Comp + Coffee Payscale

In this episode of Comp & Coffee, hosted by Ruth Thomas, Chief Evangelist at Payscale, the podcast dives into the findings of Payscale’s 2024 Compensation Best Practice Report (CBPR). Guests Amy Stewart, Associate Director of Content Marketing and author of the CBPR, alongside Lulu Seikaly, Payscale’s Senior Corporate Attorney, share their insights on the evolving landscape of compensation management. Key topics discussed include the significant increase in organizations practicing pay transparency, the impact of artificial intelligence on compensation decisions, and the implications of minimum wage changes on compensation strategy. The episode also touches on the importance of pay communications, trends in pay equity, and the role of AI in reducing unfulfilling work. The discussions emphasize the importance of strategic compensation management to attract and retain talents, navigate legal landscapes, and foster employee trust and engagement.

In this episode of Comp and Coffee, Ruth Thomas and her Payscale colleagues, Brooke Grimes, James Atkinson, and Brittany Innes, discuss the latest innovations at Payscale in response to market demands and key compensation trends. They cover how Payscale is leveraging AI to enhance product and data offerings, particularly in job description management, and the role of AI in improving efficiency and fairness in HR practices based on insights from the Compensation Best Practice Report 2024. The team also delves into Payscale's efforts to simplify workflows for both managers and administrators in compensation planning, along with the introduction of new features like Explore Payscale Tiles and Single Sign-On for Payscale Connect. Additionally, they highlight the importance of robust data sources for accurate benchmarking, and the development of new datasets to meet customer demands. The podcast also mentions resources like the Payscale certifications program, partnerships for enhanced data offerings, and upcoming events where listeners can engage with Payscale directly.

We are again discussing Gender Pay Gaps and the findings from our recently released GPGR. In our last episode, we introduced you to this year’s report and the overall outcomes. Today we are going to build on that and delve into more of the reports insights and discuss some of the potential drivers of pay gaps.


Picking up from our last episode, we'll take a deeper dive into the Payscale Gender Pay Gap Report. 
We'll start with a quick summary of report findings, then explore how age affects the pay gap. Additionally host Ruth Thomas together with guests Amy Stewart and Kelly Campana will also discuss how changing views of women's work can influence how we measure the gap itself. 
Most importantly, we'll focus on practical tips for closing the gap by highlighting what employees bring to the company. Listen and explore actionable ways to create a more equitable workplace!
Key Takeaways:
Quick summary of Payscale’s gender pay gap report Why does age affect the gender pay gap? The idea behind how to measure the pay gap and how historical ideas around women’s contribution to the world are changing It is important to remind employees about where is their best contribution lies and happen Women who work from home have a wider pay gap than those who work in offices  
Resources:
Payscale Website: www.payscale.com  Email: coffee@payscale.com

Our discussions this month are all aimed at raising awareness and encouraging action to eliminate bias and discrimination entirely from our workplaces and society at large. This year’s Women’s History Month theme “Women Who Advocate for Equity, Diversity and Inclusion" which is very appropriate for this conversation.
Today, host Ruth Thomas welcomes guests Michelle Gyima and Amy Stewart to analyze data from the recently published Gender Pay Gap Report 2024. This report, now in its tenth year, offers a much deeper understanding of the factors driving pay gaps. Together, they'll delve into the report's insights and share their perspectives on the analyzed data.
Key Takeaways:
 
How much women are paid compared to men?
The uncontrolled pay gap
Gender stereotypes in the workspace and how they affect overall pay
Bias in pay history
Why pay gaps don’t close just because of pay transparency legislation 
How organizations can address the Gender Pay Gap?
 
Resources:
 
•2024 Gender Pay Gap Report: www.payscale.com/research-and-insights/gender-pay-gap
Payscale Website: www.payscale.com 
•Email: coffee@payscale.com 
 

In January, we saw 22 U.S. states boosting their minimum wage rates with effect from the 1st of the month and three more planned later this year. So now there will soon be 30 states with minimum wages higher than the federal standard, which is $7.25 per hour for non-exempt workers. In this episode, we're talking about the impact this is having and will have.
Have you ever wondered how minimum wage could impact your pay? Tune in, and let's find out! Join Ruth and her guests, Vicky, Lulu, and Kim, as they delve into the specifics of minimum wages. 
Gain practical tips on attracting and retaining top talent, understand the effects of minimum wages on pay dates, and discover how increasing the minimum wage may align with environmental, social, and governance policies. Join us in this discussion as we explore the rewards and complexities of the expanding job market.
 
Key Takeaways:
Minimum wage in U.S. history
The Wage Act bill proposal
How to attract and retain your best workers
 The impact of minimum wages on pay dates
How increasing the minimum wage will contribute to environmental, social, and governance policies
How to solve pay compression
 
Resources:
Payscale Website: www.payscale.com  Minimum Wage Report: https://payscale.com/research-and-insights/minimum-wage-report Email: coffee@payscale.com 

Curious about job market trends in 2024? Join us in this episode as we delve into market predictions and the evolving compensation landscape for this calendar year. 
Our thought leaders at Payscale will discuss the fate of talent acquisition and share insights to help you navigate the changing world of work. Tune in with our guests, James and Lulu, as they break down key aspects of the job industry this 2024. 
 
Key Takeaways:
Legislation and advancements in technology
What is ahead in the legislative landscape in 2024 and for those managing compensation?
Does the 2024 presidential election impact the legislation?
Pay transparency and its impact on compensation data
Using job posting data as an additional source for compensation professionals
How does Payscale use AI for this calendar year?
What is the one thing that surprised them in 2023?



Resources: 
Payscale Website: www.payscale.com  Payscale End-of-Year Report:  https://www.payscale.com/research-and-insights/2023-end-of-year-report/  Payscale HR Predictions Guide:  https://www.payscale.com/research-and-insights/2023-end-of-year-report/#module-23  Email: coffee@payscale.com