First Client is Live

Our first client is live and using the system for assessments prior to market-based pay. Huzzah!

What is Market-Based Pay?

Market-based pay establishes compensation based on market rates for a given position.

Basis HR supplies a means for identifying the overall strategy for recruitment of a given position based on the desire to lead (exceed), lag (fall under), or meet (match) the going rate for a given position.

The market should be drawn from your immediate and surrounding areas; any region from which you need to recruit or compete for talent.

How Basis HR Helps

We've implemented a back-end (consultant only) feature that allows us to import market data received from a research firm. This data typically includes low, mid, and high compensation amounts for a given position across multiple regions.

(Some day, we'll make this available through the HR interface.)

This data can then be compared to current salaries as well as projected salaries based on professional ladder levels and employee assessments.

This helps in a number of ways, including with budgeting when transitioning from random compensation to a structured market-compensation strategy based on the objective nature of professional ladders and assessments.

Conclusion

As with all software roll-outs, this one encountered some interesting hiccups. In spite of testing and quality assurance, there will always be bugs, and we squashed a few while taking our first client live. We are thankful to have someone on board and look forward to more!

Next month? Probably bug fixes and minor enhancements based on user feedback.