Salary Administration and Market PricingOCG can assist companies with the development of effective salary administration programs. This includes the development of job descriptions, levels and salary grade structures, connected with the pay planning and administration process. An effective salary administration program will provide for:
- Internal equity (fairness) among jobs, base on the development of objective grades and ranges,
- External competiveness to the appropriate market place,
- 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 the company wasn't overpaying or underpaying for its jobs.