In the Bands Creation Wizard, you’ll be presented with options that will drive how your market-data based compensation bands look like.
Before you can create bands, there is a 48-72 hours period after integrating your HRIS where Pave is processing your data in order to predict which job family and level employees are in.
Within the Bands tab in Pave, you can:
- Select Create Draft if you’ve already created or uploaded a set of bands to Pave
- Select Create new compensation bands to create a new set of Bands with the Pave Band Creation flow using the Creation Wizard
Bands Create Wizard Steps
- Create a unique name for the band set
- Select the job families for the bands
- Pave will pre-select job families based on the data of your HRIS integration
- You may add or remove any additional job families. We recommend reviewing Pave’s predictions and adding any missing job families for existing employees or for roles you expect to expand into/hire in the next 6-12 months.
- Pave will generate P1-M6 bands for the job families selected
- Select what types of cash compensation bands to make
- Select the percentile of the market data to use and how wide your bands should be (as a percent on either side of the midpoint of the band)
- Select the company set and location to define the market data used when creating your band midpoints
- Company set options (All data, capital raised, number of employees, valuation) will filter the compensation market data down to the employees who are associated with companies that fa ll into that category
- Location will filter the compensation market data down to the employees who are associated with that location.
- This will become your “Primary Pay Zone” if you choose to implement multiple pay zones when using a location-based pay strategy.
- Select if you are using a location-based pay strategy:
- Select Yes
- Name your Primary Pay Zone
- Select Add another Pay Zone
- Name your additional pay zone
- Define the relative differentials or discounts from your pay zone
Once you define these elements in the Band Creation Wizard, Pave will create your a draft set of compensation based on these inputs.