Developing Your Compensation Plan

Once we have assessed our clients’ specific needs, and discussed their desired pay philosophy and goal measurements, we can develop a recommendation for compensation.  CompAnalysis’ general approach to compensation plan design is to work with our clients to assure our full understanding of the organization’s needs and objectives.  Our approach assumes that the recommended job evaluation criteria we develop will be based on job content, functions, requirements, and responsibilities.   Therefore, for job classification purposes, we generally do not consider the unique qualifications and/or performance of the incumbent employees because those are personal—not job-specific—characteristics.  Individual employee performance, however, is typically an indication of where the employee should be paid in relation to job value. 

Our steps to creating a functional and effective compensation plan include assessment of:

• external factors—labor market research and industry trends
• internal factors—relative measures of jobs within your organization
• objective measures of performance results

In essence, CompAnalysis compiles and compares labor market research data based on each job’s description to determine how your competitors pay their employees.  We combine this knowledge with an internal job comparison to recommend base pay levels for your employees.  We interact with your organization through each step of the process, and welcome your feedback.  We will work to finesse the plan until you are completely satisfied.

CompAnalysis has designed and implemented compensation plans for hundreds of corporate, nonprofit, and government clients. Whether you need a few adjustments to your existing plan or a completely new plan, we can help you achieve your goals.

For more information on CompAnalysis’ compensation plan design services, please contact us.