Compensation Reviews

Our comprehensive compensation assessment services are designed to ensure that your organization remains competitive, equitable, and compliant in the marketplace. By evaluating compensation packages through detailed market analysis, internal equity assessments, and total rewards reviews, we help identify opportunities to optimize your compensation strategy. We gather critical employee feedback, ensure regulatory compliance, and provide actionable recommendations for improvement. Through ongoing monitoring and review, we ensure that your compensation structure adapts to industry trends and organizational growth, positioning you to attract, retain, and motivate top talent.

We offer tailored compensation assessments to ensure your organization stays competitive, fair, and compliant. Our services provide actionable insights to optimize your pay structures and keep pace with industry trends, helping you attract and retain top talent.

Market Analysis

Purpose: To assess how the organization’s compensation packages compare to industry standards.

Benchmarking:
Identifying relevant industry peers and gathering data on their compensation practices, including salaries, bonuses, benefits, and incentives.
Salary Surveys:
Participating in or purchasing salary surveys to obtain up-to-date compensation data across various roles and sectors.
Geographic Considerations:
Analyzing how location impacts pay rates, especially for remote or hybrid roles.

Internal Equity Analysis

Purpose: To ensure fair and equitable compensation within the organization.

Job Evaluation:
Conducting job evaluations to assess the relative value of positions based on responsibilities, skills, and requirements.
Pay Structure Review:
Evaluating existing pay structures to identify inconsistencies or disparities among similar roles.
Compensation Philosophy:
Assessing whether the organization’s compensation philosophy (e.g., lead, match, or lag the market) aligns with its strategic goals.

Total Rewards Assessment

Purpose: To evaluate the overall compensation package, including both monetary and non-monetary benefits.

Benefits Review:
Analyzing the organization’s benefits offerings (healthcare, retirement plans, paid time off, etc.) and comparing them to industry standards.
Incentive Programs:
Reviewing performance-based incentives, bonuses, and recognition programs to ensure they effectively motivate and retain employees.
Work-Life Balance Initiatives:
Assessing policies such as remote work, flexible hours, and wellness programs as part of the total rewards strategy.

Employee Feedback and Engagement

Purpose: To gather insights from employees regarding their perceptions of compensation and benefits.

Surveys and Focus Groups:
Conducting employee surveys and focus groups to understand satisfaction with current compensation practices.
Exit Interviews:
Gathering feedback from departing employees about their compensation experiences and reasons for leaving.
Engagement Analysis:
Assessing how compensation and benefits influence overall employee engagement and retention.

Compliance Review

Purpose: To ensure that compensation practices comply with legal and regulatory standards.

Wage and Hour Laws:
Reviewing compliance with local, state, and federal wage laws, including minimum wage, overtime pay, and salary classifications.
Equal Pay Analysis:
Conducting analyses to ensure compliance with equal pay laws and identify any gender or racial pay gaps.
Record-Keeping Practices:
Evaluating the organization’s record-keeping practices to ensure compliance with regulatory requirements.

Recommendations and Implementation

Purpose: To provide actionable recommendations for improving the compensation structure.

Report Preparation:
Compiling findings into a comprehensive report that outlines key insights, trends, and areas for improvement.
Action Plan Development:
Creating an actionable plan that includes short-term and long-term recommendations for compensation adjustments.
Implementation Support:
Assisting with the rollout of new compensation structures, including training for HR staff and communication strategies for employees.

Ongoing Monitoring and Review

Purpose: To ensure that the compensation strategy remains effective over time.

Regular Audits:
Establishing a schedule for regular compensation reviews to adapt to market changes and organizational needs.
Feedback Loops:
Implementing mechanisms for continuous feedback from employees regarding compensation and benefits.
Market Adaptation:
Staying informed about market trends and adjusting the compensation strategy accordingly to remain competitive.

Get in Touch with MOD HR

Ready to Transform Your HR?
Contact Us Today!