Are you curious about how your company’s compensation levels compare with others in your industry or targeted labor market? Our consultants use market pricing methods to create internally equitable and externally competitive base pay and bonus programs. Salary and bonus ranges are developed to provide management with an effective compensation program for administering total cash compensation.
We can effectively evaluate your compensation programs, research your competitors’ programs and recommend modifications if necessary. This can include evaluating your existing base salary, bonus and/or incentive compensation programs to determine effectiveness and developing recommendations to maximize the use of your organization’s payroll dollars. Business owners and Boards of Directors need sound compensation recommendations, and our compensation staff can provide an outside expert’s review and opinion of your existing programs.
Our firm can develop salary ranges or salary grades to provide management with an effective compensation structure for administering salaries. Our compensation professionals will use compensation philosophies and strategies that best fit your organization’s culture and labor market.
Our firm can be your outside objective source for determining if your executive compensation programs are competitive and reasonable. Our insight into competitive market practices can provide you with defensible executive compensation programs covering base salary, bonuses, long-term incentives, perquisites and benefits. Compliance with regulations governing “pay equity, reasonable compensation levels and soundness” can be assessed by our compensation professionals. We can determine if your executive compensation practices and programs comply with governmental regulations and/or make necessary modifications to help ensure compliance.
We are experienced in developing variable compensation plans to maximize employee productivity and reward outstanding employee performance. Variable compensation, such as incentive plans, bonus plans and commission plans, is an important component of a total compensation package.
Our compensation consultants are proficient at job analysis and determining essential job elements. Job descriptions are written and/or updated, and provide written documentation of reporting relationships, critical job specifications, duties and responsibilities, and performance accountabilities. Well-written job documentation is critical in compensation analyses and can serve as the primary source for supporting and defending all types of management and human resources decisions. Job descriptions can be an important piece of evidence in employment-related claims and disputes.
We can conduct surveys of compensation practices on selected positions, industries and/or geographical areas to generate applicable market data relevant to your jobs. The data gathered through these customized surveys are then analyzed, developed into statistically sound market surveys and shared with participating organizations when appropriate. This type of customized compensation data is then incorporated into the market analysis along with other valid survey data and research to develop competitive pay programs for the client.
Ensuring that employees are properly categorized as exempt or nonexempt under the federal Fair Labor Standards Act is critically important and failure to properly do so can leave the employer open to government scrutiny and penalties. Jobs are analyzed and tested under federal regulations to determine exempt and nonexempt wage and hour classifications. We do this to assist clients with compliance in minimum wage, overtime, recordkeeping and salary basis regulations. An exemption analysis will include a management report that provides a complete explanation of whether jobs meet or do not meet the numerous FLSA wage and hour classifications. Additionally, nonexempt pay practices can be audited to determine compliance with regular rate and overtime calculations.
Learn how Whitney Smith Company can help your company stay competitive.