Your total compensation system is critical to how well you recruit, retain and engage your people. From an executive/management perspective, comp and benefit decisions are complex because they involve competing values: attracting great workers while at the same time keeping payroll costs within budget.
From an employee point of view, compensation is not simply a source of economic livelihood, but it shapes their perception of fairness, it becomes a component of job satisfaction, and it serves as a measure of job status when comparing themselves to other workers.
Why should your organization take an in-depth look at your total compensation and benefit offerings?
Your organization’s total compensation has a huge impact on your recruiting, retention, engagement, and your overall reputation.
Steps to Alternative HRD’s Compensation & Benefits Analysis:
• Determine your comp philosophy and objectives;
• Examine current positions, job descriptions, responsibilities, qualifications, and reporting structures;
• Review current comp practices, including internal equity;
• Analyze comp factors and comparable values;
• Identify and study marketplace comp data that impacts your organization;
• Recommend wage ranges for each position;
• Help you implement selected updates to your organization’s comp and benefits system;
• Provide guidelines for implementing, managing and adjusting the system going forward.
If your compensation is not attracting quality applicants or not keeping productive employees, give us a call at 605.335.8198. We’d be happy to work with you to discuss your comp and benefit needs, identify options and consider solutions!