The Compensation Services Department at Employers Resource Association (ERA) provides the following fee-for-service projects:
- at a price that is far below market averages (since we are a non-profit membership organization),
- from professionals with years of practical real-world experience, and
- with a design that is individualized to meet your needs.
Comparing Your Pay Structures and Practices Against the Market
All companies need to maximize the value received from their compensation programs. You want to pay enough to attract new employees and to retain current ones, but you also need to know if you are paying too much. In order to do this, you need to know how your employees compare against your competition in both base pay and bonus/incentive compensation, for each of your separate positions. ERA is equipped to make a detailed analysis of your current pay, for each of your employees, and compare them against your competitive market:
- by same type of industry/organization,
- by same size (revenues/assets/budgets), and
- by same location (in any city in the U.S.A, and even in some foreign countries).
Creating New Pay Structures or Revising Current Structures
Have you reached the stage where you need to develop new job grades and salary ranges so that you are paying your employees fairly and equitably relative to each other…or relative to the job market? Do you have an old pay structure that you know is out-of-date, and you are having increasing difficulty in hiring outside people into this structure…or keeping current employees within it? Are you using a pay structure that most people at your organization do not understand or that costs a prohibitive amount to update, by an external consulting company? ERA can provide solutions to these problems that will address your specific needs and make you more confident that your dollars are being spent wisely.
Job Description Review, Revision, or Creation
Many employers have found that their current job descriptions are not compliant with the most recent changes in federal regulations and/or are not classified properly with regard to whether the position should be Exempt or Non-Exempt. ERA can keep you both confident and compliant by reviewing your descriptions and making the necessary changes, or by creating new descriptions. Considering the staggering financial penalties assessed by the Department of Labor for Wage and Hour violations, more and more employers see this area as part of their routine fiscal audit processes.
Creating or Revising Incentive and Bonus Programs
Are you a proponent of pay for performance…and more pay for more performance? ERA has extensive experience in creating bonus and incentive programs that focus on the bottom line… increased profits, higher production, more sales, etc. ERA also can advise you regarding whether or not your current programs are effective. For example, are your sales goals in conflict with each other, rewarding increased sales volume while ignoring decreased sales profits? Do your production incentive programs reward for increased productivity alone, while also increasing error rates and/or product waste cost? Or does the incentive program have the effect of increasing customer complaints about quality or service? Everybody wants to increase earnings, but have you checked for these type of unintended consequences?
If you want to have a pay-for-performance organization, you need pay-for-performance systems. ERA can assist you in establishing performance measures and tracking systems, including performance matrixes as a means of administering your pay program. If you pay too much to non-performers, you minimize your ability to pay enough to retain those who are driving the success of your organization.
Are you as concerned about the effects of your pay decisions as some of your employees are? Is there any possibility of pay discrimination, based upon gender, race, age, or disability? ERA can keep you compliant in this area by reviewing your current internal pay comparisons, promotion and job assignment decisions, and distribution of employees across job groups.
For more information about our Compensation Consulting Services please contact Monique Kahkonen at 513-679-4120.
- Included with Membership
- Fee-based Services