A Closer Look...
It is important to look at the aspects of your business that make a difference
Recognizing that improvements need to be made in your business can be easy but taking the steps to make the improvements can be more difficult. If you are currently making improvements or thinking about making improvements, you should take a closer look at the areas that really drive your business. Through our consulting solutions outlined above, we can help!
| Compensation |
In general termsCompensation is a broad subject and methods vary among organizations. In general terms, there needs to be a feeling of equity both internally (within the organization) and externally (as compared to outside the organization). This can be accomplished through a job evaluation which is a systematic determination of the relative worth of jobs within the organization and is concerned with the value of a job to the organization. The job evaluation process determines the relative worth of each job by establishing a hierarchy of jobs within the organization. Salary surveySalary survey data plays an important role in both establishing external equity and helping an organization stay competitive or not "lead or lag the market" if it is not their intention. Depending on the pay strategy of the organization, lead / lag / match, an organization needs to know what similar positions are paid in their industry and locality. Pay structure and rangesPay structure is the process of establishing pay grades and then calculating pay ranges. Pay grades group jobs that have approximately the same relative internal worth; in other words, all jobs within a particular grade are paid the same rate or within the same pay range. By using pay grades, management can develop a coordinated pay system without having to determine a separate pay range for each job in the organization. Pay ranges are created for each pay grade and set the upper and lower bounds of possible compensation for individuals whose jobs fall within each grade. The market data from surveys is used to establish the maximum, minimum, and midpoint of the pay range. The pay range will vary, depending on the organization's promotion policy, pay increase policy, and other administrative considerations. Our specific servicesWe can help to: |
