Introducing Compensation Analytics from Barley

Introducing Compensation Analytics from Barley

Time of posting an article for Barley Compensation Management Software
June 19, 2024
Reading time for Barley Compensation Management Software
2 min read

We’re excited to announce the launch of Barley’s new Compensation Analytics feature. Let Barley help you get more proactive about compensation using the power of data science and the intuition of HR.

Barley is here to answer the big questions you have about your people and their compensation.

With this new feature, you will:

           🏆  Have a unified view of your compensation

            🩺  Quickly monitor the health of your team’s compensation

            🔎  Expose pay distribution issues with real-time insights

            ⚠️  Identify pay disparity risks across your teams

Always have access to the information you need to make the best compensation decisions for your organization, throughout the year and ahead of your next merit cycle.

Let’s dive in by exploring some challenges you might be currently facing.

Challenge #1: You don't have real-time status of your compensation health, and are constantly doing manual reviews across different spreadsheets

Having a firm, constant grasp of your organization’s compensation health is the key to spotting risks, pay disparities, and making more proactive pay decisions. However, the data required to make these decisions lives across different spreadsheets and disparate systems. 

Tackling this takes countless hours of manual exports and data-wrangling across multiple spreadsheets—which is time consuming, and can feel overwhelming. 

Additionally, the results do not provide you with the constant pulse of information you truly need to stay on top of your company's compensation. 

Challenge #2: You need access to compensation insights, but advanced data analytics is a barrier

Whether you are an HR or Total Rewards professional, you don't always have the capacity or the team to conduct the analysis needed to unlock your organization's compensation insights. 

In order to manage your compensation, you must measure it, and data analysis is at the foundation. You may find yourself getting sucked into an array of spreadsheets, writing formulas with VLOOKUPs, building pivot tables, creating one off graphs, etc. 

Or, (if you're lucky), you may rely on your Data Science or Business Intelligence teams to support this work. However, they can become the bottleneck to the comp insights that you need. 

Challenge #3: You have hidden pay issues, and those disparities will become problematic if they're not surfaced

Whether or not we like to admit it, your employees are openly discussing their pay with one another. Compensation information is more accessible than ever before. If a top performing and tenured employee discovers they’re the lowest-paid person on their team, that erodes trust, morale, and translates to a regrettable departure. 

Pay distribution gaps don’t reveal themselves. It takes triangulating data to uncover impactful insights. Nevertheless, it’s surfacing these buried insights that empowers you to get ahead of regrettable turnover and dipping employee morale.

              ➡️  Do these challenges feel like a burden? See how Comp Analytics can take care of them. Book a demo now.

What to Expect: Understand Compensation Like Never Before

Barley is your unified compensation dashboard

What was once hidden across numerous spreadsheets and required manual reviews and data exports is now visible in an easy to use analytics overview dashboard. 

Open your Barley account and immediately access one unified view of your compensation. All your comp analytics happen in real time. You have access to the latest insights instantly, exactly when you need them.

All of your comp data in one place.

Whether you need breakdowns of your spend; wish to zoom into different parts of your business; or analyze pay by department, job function, pay zone, job level, and more, you can do so with visualized segments. 

Quickly monitor the health of your team’s compensation 

Wondering how many of your employees need a pay change this year; or who needs to be brought into band and what that might cost? 

Health flags that spot risk areas.

Comp Analytics proactively flags and answers questions like this instantly. You’ll get an overview of the risk level of these core compensation areas, as well as specific, targeted lists of the employees impacted by them.

Focusing your priorities on what (and who) matters most is achievable with Barley.

Expose pay distribution issues with real-time insights and visualizations

Compensation gaps exist across every business. With Barley, you can spotlight and understand them so you can establish a remediation plan.

Whether its top performers falling below band or paying newer employees substantially more than your tenured employees, Barley’s compensation insights expose problem areas across performance rating, gender, and more.

Compensation insights using powerful filters.

Gain perspective into:

  • Which employees are underpaid, and the cost to bring them to band
  • Which employees are outside of their bands, and how much you may be overspending
  • How you are adhering to your pay bands across different segments of your organization

...And much more. Barley lets you know which employees are impacted so that you can effectively remediate during your next comp review, or sooner.

Identify the pay disparity risks across your teams

If you’ve ever worried about employee turnover due to large pay differences within teams, Barley will help. 

Although equitable pay is not the same as equal pay, avoiding pay disparity is key to preventing turnover and employee dissatisfaction. Large pay differences between peers erodes trust and results in employee turnover.

Cohort analysis across peers made simple.

Stay on top of pay issues and address them before they become a problem. With Comp Analytics, outliers and situations that do not align with your compensation structure and comp philosophy are easy to spot, remediate, and prevent.

➡️ Interested in seeing Comp Analytics in action? Book a demo and our team will reach out with more details.

Need to level up your compensation strategy?

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