Compensation Studies assist organizations in developing, refining, implementing and administering a variety of compensation programs. These compensation programs include:
- Designing job evaluation systems
- Conducting salary surveys and assessing market competitiveness
- Developing variable pay and incentive plans
- Designing rewards and recognition programs
Compensation Studies allow an organization to capture, categorize, and analyze human resources (HR) knowledge to identify more practical compensation solutions. New compensation solutions are designed to meet the unique needs of a business and its employees. It utilizes aspects of strategic planning, HR benchmarks, best practices and a review of current compensation terms to form a new compensation program for the organization.
Sample Acton Experience:
Alberta Municipality Review
This review evaluated the salaries and wage scales for employees and elected officials for the Municipality. Additionally, a high level evaluation of benefits packages offered by other municipalities was conducted and compared to our results. The survey included market compensation information for approximately 25 selected “benchmark” positions within the County,
The salary survey examined the following compensation program components:
- Base salaries (range maximums, control points and minimums)
- Market supplements
- General work practices and perquisites
- Employee benefits overview
For this engagement, we conducted a detailed review and assessment of the Town’s current compensation system and its components. This review included an evaluation of the bi-annual compensation review process, annual market adjustments, salary grid structure, job evaluation method, Compensation Review Committee roles and effectiveness, employee incentive plan and employee performance plan.
Recommendations were made on each these respective compensation program elements and on other compensation program design criteria such as the program objectives and principals, internal and external equity, and reclassification, etc.
The analysis and recommendations illustrated areas of the current compensation program are meeting desired objectives and align with generally accepted compensation program design criteria and practices; and which compensation program components need refinement.
This review assisted the Municipality in establishing a compensation system that aligns with other mission critical human resources and organizational processes. It strengthened the organization’s ability to more effectively attract, retain and motivate members of the organization.
Return to Performance Management Services.