Strengthen Your Compensation Strategy for the Year Ahead
As many organizations begin preparing budgets for a fiscal year starting in July, now is a critical time to take a closer look at your compensation planning.
Economic volatility continues to raise important questions about how to forecast labor costs and remain competitive in attracting and recruiting talented employees. One of the most effective ways to bring clarity to these decisions is through a salary benchmark study.
A benchmark study helps ensure your salary structure remains aligned with current market conditions unique to your organization. To conduct a benchmark study, we recommend:
1. Identifying 25-30% of your positions to be reviewed. Select positions from every grade and department to gain a representative sample.
2. Collect market data and compare market averages to current midpoints to determine the average shift needed to keep your structure competitive.
3. Update the minimum, midpoint and maximum of your structure based on the identified shift.
4. Increase employee pay to remain within the revised structure.
Benchmark studies are especially important if it has been more than 18-24 months since your last review. With reliable data and analysis, your organization can make informed pay decisions and confidently plan for the year ahead.
Ready to Schedule Your Salary Benchmark Study?
Don’t have the time or resources to conduct one on your own? Our team is here to help—reach out to learn more about how we can support your compensation planning.
Increasing Our Expertise
At Valliant Consulting Group, we are dedicated to continuing to learn and enhance our expertise, so we can pass along our knowledge to you. As such, we are pleased to share the recent accomplishments of our team members in achieving important credentials: Grace Lerner, Senior HR Consultant, recently attained her Tribal HR Professional (THRP) certification and Kim DeFilippis, Partner and Client Solutions Director, achieved her THRP-II certification.
These certifications illustrate our team members’ knowledge and professional expertise on HR topics, trends, legislation and regulations unique to tribal government and enterprises. Congratulations, Grace and Kim!
See you at SHRM-NM
Valliant Consulting Group is excited to participate as a presenter at the upcoming SHRM New Mexico Annual Conference on April 21st. Our talented team members – Kim DeFilippis, Mike Canfield and Grace Lerner – will share their insights and experiences to teach participants how to shift from HR Enforcer to HR Influencer.
We look forward to seeing you there!
