Are You Paying Too Little? Too Much? Just Right?
Compensation studies are an engagement to determine how an organization’s pay structure compares to the competitive marketplace. These studies should be done periodically to maintain competitive wages. Components may include pricing, competitive assessment, job evaluation and classification review, salary guidelines, job description formats, reward and recognition programs and incentives, Fair Labor Standards Act (FLSA) assessments. It is important to review and update salary structures on a regular basis.