Compensation/Pay Equity: Is it part of your strategy to drive your business forward or is it holding you back?
Does your business have direction when it comes to compensation matters or do you feel like you are all over the map? Consider how confident you are in the answers to these questions:
- Do we know how we want to pay our employees relative to our competitors? Do we want to lead the market, pay equal to the market, or can we lag the market?
- How do we know if our pay rates are competitive?
- How do I know if internally I am paying employees equitably in comparison to one another?
- Are our compensation practices creating challenges for recruitment and retention?
- Have we identified the most critical positions in our company for which we are willing to compensate differently?
- Are we using the right mix of tools to motivate our employees to perform at their best?
- Do our employees understand how they are paid and do they view their compensation as a positive or a negative?
- Are we aware of all the areas where the company may have legal exposure for non-compliance with wage and hour laws and do we know how to mitigate that risk?
If you want to establish clear direction for your business on some or all of these questions, Compass Workforce Solutions can help point you in the right direction with the following services:
- Development of your company’s compensation philosophy
- Individual salary benchmarking for recruitment, hiring, or promotion decisions
- Creation of a competitive base pay structure
- Development of incentive plans or other variable pay programs
- Audit of employee pay and pay practices at your company to identify areas of exposure
- Development of legally defensible job descriptions and job family career ladders
- Review of positions to determine exempt or nonexempt status under wage and hour laws
- Development of communication plans for rolling out new compensation programs or changes
- Objective, third-party services to investigate employee complaints regarding compensation
Contact us today for a consult on how CWS can partner with you on your company’s compensation initiatives
Christine Ippolito, SPHR, SHRM-SCP Email: firstname.lastname@example.org Phone: (631) 794-7401
Taking the Guesswork Out of Employee Pay
Listen in to a 2 part series of 30 minute webinars sponsored and hosted by Paycor as part of their Coffee Break Series to learn more about:
Part 1. External Equity and Market Pricing
- How to align market pricing with your business strategy
- Understanding survey data and how to use it
- Market pricing steps
Part 2. Creating Base Pay Structures: Considering External and Internal Equity
- Steps and considerations in building a base pay structure
- Understanding different approaches that may be used to build a base pay structure
- How to maintain your base pay structure and evaluate for effectiveness