Recruiting, engaging, rewarding, and retaining the right employees are key compensation program goals for most organizations. To help you achieve these goals, rely on CEA’s professional compensation team for the right answers at a reasonable fee. CEA will work with you in a way that best fits your specific needs and budget.
Seven Best Practices For Developing A Pay Program
- Define a total compensation strategy that is linked to your mission and goals
- Use multiple market surveys to pin point competitive pay levels for your jobs
- Age the market survey pay data to current or future dates that you identify
- Establish and maintain a current pay grade and range structures
- Identify equitable internal job level/grade relationships
- Perform assessments of your pay practices versus your competitive market
- Introduce administrative practices that are aligned with your pay strategy
Why Use CEA for Compensation Servies?
- To align your pay practices with the organization’s mission and goals
- To be sure you are not paying too little, too much, or inequitably
- To enable you to recruit, engage, reward, and retain the right people
- To be sure you are paying your employees competitive rates
- To better equip your managers and supervisors to administer pay
- To streamline your pay program and make it more effective
- To link pay to employee and organization performance results
- To improve employee and organization performance results
See a Variety of Compensation Services
- Compensation Strategy: Facilitate discussions within your organization to determine the appropriate compensation strategy that aligns with your mission and goals. Includes recommendations to better align actual compensation practices with strategy.
- Market Pricing of Individual Jobs: Our staff will review data from multiple market survey data sources to recommend pay levels for specific company jobs, including organization versus competitive market comparisons.
- Pay Structure Design & Assessments: We'll compile market data for a group of "benchmark” jobs (e.g., 10 to 25) to develop a market-based pay structure (including grades and ranges). Using market pay structure data, we will perform an overall assessment of your organization's pay practices versus the competitive market.
- Market Pay Structure Maintenance: Annual updates/aging of organization pay structures and re-assess pay levels for applicable jobs/employees versus updated market norms.
- Total Compensation Assessments: In conjunction with wage/salary structure development and assessments, we'll provide comparison of organization incentive/bonus practices, benefit plans and total compensation practices versus market practices and recommend reallocation of compensation dollars as appropriate.
- Employee Benefits Analysis: Comparisons of organization employee benefit plans and practices versus competitive market norms. Identify gaps versus market norms and provide recommendations for correcting shortfalls when appropriate.
- Implementation Strategies and Recommendations: Review of individual employee pay in relation to the organization’s competitive pay objectives and recommend adjustments and ongoing pay administration.
- Pay Plan Communications: Development of employee communication documents to ensure understanding of plan design considerations and plan administrative requirements.
- Incentive/Bonus Plan Design: Design, develop and implement performance-based incentive/bonus pay plans that fit the competitive business environment and align with the organization’s specific performance expectations.
- Pay Policy and Performance Guidelines and Forms: Draft new and improved policy, procedures, guidelines, and forms to support alignment with organization pay strategy.
- Executive Compensation Plans: Design, develop and implement performance-based executive compensation plans that are aligned with the organization’s performance expectations and competitive talent markets.
To get started contact us.