Compensation Benchmarking & Analysis
Does your company pay competitively? If your response is “I have no idea” – that’s not good. We equip you to have a data driven response based on the facts.
Total compensation can be a major factor in retaining the right talent, employee engagement and having a great culture. Remember, people are your greatest asset – rather than seeing compensation as a major expense, think of it as an investment.
We equip you with accurate information to create a compensation strategy to use all your compensation dollars wisely.
We then collaborate with you to understand the data and determine how to react to it within your organization.
Having a sound compensation plan, structure and strategy will pay off significantly for your organization today and into the future.
Importance of Compensation Benchmarking & Analysis
Turnover and hiring new employees are time consuming and costly so it is best to retain employees. In many cases companies are underpaying their employees because they don’t know what competitive pay looks like. Your company saves money in the long term when you have a compensation structure based on current industry data.
Benefits of Compensation Benchmarking & Analysis
- Conduct job analyses to create detailed job descriptions for each position
- Analyze competitiveness of your current employee salary and benefits programs
- Create performance based compensation programs to retain your top talent
- Develop incentive and bonus plans that align with your business and its culture
- Differentiate pay for lower, middle and top performing employees
- Provide a total compensation statement for your employees
Industry Leading Salary Data Software
It is important to have accurate job descriptions and know the average market pay in your geographical area for each position in your company. We use a compensation database insight tool that is an industry leader in salary data. Extensive analytics are used to provide accurate information for all the U.S. and 10 different countries. The key components of an employee’s overall compensation impacts employee morale which effects performance and profits. It includes base pay, potential bonus pay, vacation or PTO, and healthcare benefits.
Our Approach to Compensation Benchmarking & Analysis
We build detailed pay analysis studies that are industry, geography, and company size specific and then collaborate with you to understand the data. As a boutique human resources firm, we work with you every step of the way. You will be working with a seasoned HR executive with 25+ years experience – not a junior level HR person who has not been an HR Executive, or in many cases has never worked outside a consulting type environment.
We can also create and implement pay grades and structures based on benchmark data. Having pay grades within your company allows you to do salary increases or promotions with consistency based on sound methodology. This is a huge help to your budgeting process and growth plans when adding employees to your company.
Ready to get the data needed to start paying your people competitively?
We're Here To Help
Don’t keep feeling frustrated with your HR issues. Stop wasting time, money and energy on trying to do it yourself. Work with us to get past these hurdles and move on to growing your business.
You want to grow your business, but people issues are getting in the way. Managing the people side of your business is complex and can feel overwhelming. At HR Catalyst, people strategy is our specialty. We create and implement custom HR plans so you can get back to growing your business.