2024 End-of-Year Report
Payscale’s 2024 End-of-Year Report looks at the state of the job market, the top 10 in-demand jobs by wage growth, the top jobs people are seeking to quit, and top jobs employers are trying to recruit in 2024.
Communicate the what and why of how you pay
Pay communications are the bedrock of employee engagement and retention. Payscale Total Rewards Statements can help you become more transparent and build confidence with your employees that their pay is competitive using streamlined technology.
The Pay Transparency Spectrum
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What am I paid?This level of communication is the most basic, simply sharing what an employee makes with that individual employee.
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How do you determine my pay?At this level of communication you may begin to share how you utilize market data to determine employee pay.
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Where can my pay go from here?At this level you have developed a salary structure process. You can now share salary ranges with your employees and where they fall within their range.
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Why do you determine pay the way you do?At this level you and your managers are equipped to have productive pay conversations, explain why your employees make what they do, and what your pay philosophy is.
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Whoa, I know everything I ever wanted to about pay!At this level, you are prepared to communicate pay not only internally but externally as well via salary ranges in job postings or pay reporting requirements.
Make pay communications easy with total rewards statements
Total reward statements (TRS) are tools used by managers to show employees the breakdown of their compensation and benefits so employees understand the full value of their total rewards package.
Engage in transparent, productive pay communications
Now it’s easier to let employees know just how much they’re valued.
Schedule a personalized demoAuto-generated and totally customisable
Total rewards statements from Payscale can be tailored to specific employees or groups of employees. They also come with historical views to help managers track the growth of employees over time.
- Integrate total rewards communications with compensation management
- Choose from a variety of templates to simplify and standardise
- Customise information presented to employees
- Share directly and securely with managers and employees online
- Access historical versions to help managers track employee progression
Why you should use total rewards statements
Build trust
Employees don't know if they are paid fairly and are likely to assume they are being paid below market.
Increase retention
When employees believe they are paid below market, they are more likely to seek out other opportunities.
Stand out
Organisations with clearly communicated pay policies will create differentiated employer brands.
Services to start improving pay communications
Payscale offers manager training on pay communications and how to use total rewards statements to maximum effect.
Learn about our servicesFresh perspectives on pay communications and total rewards statements
Top Performers Report
Insights on what differentiates top performers from non-top performers when it comes to compensation management practices, with segmentation by smaller and larger organizations.
2024 Compensation Best Practices Report
Payscale’s 15th annual Compensation Best Practices Report (CBPR) distills data and insights from the largest known survey on compensation management best practices.
2023 End-of-Year Report
Payscale’s 2023 End of Year Jobs Report looks at the top in-demand jobs by wage growth as well as which jobs employees are seeking to quit the most based on Payscale’s employee-reported online salary survey data.
Start communicating clearly about pay with total rewards statements
Ask how our compensation software with total rewards statements can help you get pay right. Fill out our form to request a demo.
