Click here to view our instructional video on using a Pave data cut in Market Pricing.
Click here to view our instructional video on updating a Pave data cut used in Market Pricing.
Table of contents:
- Select and save Pave Data cuts directly in Market Pricing
- Use your Pave data cuts to benchmark your jobs and reprice your bands
- Managing Paid Data Cuts Walkthrough
Select & save a Pave data cut
- Navigate to Market Pricing > Data Sources and select “Add Pave data cut"
- Configure your Pave data cut, as you would in the Market Data product.
- Select job families you would like to include in the data cut. Recommend defaulting to all. Read more about Pave’s job families here.
- Select levels to include in the data cut:
- Professional Levels: (P1, P2, P3, P4, P5, P6)
- Manager Levels: (M3, M4, M5, M6) Read more about Pave’s levels here.
Select the market filters
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Select company status:
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Private & public companies
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Private companies
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Public companies
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Select the locations you would like to include in the data cut, usually a location per pay zone.
- Select the companies you want to benchmark against using the following company stage filters (up to 5)
Select the data elements to include in the data cut
- Select and map Pave’s pay types to your band pay fields in Market Pricing so that you can benchmark each of your pay types against Pave’s pay type benchmarks.
- Base - The fixed cash component → Typically this maps to Base Pay in Market Pricing
- Target Variable Pay - Includes commission or bonuses → Typically this maps to Variable Pay in Market Pricing
- Total Cash - All cash components of an employee's total compensation (includes base and variable). Typically this maps to Total Pay in Market Pricing
For equity, you can select the Timeframe (Total or Annual) and the Grant Value (Actual or Intended). To learn more, check out this article.
The equity pay types you can select to include in your Pave data cut are:
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- Total Equity - Current value of all the equity grants received by an employee → Typical this maps to Total Equity Value in Market Pricing (Available to all customers)
- New Hire Equity - Refers to the value of the first grant received by an employee at the time it was received. Additional grants and stock appreciation are not included in the calculation of New Hire Equity → Typically this maps to New Hire Equity Value in Market Pricing (Available to all customers)
- Refresh Equity - Refers to the value of the non-new hire grants received by an employee in the past 12 months → Typically this maps to Total Equity Value in Market Pricing. (Available to Premium Data Customers)
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Unvested Equity - The current value of all the equity shares received by an employee that have not yet been vested. (Available to Premium Data Customers)
Equity settings: Choose how to represent the New Hire and Refresh Equity (Gross, Net, 409a, Equity Ownership %, or RSU/Option ratio). You can learn more about these concepts in this article.
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Select Cash & Equity Currency:
- Cash: You can choose to represent the cash pay types in either local currency or USD $.
- Equity: Equity currency defaults to Company currency, and if company currency is not available, it will default to USD $.
*You do not need to select percentiles, all percentiles will be included by default.*
Give your data cut a unique name so you can reference it later and add any tags to use to easily find the data cut in the “Data Sources” tab after you save it.
Save your data cut
- Select “Save data cut & export” - You’ll receive an email when the data cut is ready to use in Market Pricing, with a link to export the data cut as well.
- Select “Save data cut” - You’ll receive an email when the data cut is ready to use in Market Pricing.
Update Data Cut or Create New Survey Cut from Latest Pave Data
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To view the data cut details or export, select the three dot menu on the survey.
*Effective date of survey represents what month the data was released in. Pave releases new versions of their data monthly on the 1st Monday of every month.*
If within the same month of the cut effective date (meaning a new Pave data cut has not been released), you can edit your existing data cut to include additional data.
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Example: To add a location or a pay type, Select “edit,” change the configuration, and save.
If new Pave data is available, a “new data available” badge will be visible. Select this to create a new data cut with the latest Pave data from the most recent effective date. You will not be able to edit your old Pave data cuts, but can still use those data cuts in Market Pricing.
Use Saved Data Cut to Benchmark Jobs & Update Bands
Navigate to Market Pricing > Benchmarking tab > Job Mapping to select this survey to use to generate benchmarks for your jobs and use those benchmarks to generate or update your bands.
Managing Paid Data Cuts Walkthrough