Our compensation study process includes the following:
Initial call/meeting with key stakeholders to gather data and required information such as:
- Job descriptions
- Current salary information + incumbent salary (to include all special pay information such as longevity, bonuses, stipends, etc.)
- Identify competitive set
- Discuss/define compensation philosophy
General meeting with individuals whose positions are being studied to explain process and their involvement. Will include:
- Overview of process
- Address key questions
Review of job descriptions-to be provided by client
- Review of existing job description
- Clarification on key duties of position – may require onsite analysis depending on quality of job descriptions
Identify resources and gather data on wages, benefits and other financial incentives and for similarly situated positions in identified competitive set. Market survey of competitive set.
Analysis:
- Establish benchmarks for each position in study
- Recommend salary ranges that include minimum, mid-point and maximum
- Review of internal equity
Presentation of findings and recommendations to client/stake holders (oral and written report)
- Written report
- Assist with preparation of individual compensation sheets to share with employees