As a business professional, you know how essential it is to attract, retain, motivate and reward your employees appropriately. But when it comes to managing base pay levels, do you truly know what IS appropriate?
First, ask yourself these questions:
1. Is your employee turnover rate too high?
2. Do you wonder if your employee pay is competitive in your market?
3. Are you uncertain how to reward your employees to optimize performance and retention?
4. Are your pay philosophy and job descriptions outdated (or non-existent)?
5. Do you worry that your company might not be compliant with wage and hour laws and overtime regulations?
If you answered “Yes” to any of these questions, you can almost certainly benefit from a Base Pay Project. In fact, here are just a few ways a well-designed and professionally conducted Base Pay Project helps you and your organization:
• You will understand your compensation position relative to your market
• You will identify where your base pay system needs adjusted to be fair and motivational
• You will uncover possible base pay, equal pay, and overtime administration issues that could make you vulnerable to a regulatory audit and fines
The good news is that when you use these discoveries to update (or overhaul) your compensation program, your new market-correct base pay system will position you to remain competitive, reduce turnover, and help safeguard your company against financial risks from regulatory non-compliance.
The bad news is that few organizations have the internal resources to undertake an objective and effective Base Pay Project. It’s a complex process. It takes your HR team away from critical duties. It demands weeks or months of concentrated effort – analyzing internal compensation levels, developing a compensation philosophy, and conducting a detailed and industry-specific market pricing compensation survey.
And that’s just the beginning! From there, you’ll need to use your findings to design and integrate manageable updates to your base pay system.
Fortunately, you don’t have to take it all on yourself. At Total Reward Solutions, we specialize in compensation, performance management, and reward/recognition consulting services – the kinds of services that help your organization attract key talent, motivate employees, and retain top performers.
When it comes to conducting a Base Pay Project for you, we will:
• Develop a project plan, gather resources, and define a cohesive Compensation Philosophy
• Develop market data guidelines and match your jobs to market descriptors
• Conduct market pricing of jobs
• Create a salary structure and slot your roles into that structure
• Conduct an incumbent analysis so short- or long-term adjustments can be made to create alignment with market conditions
Naturally, we understand that your market and your organization are one-of-a-kind, so we offer many options. Ultimately, we tailor our Base Pay Project services to match your unique needs.
At Total Reward Solutions, we pride ourselves on being your trusted partner for essential employee compensation and total reward services — including Base Pay Projects.
So, let’s start a conversation. Simply click here or contact us today at 317.589.8529.
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