Since it is usually a highly-skilled and well-paid person who gets a promotion, they tend to be paid above the average of their peers. Not every job is surveyed though since some companies may have unique definitions of roles or jobs that few others have. % Designed to meet your complete compensation benchmarking needs on a single platform, the Radford Global Compensation Database allows you to benchmark data from over 15 million employees across all geographies and industries for the most up-to-date workforce insights. Terms of Use endobj Finally, we undertook an impact analysis to understand the cost implications of moving to a new global system targeted at various levels of market competiveness (e.g., the impact of setting pay to 50th vs. 60th vs. 65th percentiles of the market). These job modules can be seen as distinct collections of job families; some modules include jobs commonly found at all companies, while other modules include industry-specific jobs that are generally found only within specific industries. Employee Rewards Site Map| Email Preferences | Legal | Privacy Statement | Cookie Notice | Do Not Sell My Data (US ONLY) | Cookie Preferences All rights reserved. Benchmarks, ADVICE ABOUT US Although we endeavor to provide accurate and timely information and use sources we consider reliable, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. 2168 0 obj <>stream Incumbent Distribution of Professional Individual Contributor Positions. A high level overview ofour best tools and how to put them to work for you. Organizational structure and design affects every aspect of a business, including talent mobility, compensation programs and even the speed of innovation. As a compensation professional, you will be establishing the rewarding yet affordable ranges of pay and identifying the market value for jobs. Compensation, Email Access to timely and accurate compensation data is the life-breath of all total rewards strategies. Radford Global Job Architecture and Leveling System, Short- and Long-Term Incentive Design Study, Intern, New Graduate, Pay Administration Study, Sales Incentive Practices and Car Policy Study, Short- and Long-Term Incentive Plan Design Study, Intern, New Graduate and Pay Administration Study. Regardless of relative internal valuations, we need to attach payto jobs using a sense of the market price. 5 0 obj Explore the fastest way to find jobs in the Radford Surveys, including job matching incumbent counts for your company. This in turn empowers us to stay competitive as it relates to our employee population. Equity Services, Compensation 101 We hear this question a lot. Compensation Pandora Media Our job library is the industry standard for technology firms. When hiring an employee however, their pay may become a reference point for future hires so you need an unbiased, accurate, and complete view of the appropriate labor market. Next, we aligned all job roles in the proposed architecture into grade levels with salary ranges attached for each geography and functional grouping. This is the process of comparing your company's jobs to the ones offered as benchmarks in the survey. Although it is more than 10 years old, Radford's global job leveling system remains as relevant today as when it was first introduced. JFIF ` ` C <]/Prev 216869/XRefStm 1195>> Sales Professionals (all industries) %%EOF Preferences | Legal | Privacy Box stream Intel, LinkedIn Life Sciences Sector Struggles to Maintain Consistency for Scientific Job Titles, For an Effective Job Levelling Approach, Follow These Five Steps, 5 Reasons to Revisit Your Job Architecture, Understanding the Impact of Performance Ratings in Differentiating Pay, How Biotech Companies are Scaling their Workforces for High Growth, A Well-Oiled Machine: What High-Performing Companies Are Doing That Youre Not, Voluntary Sales Talent Turnover Finally Slowing Down, New Radford Data Suggests the War for Talent in China Could be Cooling Off, But Just a Little, Turnover Rates for Sales Employees Reach a Five-Year High. The entire Radford Platform consists of three elements: A dynamic and intuitive portal to access compensation insights quickly and efficiently, A single database containing all survey incumbents across industries and geographies, A unified and highly differentiated job leveling system and job library that creates a common language for all clients. Three things to know: The general layout of the job codes is the Function + Area + Focus + Level. Global levels can be used to determine a position's bonus eligibility, bonus target and equity grant guidelines. ONLY) | Cookie First off, global competitors of similar or larger size chosen for executive analysis may include some companies outside your core industry. Companies have recognized the value of keeping experts focused on what they do best. Options include formal evaluation (point factor system) or informal agreements (slotting/ranking systems). endobj The contents herein may not be reproduced, reused, reprinted or redistributed without the expressed written consent of Aon, unless otherwise authorized by Aon. hbbd``b`$w "$Z @bY qu-# Ef "Q#C &"4sd#~8/*RUL![6Ac3%* +$Vz.x^4mZMJ lKW`\;[f2583ubC;k'rCF_(g0J4 The days of aging stale data and scraping together tidbits of information from the internet are over. To use information contained herein, please write to our team. 0000001697 00000 n For example, in Germany there is a strong influence from employee representatives (often in the form of Works Councils) enforced by the "Mitbestimmungesetz," which requires that half the seats of the supervisory board represent the workforce. Covers activities related to firm-wide, function, area or focus level leadership. As a company matures and expands its global footprint, the approach it takes for organizing its workforce will have a lasting cultural and financial impact. Promotions are one reason. Mid-level professional jobs (level 3, 4 and 5 in the Radford Global Technology Survey) across most job functions reflect statistically significant base salary premiums for new hires vs. incumbent employees at the same level. Infographics Organizations Enrolled in Our Global Database, Short- and Long-Term Incentive Design Study, Intern, New Graduate, Pay Administration Study, Sales Incentive Practices and Car Policy Study, Publication: Access Radford's April Publication Today, Platform Enhancements: Peer Group Access Enhancement and Multi-Factor Authentication, Publication: Access Radford's January Publication Today, Platform Enhancements: Pay Inference, Updated Mapping and More, Short- and Long-Term Incentive Plan Design Study, Intern, New Graduate and Pay Administration Study. h1 04q\wC&`'MF[!! EQc4T=3F+Yipd@/pODGM,5mZsDp? v2}6x=zqjjz};hE/{~]6`7 aVlGkR%tgN jBO]j: FTphDK;QKZa7N{~3;ukjY#QIj4+7,&?v. <> Private Companies (all industries), MARKET PRACTICE STUDIES Number of Incumbents in Benchmark Jobs Expanded Industry Coverage Explore the cards below for some quick highlights of our industry coverage. In the US, there is a normal distribution, a bell curve that is typical in each job family. Public companies often disclose it in their proxy statement and investors will look to see that appropriate companies were selected as peers for setting pay levels. Non-Technical Jobs Source: Radford Global Technology Survey Talent Assessment Salaries for mid-level engineers are just 6.5% higher than a year ago and overall salary increases for 2015 are running at 8.5% at the 50thpercentile. Rethink Location Strategy, Articles Analytical Job Evaluation: Value-Adding Business Process or Bureaucratic Relic? The contents herein may not be reproduced, reused, reprinted or redistributed without the expressed written consent of Aon, unless otherwise authorized by Aon. As Market Realities Change, Radfords Global Job Leveling Model Rises to the Challenge, Accelerate Your Workforce into the Future, Workforce Optimization and Transformation, Poor transparency regarding job requirements and career progression, Inconsistent approach to pay decisions for new hires, promotions and annual increases, Uncertainty about appropriate pay differentiation, particularly for similar roles with comparable skills, Create job descriptions for each job family with career matrices defining progression at each job level both with the job family and laterally across job families or functions, Benchmark market pay for each job and aggregate for similar job families at the same job level into functional pay ranges, Clear communication of job requirements, promotional opportunities and development requirements, Structure that provides guidelines to ensure equal pay for equal or substantially similar work, Consistent, unbiased and market-oriented compensation decisions to attract and retain talent. 0000001413 00000 n Even when companies align all of their salary ranges to a single global leveling system, they retain the flexibility to more or less granular in setting specific pay ranges. Let us know how we can help and a member of our team will be in touch shortly. Upcoming Events and Webinars Until this point, the client had different approaches to managing compensation programs and job grading across its functional areas and business units. GE Energy and Renewables While the representative body doesn't have legal authority over determining the size of salaries, it does have a voice in the overarching scheme that underpins compensation decisions. Job leveling, when designed correctly, greatly simplifies how global workforces are organized and managed by introducing a common grading language across all employees and functions, while still differentiating for performance and specific market realities. Pinterest All rights reserved. Here are a few things that you should be aware of. When we talk about job leveling at Radford, we're describing a method of creating a structure that has articulated career paths for various job families and which can support a global organization. You'll get faster buy-in on key compensation decisions when you use Radford data. Solutions Cisco Systems Covers activities related to business and revenue generation, supporting customers in finding products, solutions and services that best meet their needs. This type of dual career ladder was utilized during a recent client engagement for a US life sciences company with limited plans to expand overseas. Careers. endobj That's where an objective benchmark from a compensation survey like Radford comes in to save the day. Financial Technology 0000003556 00000 n Sets the direction and policies for sales activities and manages the execution of these plans. To speak with a member of our consulting group about building job leveling and salary structure systems, write to consulting@radford.com. SunPower An example of this is an accountant 1 that becomes a financial analyst 2. When headcount grows, it quickly becomes incumbent upon companies to find effective ways to organize jobs into job families where similar work is performed. McLagan Data & Analytics Our unified methodology leverages a new "building block" approach to generating job codes that, while a change for clients, will ultimately be more intuitive to use and support accelerated job-matching processes. DocuSign, Domo Radford and TCM survey clients will now use a unified job library and job code methodology. Plus, looking at the technology sector can also help to establish broader benchmarks for the purposes of defining pay levels. Technology Preferences Zero in on the data that matters most to you This type of approach is sometimes used in China and India where the jump in pay from one official job level to the next is steep, and the promotional velocity for lower-level employees is typically expected to be rapid. Spotify This infrastructure is also easier to maintain as a company continues to grow its workforce and geographic reach. Square This means that job leveling approaches quickly need to evolve beyond simply serving as defensible frameworks for pay equity. Further, our consulting teams, with offices worldwide, understand the nuances of each market a company might operate in and have the experience and knowledge necessary to customize approaches for the particular location and circumstances of each client. As the results from Aon Hewitt's 2014Trends in Global Engagement show, career development is at the top of employee engagement goals for both employees and companies. When you use a compensation survey, whether it's a Radford survey or another source, the basis of job comparison will be the benchmark job. Rewards Optimization Lower starting pay for new hires can also explain why rates move more slowly overall than you might think. startxref Opening for Business Reports, RADFORD PLATFORM While regional differences in pay levels exist, the global leveling system enables a company to be consistent in its determination of program eligibility by considering the internal equity of the positions in a given grade and then letting market practices dictate actual compensation levels. Site Map | Survey Data Policy | Email DoorDash Job leveling also creates an infrastructure that is easier to maintain as a company continues to grow its workforce and geographic reach which is particularly important in the active M&A environment. However, driving this type of change has hurdles, and HR leaders need to be aware of the many steps that might be involved in migrating to a globally consistent leveling structure. A family is a set of individual jobs that each involves the same basic type of work but at different levels of skill and responsibility. All personal information is collected and used in accordance with our privacy statement. To meet the needs of your changing workforce, your pay surveys must offer a robust and reliable database, global coverage, instant data access and superior customer service in a single global source. Some European countries, such as Germany and Austria, have a strongly regulated labor force. Companies with more internal job levels than database job levels should approach job matching from the "ends." It is also a good idea to consider using market capitalization, or perhaps level or stage of development, as a way to ensure that comparisons are drawn from companies facing similar challenges and are hiring talent with similar experience. Preferences, Privacy Our surveys and the Radford Network are constantly evolving, which is why we publish regular release notes to keep clients up-to-speed on recent product changes. The dual career ladder found in many organizations offers employees the ability to earn similar levels of compensation in both management and professional tracks. In-Depth Research, Careers 2015 0 obj <> endobj Partners xGegi7 uk:r. rO88jSI=,cJGWEqij5=e-Ao1+s z[hkzZ50 Kfw;63|TZLIIo4O(!(OM0y ;\ZFv2y.k-uNjk|69sWuR;;sFp5^ ZH.mg;KJKG:+F_f cR9{k:V:rrXU jJnUmcYIke'm?b %c#jTR When an employee assumes greater responsibility while continuing to perform the same basic function, it is recognized as an in-family promotion. Infographics High-quality data, direct from HR teams The first part of understanding how much to pay is to know the philosophy and inner workings of how it's established. The catalyst behind our job leveling architecture is our clients. For the technology companies, 48% said they have one salary structure that covers most job functions, but have market-based ranges for functions that pay a premium (or a discount) in the market. Employees who have technical or scientific skills are no longer required, or even encouraged, to pursue management roles in an attempt to further their careers if that's not their desired career path or they lack managerial skills. This allows for more frequent performance reviews and pay adjustments. However, this system is underpinned by job architecture, which is a method of organizing jobs into job codes, job titles and functional areas, all before assigning a grade level. The chart below includes a knot tying analogy that may help explain the conceptual framework for job levels and shows the actual distribution of employees in each level in the US, India, and China. Workforce Planning Since July 2017, the total incumbent count for the aggregate of our Radford Surveys and now the Radford Global Compensation Database has grown by 125%. For example, we would recommend keeping technical and non-technical job roles separate for salary range development if you operate in multiple countries where premiums don't follow the same patterns. Preferences, Privacy Workday

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