David Turetsky and Dwight Brown - ADP Pro Series 2022 - Compensation Benchmarking

Send us a text Summary: While on the road at the ADP Pro Summit in Dallas, Dwight and David talked about compensation benchmarking in hopes of demystifying it and breaking down how it works. They list some of the beneficial aspects of benchmarking and other areas that present opportunities for improvement. Chapters: [0:00 -3:20] Introduction •Today’s Topic: Compensation benchmarking [3:21 -8:48] How companies can use compensation benchmarking to learn more about their workforce •Large data sets are readily available •How technology has enabled us to have more confidence in the data we use [8:49 -17:31] Where are the opportunities to improve compensation benchmarking? •Training HR employees on the ins and outs of the compensation process •The importance of understating the surveys that you’re using •How job descriptions (or the lack thereof) can impact the results of a benchmarking project [17:32 -19:29] Summary & Closing •Seek out help from experts for benchmarking projects •Thanks for listening! Quotes: “I can take two different surveys looking at the same industry and I can get vastly different results. . . . I see people come in using one survey and I think they don't necessarily know what the positives and pitfalls of that particular survey are.” “Anybody who tries to make matching and survey processes into science experiments—they fail. . . . You can know who the participants are, and the person could have done a really good job matching, but they could have excluded a bunch of people because [of whatever reason]. . .. [I’m] not trying to say they did anything nefarious, but it just happens.”Contacts:David's LinkedInDwight's LinkedInNeed some help producing your podcast? Reach out to Carl from Affogato Media at info@affogatomedia.com or visit affogatomedia.com to learn more. To schedule a meeting with us: https://salary.com/hrdlconsulting For more HR Data Labs®, enjoy the HR Data Labs Brown Bag Lunch Hours every Friday at 2:00PM-2:30PM EST. Check it out here: https://hrdatalabs.com/brown-bag-lunch/ Produced by Affogato Media