Compensation Reviews are one of the most important conversations and philosophy’s that a company can have; it drives strategy, sets the stage for a thriving work environment, and establishes how to attain the proper talent. At M Consulting Group Inc. we are experts at directing these dynamic conversations.
Compensation Reviews are a common method for both the public and private sectors to ensure that employers are compensating their employees at a competitive rate. We conduct bespoke compensation surveys targeting professional regulatory organizations (Not-for-profits, health organizations). We collect data you can trust and develop effective compensation programs to retain your top talent. Our compensation surveys and reviews are targeted, relevant, and provide accurate comparators, in a timely fashion.
Examples of different analysis conducted during review:
· External competitiveness
· Internal equity
Benefits of compensation analysis:
· Salary benchmarking gives an impartial idea of competitive salaries and allows organizations to make informed decisions. Salary benchmarks provide data points, whether it is worth it or not to pay an employee above the average salary.
· Evaluating pay equity allows organizations to compensate employees doing the same level of work in a fair way. Conducting a comprehensive compensation analysis also enables you to correct historic pay gaps.
· Transparent compensation decisions leave the decision-making of salaries in the hands of accurate and impartial data. This leaves employees with a higher level of trust in the organization and their managers.
· Identifying opportunities – Through a comprehensive compensation analysis, you can identify where you can improve your compensation strategy. For example, you may be able to find different ways to remunerate employees.