Compensation Analysis Maintaining consistent compensation structures and policies are fundamental best practices. Compensating employees well below or well above the market can create competitive disadvantages for organizations. KEES recommends organizations should analyze compensation structures every 2-3 years.
KEES will assess compensation of proposed and existing positions and benchmark them against comparable market positions, paving the way for the development and implementation of a more formalized compensation administration policy.
COMPENSATION ANALYSIS FOCUS OF ACTIVITY:
- Conduct position analysis for all staff positions using existing job descriptions.
- Align the select job structures with external market positions for comparison (i.e., industry positions which are comparable in terms of function, specialization, span of control and hierarchy).
- Outline your organization’s existing compensation structure compared to the market.
- Assess local and national competitors’ pay practices utilizing industry and non-industry specific compensation studies.
- Prepare and present a final report outlining results and high-level recommendations.
- Comp analysis is a standard component of our Retained Executive Search services, is often part of an overall Staffing Assessment, or can be a stand-alone service.
As always, KEES customizes our service offerings to meet each client’s individual needs. Contact us today to learn more!