How we can help with your compensation strategy
You understand the important role that compensation plays in attracting and retaining good talent for your organization, but it can sometimes be overwhelming to determine where and how to make the changes necessary to remain competitive. Our compensation experts can support your compensation strategy no matter where you are in the process. Here are some ways we can help:
Job Analysis/Evaluation and Job Descriptions
To assess whether you’re paying someone appropriately for their job, you need to start with a clear understanding of their role. If you don’t have a job description for the role, we can conduct a job analysis/evaluation to identify the job duties, responsibilities, significance of the role in your organization, working conditions / physical demands, and the skills and expertise needed. We can use this information to create clear and consistent job descriptions to communicate the expectations of the role and how it fits into your organization.
During the job analysis process, our HR Consultants can also help you to understand the difference between exempt and non-exempt from overtime pay under the Fair Labor Standards Act (FLSA). We realize this can be tricky, but with our expertise, you can rest assured your positions will be properly classified.
To determine how competitive your salaries are, you need to identify the market salary ranges that are being offered for comparable roles. Our compensation experts can conduct a Salary Benchmark Review by researching industry salary data, taking care to conduct a job matching analysis to ensure the data best matches your specified roles. Then, we can provide Market Analysis Reports showing the Estimated Market Value (EMV) for each benchmark job.
In addition to developing a compensation structure that’s based on current market data, it’s also important to consider your organization’s philosophy and approach to compensation. Our HR pros can walk you through this process to develop salary ranges that are competitive and appropriate for your company. We can also help you to develop merit and performance-based compensation plans, as well as incentive and bonus programs.
Total Compensation Statements
Total Compensation Statements are a valuable tool to help employees understand the complete value of their compensation and benefits package, including their direct compensation and the employer’s contributions toward their benefits. We can help you to ensure that your Total Compensation Statements are customized for each employee to be comprehensive and reflective of the full value that your organization offers to them.