Are you tired of struggling to keep your finger on the pulse of your employee compensation plans? Are you looking for a comprehensive compensation management solution to gain real-time insights into the performance and balance of your compensation program?
HR professionals face unending challenges when it comes to managing compensation data. You know the scene – octopus arms flailing, open tabs as far as the eye can see, and coffee stains everywhere. The process of pulling data from multiple sources into spreadsheets for analysis is undeniably tedious and time-consuming. Even with the best compensation management software available, gaining easily digestible and valuable insights into compensation performance across employee populations remains a daunting task.
Added to this already sticky situation is the battle of retaining top talent. 63% of HR professionals know that keeping existing employees is even harder than hiring new ones.
HR teams need a clear view of their employees compensation performance to help them spot disparities before they lead to employee attrition. Not to mention the cost of backfilling a role with a new hire once and employee leaves.
Pequity Comp Health Score
So, you’re probably wondering, what is a Comp Health Score?
The Comp Health Score consists of two factors:
🎯 Relation to Peers – where an employee sits compared to peers in the same role.
🎯 Relation to Range – where an employee sits in relation to their role’s range.
Combining these two factors creates a comprehensive Comp Health Score for each employee. This score becomes a valuable metric to assess the health of the compensation plan for individual employees, as well as the ability to compare this data across specific employee groups, levels, and locations.
Get started with People Insights + Comp Health
If you are a Pequity user with admin permissions, you can start monitoring your comp health to track employee compensation today.
If you’re not already a Pequity user but want to gain full control of your compensation program, creating an equitable and competitive environment while retaining your valuable talent for the long term, we would love to hear more about your needs.
A giant shoutout to the Pequity product, design, and engineering teams who made this possible, and continue to build important and meaningful tools to improve the total compensation landscape.