In today’s environment, you need to assess markets at regular intervals to stay competitive, and offer appropriate compensation to not only acquire top talent, but to retain talent as well.
Compensation studies play an important role in providing reliable benchmarks based on your industry, size and closest competitors for talent. Given the dynamic nature of the labor market, this study can help you understand the market help you to be informed of latest practices and trends to set pay levels and build compensation structures. A compensation study can also help you hire talent in line with your business needs and protect you from losing key employees.
At BPM, our Economic Consulting Services team is ready to provide you with a compensation analysis to support these initiatives. This is a detailed benchmark report that will help you prepare compensation packages for your key executives and personnel. The analysis considers relevant parameters including, but not limited to, level of experience, geographic location and industry, among others. Our team also uses this analysis to help you determine competitive rates of compensation for particular positions.
Compensation Analysis Benefits
A compensation analysis not only assists you in recruiting and retaining qualified employees, it also provides you with the knowledge to implement a compensation policy that is competitive in your industry and aligns with your philosophy. Your compensation system comprises items like job descriptions, pay structures, and policies and regulations around compensation.
Some key value components of a compensation analysis are:
- Market-based salary insights and market trends
Market studies are key in developing pay structures. Economic activity, and supply and demand of labor in determines salary ranges in the market. Market-based salary insights and market trends can provide significant knowledge to you to create salary ranges that are competitive for the positions you are hiring for.
- Benefits coverage and benefits package analysis
To attract and retain top talent, you may offer extensive employee benefits package. Employee benefits include medical, dental and health insurance, vacation days, sick days, retirement benefits, etc. Benefits package analysis compiles and benchmarks benefits offerings by competitors and other players in the industry.
Contact BPM’s Economic Consulting Service Team
Our team has global experience in quantitative and data analysis applied to business strategies, financial planning, tax and economic research. Contact us today to learn more about how our expertise can support your organization.