Pay is a crucial component of your talent strategy. How much you pay your people, and where you allocate that spend, has a direct impact on your ability to attract, motivate and retain top talent, and execute your business strategy. This is why compensation planning for your employees is so important.
Korn Ferry Pay establishes a robust, data-driven approach to your remuneration strategy, creating linkages between pay and wider talent management issues, and enabling you to get the best out of your people.
Korn Ferry Pay is an online platform that contains up-to-date salary data from 20 million employees in 25,000 organizations across 150+ countries, as well as analytics and tools to help you make data-driven decisions on your reward programs.
Our intuitive tools make pay data analysis simple and fast, enabling you to drill down deeper than ever before and gain comprehensive insights into your pay and reward programs.
Submit your compensation data using our AI-powered tool to start benefiting from Korn Ferry Pay insights as soon as possible.
Dynamically evaluate your reward policy, practice and design against the market, and download reports from the pay data platform to share insights with your team.
Generate reports and insights in your organization’s language using your own internal grading system.
Create up to 20 peer groups of companies you compete with for talent and use pay benchmarking tools to compare your pay programs against them.
Based on one of the world’s largest normative databases of employee opinion, Korn Ferry Listen combines cutting-edge technology and market-leading research-based content.
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Korn Ferry is a global leader when it comes to collecting data on global employee rewards, amassing data on employee compensation for almost 70 years. We help more than 70% of global Fortune 500 companies make better decisions about their compensation programs.
Our pay solution puts all the salary benchmarking information you need in one convenient place: it contains the latest salary data from more than 150 countries, more than 25,000 companies and more than 20 million employees. Leading multinational corporations turn to Korn Ferry Pay because it is the most comprehensive source of compensation benchmarking data available on the market, whether they’re looking to set an organization-wide pay policy, to determine what short- and long-term pay incentives to offer or to decide how to pay particular job families or individuals.
You’ll be able to answer questions like these about the compensation market:
But Korn Ferry Pay is more than a static solution that simply delivers raw data: our built-in tools and analytics help you make sound decisions about your employee compensation strategy with confidence. Here’s how.
Is your pay program better than your competitors’ compensation programs? Are they offering your candidate a bigger bonus or a better car allowance? How will you know what the going rate is for, say, a chemical engineer in India? Or an accountant who has fluency in Spanish? How should you pay someone with exceptional capabilities who falls into the top quartile of candidates for your role? How can you even tell what a top quartile person looks like, much less whether the candidate in front of you is that person?
Without Korn Ferry’s Pay solution, it’s hard to see how well your employee compensation program stacks up in the market against your competition. And it’s also hard to tell whether you’re paying top dollar for top talent—or for middling talent that may cost you in turnover down the road. With a talent crunch on the horizon, your organization must take steps to recruit and retain the best talent, which means you need an optimized compensation strategy.
With reward benchmarking, you can access live interactive modeling to determine the appropriate pay for a candidate with a particular set of skills, abilities, and prior experiences. You’ll discover the full value of your entire employee rewards package, and you can benchmark it across countries, industries and against the data set of your choice, so you’ll know with confidence whether your offer is too low, too high, or just right. Korn Ferry Pay also helps you adjust your pay for maximum competitiveness, so you get the value you pay for while your recruits feel valued and motivated. In other words, you’ll get the most from your employee reward program and build a brand that attracts the best talent.
Once you’ve set an employee’s compensation, your work isn’t done. You have to continually review your pay program to determine how well it is working and answer questions like these:
Korn Ferry’s pay solution allows you to benchmark your organization’s employee reward structure against the market, so you can make sure you’re investing sufficiently in your top performers, paying your low performers appropriately, and ensuring that your pay program is inclusive.
You’ll also get insights into what your people think of your organization’s reward program with our Korn Ferry Listen for Pay tool. No matter how generously you compensate your employees, unless they perceive their pay as sufficient and their benefits as valuable, you’re not seeing the full picture. So, even if your pay is at the top of the scale for your market, you might offer a bonus program that’s seen as unfair. Or perhaps your team might prefer to telecommute or to have flexible hours instead of receiving a small raise. Our diagnostic tells you whether your employees think your employee compensation package is fair and competitive and what benefits—financial and nonfinancial—your people value most. The results of this diagnostic will help you align your compensation with employee expectations to maximize engagement, avoid costly employee turnover, and allocate your employee reward budget more effectively. In turn, you’ll develop a well-designed compensation program that will serve as a key differentiator and competitive advantage in the talent market.
With our data-driven approach to employee compensation, you’ll learn the answers to these pressing compensation questions:
All of this data combines to improve employee performance and positively impact the return on your investment.
It’s never been easier to tap into comprehensive salary benchmarking data. Our industry-leading self-service pay solution, powered by artificial intelligence, connects with your human resources information system (HRIS), collecting data and matching it with the job titles and roles in your organization. We tabulate and analyze compensation benchmarking data collected from more than 20,000 companies’ responses to compensation surveys and return it to you in a platform that you can use to run models and create custom reports.
Korn Ferry Pay makes it easy for you to slice employee compensation data however you see fit, so you can understand how you stack up against industry peers and compare jobs in the locations and fields that matter to your organization. You’ll also get access to accurate global salary forecast data and learn which job families are facing a candidate shortfall and which have the highest turnover. In addition, you can generate reports based on your organization’s unique job grading system and nomenclature. And, perhaps best of all, you only pay for what you need.
With our pay solution, you can:
Korn Ferry Pay ensures that organizations get the complete picture on pay, so they can understand the market, remain competitive with their peers’ compensation programs and attract—and retain—top talent.
In short, our pay solution links pay and talent management, so you can turn raw pay data into invaluable compensation insights. Combine those insights with the rest of the Korn Ferry Digital suite and an army of the most knowledgeable compensation consultants on the planet, situated in a location convenient to you, to help you put your data into context. Now you’re armed with a powerful set of tools that enables you to make the best employee compensation decisions and maximize your talent resources.
Contact us today to learn more about how Korn Ferry Pay can help your organization make the smartest decisions about employee rewards.