IS YOUR ORGANIZATION’S BASE PAY ON TARGET?
In this final article in this five-part series, let’s go back to a fundamental at the initial compensation question. Is your base pay on target? If not, everything discussed in Parts 1 through 4 will have reduced effectiveness.
The only way to answer this basic but critically important question with a high degree of accuracy is for your organization to periodically conduct a thorough market compensation analysis.
Without such an analysis you could be either underpaying or overpaying – both of which have unintended consequences.
A consequence example is your losing valuable talent because of their being underpaid.
Here is what a good compensation analysis consists of:
1) Comparing your organization’s positions to comparable positions in other organizations:
- In your industry
- Of similar size (as measured by revenue and/or number of employees)
- In the geographical area in which you would recruit for a position – be that locally, regionally or nationally
2) Not merely look at a position’s title, but more importantly taking into account its:
- Duties and responsibilities
- Education and experience requirements
- Skills and competencies
3) Factoring in the incumbent’s:
- Qualifications in comparison to the position’s requirements
- Performance
- Other relevant factors
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4) Analyzing non-base pay salary
5) Providing position-by-position, person-by-person compensation recommendations based on the analysis
HOW TRINITY CAN HELP:
- Trinity’s Team has years of experience in doing compensation analysis.
- We utilize an up-to-date, reliable data base of market compensation to expertly and economically perform a customized market analysis for your organization.
For more information:
E-mail Trinity at info@TrintyHR.net
Visit our website at www.TrinityHR.net
Call us at 856.905.1762 or toll free at 877.228.6310
You have HR challenges…Trinity Has solutions!