| Salary survey submissions can be time consuming but you must weigh the time it takes to complete your data submission against the lower costs you receive on the data and what you will do with the data once you receive the results.
While you are waiting on the survey data to be returned from the survey vendors, it is a good time to create or review your market pricing policy. Your market pricing policy is your guide as to how you will use the data once you get it back. It should address by job level what scopes of data you will use to benchmark. The market pricing policy typically includes scopes for:
- Employer FTE Size
- Revenue or Asset Size
- Geographic Area for which you recruit
- The use of generic or industry specific data
Survey data is generally distributed in late summer/early fall by the survey vendors. You will want to use your survey data to see if any of your positions have moved up or down in the market and decide what course of action you wish to take as a result of market movement. You will also want to use your data to validate your current salary structure. Don’t forget to age your data when you receive it as many months go by between your submission and when you receive your results.
Don’t want to do survey submissions but buy data as you need it? Total Reward Solutions always has data available and can market price one job or multiple jobs for you.
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Shopping Benefits?
Second quarter is typically used by many companies to shop their benefit packages in order to prepare for budgets and open enrollment in the late third quarter and early fourth quarter. Do you know if your benefits are competitive to market? How about your cost sharing? Total Reward Solutions is available to help you review your benefits and ensure you are competitive in the market place.
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FLSA Enforcement
The Department of Labor has increased their emphasis on audits of the Fair Labor Standards Act and in particular which positions are eligible for overtime and which ones are not eligible for overtime. How long has it been since you conducted an FLSA Audit?
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Places to Look to Find Potential HR Issues
Are you being proactive in addressing concerns that arise through surveys and analyses? Check out what is being reported for your organization in:
- Turnover/Retention Analysis
- Exit Surveys
- Employee Opinion Surveys
- Great Places to Work Surveys
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Case Study
Have multiple locations hiring for the same position? Do all locations utilize the same or similar salary range that has been validated to market? Do you have a process that can be replicated to check market? How are new hire offers made? Do all locations follow the same guidelines for valuing previous experience? Total Reward Solutions is currently helping a client facing some of these issues so that standard salary ranges can be used and appropriate salary offers can be made. If you have similar concerns, contact Total Reward Solutions to help you address them.
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2011 Indiana State Human Resources Conference
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Registration is now open for the 2011 Indiana State Human Resources Conference. The conference is one of the best local conferences and maintains a low cost for attendance. |
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Cassandra Faurote
Cassandra Faurote is a seasoned human resources consultant with 25+ years in the human resources field and was employed with several employers in Indianapolis to include the industries of insurance, banking, credit union, and medical devices, prior to starting Total Reward Solutions in 2005. Total Reward Solutions is a consulting company focused on helping clients in the areas of compensation and benefits, performance management, and reward/recognition programs. TRS has worked with companies from 40 to 4,000 employees and in well over 20 industries. Born in Dayton, Ohio, Cassandra has a bachelor’s degree in Business Management from Indiana Wesleyan University and holds three certifications to include Senior Professional in Human Resources (SPHR), Certified Compensation Professional (CCP), and SHRM Senior Certified Professional (SHRM-SCP).
Professional affiliations include being a member of the Society for Human Resources Management, World at Work, and Indy SHRM. Cassandra served on the board for Total Rewards Indiana for seven years. She has taught in the human resources certificate program at IUPUI and has also authored an article in Workspan, a World at Work publication, on 10 Ways to Use Your Merit Dollars. Cassandra is a frequent speaker at the Indiana State Human Resources Conference and is also a speaker for various human resources and compensation groups. Cassandra currently serves on the Board for the Greater Lawrence Chamber of Commerce. |
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