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- Suggest possible data vendors for external analysis.
- Match client jobs to data source jobs â€“ matching job description to job description.
- Discuss the importance of the role to the organization.
- Suggest target percentiles for base salary through long term incentives (if applicable).
- Analyze the data and make recommendations on salary ranges.
Salary Structure Creation
- Understand the relative importance of jobs across the organization.
- Understand the comparable levels across the organization.
- Use market data to create bands that will allow movement up and across the organization.
- Ensure transparency as well as internal equity and external competitiveness.
Incentive Plan Design
- Understand the key drivers of success for the role(s).
- Create measurable and attainable goals based on the role and the responsibility of the position.
- Understand the tolerance for short term gains vs. long term retention.
- Review the market data based on total compensation to ensure that the total package is externally competitive.
Total Reward Statements
- Understand all of the components that make up the employeesâ€™ complete reward package
- Create a statement that includes, but is not limited to: base salary, short and long term incentives if applicable, and benefit costs.
- Explain the total package to the employee and field any questions that may arise.