The Compensation Company

09Nov2020: Competitive Pay in 2021

What are your business plans for 2021? Have you determined what changes will occur in your market place that will challenge your organization to attract, retain and reward highly competent employees? It is that time of year to launch new products, establish revenue goals, create budgets and re-align employee groups to meet business targets. Salary budgets form one of the largest costs within companies. Many employers participate in market surveys to ensure that they are current with salary trends. …

19May2019: What is a “Good” job Match?

It is common practice to examine pay trends within the market using benchmark jobs. This requires using a process of matching your job to the benchmark job in order to determine if it is a good comparator. The general rule of thumb is that if the benchmark job matches at least 80% or better, then it could be considered a good match. Thus, the corresponding salary data can be used to determine variances from the market.

It is important not…

09Feb2016: What is a Job Rate?

While recently conducting a custom compensation market survey, I was asked the question – ‘What is a Job Rate’? In my custom survey I asked for data on actual salaries, as well as the Job Rate of the salary structure.

Actual salaries are considered to be the specific wage rate or annual salary that each employee receives for doing an assigned job. It is part of their base pay package vs. variable pay package.

A Job Rate, on the other hand,…