over-year, and free up your people to focus on other high-impact projects.
- Drive confidence and trust. Having ranges that you can explain to your organization instills confidence in your overall compensation strategy.
“With Market Pricing from Pave, we can view all our market data and encode our comp philosophy, enabling us to reprice faster with more confidence.”
- Yvonne Liu
Senior Manager, Compensation, Clio
Pave Market Pricing Can Help
If you’re a compensation leader looking for a better solution, it’s here. With Market Pricing, you can easily bridge compensation data to compensation workflows. Get out of spreadsheets, implement a streamlined process for your team, and unlock a compensation program that builds trust and adds value across your entire organization.
There has never been a better time to get started with Pave’s Market Pricing. Request a demo today.
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