Compensation benchmarking data
Benchmarks (not to be confused with pay bands) are based on data external to the organization and used to assess whether compensation including salary and even pay bands are competitive compared to the market. To get a better understanding how to use this data in your pay equity work, see Using the Compensation assistant.
In this section, you will learn how to prepare and upload your benchmarking data into PayAnalytics.
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No benchmarking data comes pre-imported into the system. You will need to provide your own data. Such data can be obtained from various consulting agencies and other sources.
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Pay bands are salary ranges - minimum and maximum - for roles that are established within the business to guide managers and HR in setting salaries. For further information, see the article Pay bands.
Prepare the benchmarking data
Benchmarking data is uploaded as an excel file into PayAnalytics as illustrated in the following picture with a snapshot of sample benchmarking data:
Benchmarking data example
When preparing the data, the following criteria should be fulfilled:
The benchmarking data needs to include from 1 to 3 levels of categorization columns. These could be: global grade, job family, location etc. Note that each row has to have a unique categorization.
Supported statistics for each of the unique categorizations, with at least one of the following compensation statistics: minimum, 10th percentile, 25th percentile, median, average, 75th percentile, and 90th percentile.
Upload the benchmarking data
To upload compensation benchmarking data, proceed as follows:
Click on the Settings icon and select Compensation Benchmarking. Keep in mind that the Compensation benchmarking data should be uploaded as an Excel file.
Select the file and upload it.
Give your benchmarking data a Name and, if desired, apply Labels.
Specify which columns include the Categorization (you can have up to three levels of categorization). For the remaining columns, you can choose to map them as compensation aggregates (i.e. median, average or a percentile).
If you have currency support activated, you can define the Currency for the benchmarking table.
Review compensation benchmarking data in the Data preview.
Click Save to enable your changes.
The benchmarking data is now uploaded into PayAnalytics and along with your robust compensation model, you can now run the compensation assistant and compare the salary suggestion to the uploaded benchmarking data. For further information, see Using the Compensation assistant article.