So you recognize an organizational need for a compensation analysis. Now what? It is important for employers to understand what the process is like and what they can expect as they move through it.
At RKL, our approach to compensation analysis is guided by our overall philosophy to serving local businesses and organizations. We’re in it with you and invest the time to understand your needs and desired outcomes. That’s why, as seen in the below continuum, our pay benchmarking process starts with (and very much depends upon) a robust discussion around your unique goals, team culture and compensation philosophy.
This “listen and learn” approach means that we’re able to tailor the analysis process and final product to your company size, scope, location and industry. With your unique circumstances and success factors in mind, our team of HR analysts review a wide range of data, including your current compensation tools, financials, job descriptions and more, and synthesize with industry benchmarks, market data and economic indicators.
The plan redesign and knowledge transfer are customized to meet your needs. We’re able to provide a number of different tools and programs to support your compensation program now and into the future, and we’ll make sure your key stakeholders and well-trained and bought in to the new process.
What a Compensation Analysis Requires of You and Your Team
Given our collaborative consulting approach, it is important for you to know what we’ll need from you as we partner for compensation benchmarking. An upfront understanding of the essential elements your organization brings to the table means we can maximize the process and its benefits to you. Here’s what you and your team contribute to the process:
- Your trust: It can be difficult to challenge past practice and take an objective look at where you stand in your industry and market. When you place your trust in the RKL, you’ll be supported throughout the process by a team of advisors that has your best interests at heart, respects where your organization has been and understands where it wants to go.
- Your collaboration: It takes true partnership to produce the most actionable insights from a compensation analysis. We’ll routinely update you and your leadership throughout the process to make sure we’re proceeding in a manner that holds true to your strategic objectives.
- Your time: We know that time is one of your most valuable assets. It is also an essential ingredient for a compensation analysis. When you invest your time for progress updates, deliverable reviews and knowledge transfer sessions, we’ll make the most of it and conduct business as efficiently as possible.
- Your expertise: No one knows your business as well as you. We tap into that knowledge base to learn what you do and why, and what’s working well and what’s not. This serves as a foundation for our analysis and is an important source of input throughout the process.
- Your information: RKL’s compensation analysis is not a one-size-fits all endeavor. Our team builds customized profiles and tools that rely on the timeliest and most accurate information from your organization.
Ready to boost your people power with analytics? Contact our Workforce Strategies team using the contact form below or reach out to one of our local offices.