The missing piece in pay reviews: Why we built Pay Insights & Benchmarking

Every employer runs into the same question sooner or later: Am I paying my people fairly? It's a simple question, but finding the answer isn't.

Most businesses don't have a remuneration specialist on staff. Pay reviews usually fall to business owners, HR managers or team leaders who are trying to make sensible decisions with the information they have.

A salary review comes around. Someone’s role has changed. You're hiring for a new team member and need to decide what to offer. That's usually when the search starts.

You look through salary guides, browse job ads and ask around to see what other employers are paying. Before long, you've got plenty of information, but not much certainty. Every source tells a slightly different story, and it's hard to know how closely it reflects what's happening in the New Zealand market.

In the end, it often comes down to judgement. That's the gap we wanted to close with Remuneration.

Better information where it matters

PayHero already has much of the information employers need during a pay review. It knows what everyone's paid, when their pay last changed, and how it's changed over time. What was missing was an easier way to understand that information alongside the wider market.

The Remuneration tab brings those pieces together. For each employee, you can see their current pay rate, effective hourly rate, last review date, most recent pay change, and how their remuneration compares with the benchmark range for their role.

Where someone sits below their benchmark range, PayHero also shows the increase needed to bring them into range.

Benchmarking is only part of the picture

A good pay review isn't just about whether someone sits above or below a benchmark. It also means understanding when someone was last reviewed, how their pay has changed over time, and how their role compares with similar positions in the market.

The benchmark is a starting point. A good pay review still needs judgement, business context and an understanding of the person behind the role.

That's what Remuneration helps with. It puts the information you need in one place, so you're spending less time gathering information and more time making decisions.

Making pay reviews less reactive

Every piece of data you capture in Workflows can be accessed in Insights reporting. Compare employee answers to questions, or review when Admins have made any changes to the workflow. If you set up a survey, for example, you can collect and analyse the data to help form business decisions. 

Pay Insights & Benchmarking is available to Payhero users on the Universe Plan. To get started, check out this support article.