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Compensation @ razorfish

How we approach compensation at razorfish
by

Mardi Douglass

on 10 June 2011

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Transcript of Compensation @ razorfish

X Compensation @razorfish Okay, let's start here: Do you look it up on the internet?
Salary.com or Glassdoor?
Ask a friend? We think it's more. For us, figuring out pay is a highly analytical process. And we take it pretty seriously. So, how do we define our "market"? As you can see, it's a little bit complicated. We gather market data through direct experience (new hires and recruiters) and from salary surveys. We take that data and "benchmark" our own jobs against those in the relevant surveys. That's how we determine a comparable, market-based pay range for any of our jobs. We purchase and participate in a variety of salary surveys that offer us salary data from a variety of industries. But there's more We use the market data to create pay ranges but there are a few other factors we consider. Like where you live. At Razorfish, we assign a differential that is based on your geography. If you live in
New York,
San Fransicso,
or Los Angeles
pay ranges for jobs are higher than... ...Seattle and Chicago, which
are considered on par with the national average. The ranges in Austin and Atlanta,
Portland and Philadelphia
are just below the national average. Benchmarking is the magic. This presentation is about compensation (our fancy word for "pay"). If you want to know how we do it at Razorfish, you're in the right place. It's actually more interesting than you think. How do you get information about pay? A "pay range" shows the amount Razorfish will pay for a certain job. Benchmarking is the process of thoroughly understanding the essential skills, knowledge and experience required to do a certain Razorfish job
and then
expertly matching those to a similar job in a relevant salary survey. The salary data for the matched (or benchmarked) job forms the basis of the salary ranges for our jobs. at Razorfish, we anchor our pay ranges to the 50th percentile of the market. Pay at Razorfish all starts with a compensation "structure." Our structure is common across all of the VivaKi brands so we have a common language to speak about jobs. So, here's what the first level, called "Career Bands", looks like: ALL JOBS ARE ASSIGNED A CAREER BAND BASED ON SPECIFIC, DETAILED CRITERIA THEY ARE THEN ASSIGNED A LEVEL WITHIN THE BAND. Job Levels look like this: ...which is particularily important for Fluid Talent since this structure is shared by all VivaKi brands. Which gives everyone a common framework to think about a job... All Razorfish jobs are mapped to one of these "Career Bands". Then, each job is assigned to a "job level" within one of the "career bands". Here's what it looks like with a few examples. STILL WITH ME?
we're getting to money now... Within each level, jobs are assigned to pay ranges. So let's dig in. They are VERY wide, so one would expect to move around within a band quite a few times before being promoted into a new one. That means 50% of companies pay more, 50% pay less. Okay, now let's get to the really good stuff, pay increases!
Who doesn't like those? Now is probably a good time to talk about our "pay for performance" philosophy.
Basically, that means employees (you) earn promotions and pay increases based on the contribution you make (vs. the time you spend here). It's probably also a good time to acknowledge that our salary ranges are intentionally W I D E (which allows for more growth without a promotion). This approach works well within a creative / matrixed / project-based environment where upward mobility isn't the only way to success. There are 3 types of pay increases:
merit
promotion
market adjustment Merit increases typically occur once/year and the amount is directly tied to your performance rating:
4 LEADING PERFORMANCE
3 STRONG PERFORMANCE
2 CONTRIBUTING PERFORMANCE
1 IMPROVEMENT NEEDED Promotions that involve a level jump are called "vertical promotions". This usually means you are taking your boss's old job. They occur as you step up to the new role. In-job promotions (where your current job increases in scope OR you take a new role in the same level) are typically rewarded twice/year at review time. Market adjustments are based on changes in market pay for a job or increased value of an individual. So there you have it, that's how we do pay around here. Here are a few things to remember as you leave this presentation:
pay is about more than what you see on the internet.
your performance and willingness to take on more will create more pay opportunity.
we go out of our way to provide competitive pay. ...remember that Razorfish and your job are likely about much more than pay. You are here because you want to be part of something bigger, a place that's defining an industry, where smart people lurk everywhere and we're constantly try to turn things upside down. If you have questions about what you've seen, please reach out to your HR representitive. THANKS! This is where we get our talent. And, just in case you can't remember what Fluid Talent is... The range shows a minimum, mid-point, and maximum pay rate for any job. We make these infrequently, but when we do need to catch up to a hot market, we do so at review time.
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