Hay Group launches PayNet International

PAY DATA

Hay Group launches PayNet International

For many years, Hay Group has been one of the market leaders in providing information on pay, benefits and job evaluation across various countries around the world. Up to now, however, Hay’s services have been provided on a largely country-by-country basis via separate platforms but the consultants have recently introduced a single service, known as PayNet International, that covers remuneration across 67 countries.

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Hay says that PayNet International is designed specifically for the needs of global and regional reward managers. “It is a single, consistent and up-to-date source of global reward information provided online and designed to allow reward professionals to easily measure and set reward policies across geographic borders.”

One of the advantages of the service is that, as Hay states: “Determining the most effective pay policies in multinational organisations is a time-consuming process, which entails collecting, consolidating and reconciling information from many territories. Reward managers may struggle with inconsistent or even missing information, slow communications between offices and a lack of local compensation and benefits expertise.”

“First truly global total remuneration methodology”

Hay says that PayNet International is based on “the world’s first truly global total remuneration methodology”, ensuring consistent results across all countries.

In addition, by mid-2008, PayNet International will provide company grade salary mid-points year-on-year, determined using Hay Group’s methodologies, with complete assumptions based on users’ own pay policies.

About PayNet International

PayNet International is an integrated set of tools for multi-country reward management which can be customised to meet specific company needs.

Hay describes these tools as:

• Core data – a query tool for pricing jobs and evaluating all compensation and benefits elements on all-employee roles globally, from base salary to total remuneration.
• Senior roles – a position pricer for senior management positions across the globe, covering all elements from base salary to total remuneration.
• Landscape – a global summary of economic and reward trends, including salary movements and forecasts.
• Line formula – Hay Group market line formulae and spot pricing for both senior management and all-employee level roles.
• Reward policy – a new, innovative tool that determines company grade salary mid-points year on year, without the need for analysis or reconciliation of market data (available in mid-2008).

Benefits

Hay Group believes the core benefits of the service include:

• Consistent results across all countries, with simple methods for calculating users’ own total remuneration.
• Interactive access to senior management and employee data on millions of employees around the world, covering all elements from base salary to total remuneration.
• Consistent methodologies, remuneration aggregates, job models, industry sector selections and data effective dates across 67 countries.
• Cross-country comparisons for users’ geographies of choice.

A final word

“Until now, global reward managers have not had the ability to measure and compare total compensation on a global basis in a simple and effective manner. PayNet International provides globally consistent total remuneration data and easy cross-country comparisons, enabling reward professionals to examine trends on both a global and country-by-country basis.” - Steve Marsden, head of reward information services, Hay Group.

Want to know more?

Hay Group PayNet International became available in October 2007. For more information please visit www.haypaynet.com.

About Hay Group PayNet

Hay Group PayNet is an “innovative, internet-based service that helps clients make decisions regarding compensation and benefits for their employees – both locally and globally”. Hay Group says its databases cover more than 12 million individual records from over 13,000 of the world’s leading organisations in more than 60 countries.

About Hay Group

Hay Group is a global consulting firm that “works with leaders to turn strategies into reality”. To find out more visit www.haygroup.com.