Market Pricing Compensation and Salary Administration

• Internal equity (fairness) among jobs, based on the development of objective grades and ranges,
• External competitiveness to the appropriate marketplace,
• Flexibility, and
• A sound pay-for-performance structure.

Effective and current market pricing is the basis for any good salary administration program. OCG can provide accurate market data for a wide variety of jobs in any company. Our multiple databases supply information from hundreds of commercially available pay surveys. Our survey databases include all of the national salary surveys, and a wide variety of regional and trade surveys.

Example: A large financial institution had grown both organically and by acquisition. We were asked to update their salary grades and ranges. At the outset, we found approximately 450 jobs occupied by 4000 people. When the project was finished we were able to reduce the number of job titles to under 300, and we developed objective pay ranges, based on accurate market pricing for these positions. The new structure helped the company both control costs and prevent unwanted turnover by ensuring that the company wasn’t overpaying or underpaying for its jobs.

Learn more by exploring our resource, Outsource Your Employee Market-Based Pay Program.

Here is a summary:

It’s a challenge for businesses to find manage both the budget needs for compensation programs while ensuring that they’re focused on attracting, retaining and engaging employees.

Organizational Consulting Group can help, especially when companies have limited resources to handle everything on their own.

For example, we look at whether the existing compensation programs are competitive and agile. Among many other services, we also develop the right approaches that weigh employee performance with competitive pay.