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Compensation studies are a service in which we assist companies/organizations in applying fundamental consulting disciplines to the identification and evaluation of appropriate market pay data, internal worth of jobs/positions, organizational considerations, and current fiscal resources to determine recommended job/position classifications and a structured plan of pay level ranges.
Typically, the major elements of a compensation study include the following:
. Evaluating the company/organization's situation and need
. Conducting interviews
. Reviewing/rewriting job/position descriptions
. Conducting internal evaluation
. Ranking the job/positions
. Obtaining and analyzing competitive pay data
. Revising/recommending a base compensation plan
. Quantifying the impact of recommended pay adjustments
. Recommending pay administration guidelines
. Documenting findings and recommendations in a report
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