To successfully build and maintain a high-performing workforce, businesses need competitive compensation and rewards programs that attract the right talent, promote employee satisfaction and reduce risks and turnover.
The Compensation experts at XpanseHR have put together the below checklist to help you ensure that your compensation program is on target.
- Our positions have up-to-date job descriptions and are compliant with the ADA and EEO.
- Our Compensation practices comply with the FLSA Exempt and Non-Exempt classifications and overtime rules.
- We complete regular Pay Equity analyses to assure equal and fair pay across all departments and positions.
- We look at key benchmark positions annually to ensure our wages remain competitive in the market.
- Our Salary and Merit Budgets are reviewed and updated annually to ensure effectiveness and compliance.
- Our starting rates for new employees are keeping pace with the market.
- We have a written communication policy that guides compensation decision-making.
- Our Compensation and Total Rewards Strategy is clearly communicated to our employees.
- Our compensation philosophy aligns pay with the vision and values of our organization.
- We have well-defined salary ranges that are aligned with the market.
Need help? Contact us to learn how XpanseHR’s Compensation team can help your organization meet its compensation management goals and build and maintain a powerful workforce. To learn more, contact Jim Jeffers at 610-614-5500 ext. 110.