Compensation professionals work with a wide range of data — from market surveys and employee records to salaries and percentiles. Within the raw data lie key metrics and critical insights that can drive and shape organizational strategies and decision-making.
Reporting plays a crucial role in transforming those metrics into actionable intelligence. It connects the dots, enabling comp pros to evaluate programs, support strategic planning, and make confident, data-driven decisions.
How Reporting Increases Transparency
Between pay transparency laws, a hyper-competitive talent market, and ongoing job market shifts, comp pros face mounting pressure to make faster, smarter decisions — decisions that require both drilling into the details and zooming out for a broader perspective. Here are the most common areas where comp pros need to offer clarity and depth with other stakeholders:
Fairness and Equity
Ensuring fairness and equity is a top priority for compensation teams, and identifying salary gaps empowers organizations to address inequalities, boost morale, and drive retention. Compensation professionals often lean on reports that highlight salary gaps with factors like gender, location, or level to track internal equity and ensure pay differences are based on non-discriminatory factors like performance and experience, fostering fairness and consistency for employees performing similar roles and responsibilities.
Balancing a competitive market strategy with internal equity requires buy-in from leadership, but they can’t take the walk blindly. Finding ways to offer data and explanations for decisions helps clarify why and how choices are made.
Competitive Status in the Market
Competitive pay in a dynamic talent market is crucial to staying ahead. Compensation professionals often need to share data that helps companies identify where employees fall in comparison to market rates, fueling the decision-making that improves talent attraction, retention, and satisfaction.
Especially helpful for companies hiring across multiple markets, reporting on the market rates within their organization’s respective labor markets offers guidance for HR and talent-acquisition teams on what to offer in different areas.
Program Health
As companies optimize and scale their comp programs, they need maintenance and calibration to remain on track with an organization’s goals, growth, and needs. Reports like a year-over-year analysis prove beneficial for ensuring programs keep pace with inflation, market trends, and adjusting to industry standards across all job families and geographies.The data tells the story of any compensation program, and reports offer a picture of trends that allow a closer look at the details of that story.
Bringing Your Data to Life, Your Way
While we’ve seen firsthand how often reports are used for sharing reasoning for compensation decisions, we understand that no two organizations are the same. To make the right decisions for your team, you need the right information to guide your choices.
Your data is unique, so you have to identify reports that share insights on the unique features of your organization’s compensation program. BetterComp empowers comp pros with a robust library of standard reports and report-building capabilities to deliver visualizations and insights tailored to your organization's specific needs (and, at no additional cost).
We continue to expand on the ways you can transform raw data into actionable insights — quickly, efficiently, and with unparalleled flexibility.
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