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Develop and compare your company pay bands with the market and manage compensation analysis consistently.
Consider these questions:
- Do you have a grading/levelling structure in place in order to develop and maintain pay bands in your organisation?
- Would you like to utilize Mercer’s market data in a new consistent way?
- Are you looking for an analytical, simple-to-use, yet rigorous tool to support you in the management of your compensation structure and to allow for easy budget modeling options?
Mercer’s Pay Band Tool helps you design pay bands based on market and/or internal company data. It provides a pragmatic approach for managing compensation across all your locations through the creation of consistent pay bands.
The tool allows effective compensation data maintenance that can be performed on a year-over-year or ad-hoc basis. Different ways of presenting the results allow both high-level budget estimations and in-depth incumbent-based analysis, such as deviation from the market or internal compa-ratio.
This Excel-based solution allows you to model different aspects of your pay bands in a coherent manner, including the definition of midpoints, pay range widths or grade overlaps for each compensation element from base salary to total remuneration.
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- Create and Maintain Pay Band Structures: Easily develop and update pay bands tailored to your organization’s needs.
- Budget Modelling and Cost Control: Use the tool to simulate budgets and manage costs effectively.
- Deviation Analysis: Gain insights from an incumbent’s perspective to identify deviations and areas for adjustment.
- Flexible Pay Band Adjustments: Customize pay bands by positioning, rounding, or assigning unique bandwidths for each grade.
- Market and Internal Data Integration: Build pay bands based on internal data or market statistics, This enables a multi-dimensional view of the market, reflecting different perspectives.
- Multiple Data Providers: Incorporate data from up to 10 different sources, allowing for a broader and more comprehensive market analysis.
- Gender Pay Gap Analysis: A dedicated module allows users to easily select a group of employees and view the pay gap between men and women within that group.
- Customizable Grade Exclusion: Clients can quickly exclude specific grades from their analysis by right-clicking on the grades in the table. These grades will be temporarily hidden and can be re-included with another click, providing greater flexibility.
- User-Friendly and Excel-Based: Designed for easy administration, setup, and ongoing management, leveraging familiar Excel functionalities.
PayStart is made up of four elements – 3 tools and consulting help every step of the way to provide you with a sustainable solution.
With Mercer's PayStart we offer you a pre-defined grading structure aligned to your organisation's size and complexity, access to market data and a Pay Band Tool to help you transform market data into a meaningful pay structure, and model the implications. We combine the tools with consulting workshops to help educate you, and facilitate discussions in order to take strategic decisions right for your organisation. Not only do you receive tangible deliverables, but also significant knowledge transfer that is key to expanding your organisation's expertise and ensuring you can sustain the solution long-term.
