Fair Base Pay is a separate module. If you don’t see Fair Base Pay in your side menu, your account doesn’t include it yet. Only administrators see Fair Base Pay and its promotion page.
What you can do with Fair Base Pay
- Set market-based pay ranges. Create a pay range for each position from your salary surveys. IQ can suggest a minimum and a maximum, and you review them before you save. IQ suggests and a person decides.
- Keep pay ranges and pay plans over time. Every change is a new version with a start and end date, so you can see the range or plan in force on any date.
- Propose and approve pay changes. A pay change is a proposal that goes through approval before it takes effect. Nothing changes silently.
- See fair pay for each employee. Fair Base Pay shows what fair pay is for an employee and how it compares with what the employee is paid today. The calculation uses a proprietary formula.
The Fair Base Pay menu
The Fair Base Pay section has six items.How the pieces fit together
1
Upload market data
Add the salary surveys and benchmarking reports you trust to Market Data. They give your pay ranges a market basis.
2
Create pay ranges
Set a minimum and a maximum for each pay range, in the country and currency it applies to. Set up your operating countries and currencies first.
3
Subscribe positions to pay ranges
Each position subscribes to a pay range, so every employee in that position is compared with the right range. See Positions and pay ranges.
4
Keep a pay plan for each employee
An employee’s pay plan is a series of dated versions. When pay should change, you propose a new version and send it for approval.
5
Review fair pay
Use Pay Plans to see who is paid fairly, who is out of range and which proposals are waiting.
Pay ranges and versions
A pay range is never overwritten. When you change it, you create a new version that starts on a date you choose. You can look at your pay ranges as of any date to see the version that was in force then. If you made a mistake in a version, you can correct it in place. See Pay ranges and versions.Pay plans and approvals
Each version of a pay plan has a status:- Proposed while it waits for approval.
- In force once it is approved and active.
- Terminated when it ends.
- Voided when it is cancelled before it takes effect.
Who can use Fair Base Pay
Owners, co-owners, and administrators can use Fair Base Pay and make changes in it. Administrators don’t need a separate permission for it. Employees don’t see Fair Base Pay. See permission levels.Next steps
Positions
Positions are what pay ranges attach to.
Operating countries and currencies
Set the countries and currencies your pay ranges use.