Market pricing is the art and science of benchmarking what your jobs pay against the external market. The most important part of using market pricing to determine the value of your jobs is knowing the factors that drive pay in your industry, your organization, and in some cases, for individual jobs.
Getting it right means you know how to pay your employees in keeping with your business strategy, compensation philosophy and budget. As one of our clients put it, “Knowing I had good information about how much to pay each employee gave me confidence in my recommendations… Having the right information is priceless.”
Having a salary structure gives you a framework for making pay decisions. We create market-driven salary structures that help you be competitive. Other benefits of a salary structure:
- Guides the pay offered to new hires or newly promoted employees
- Helps with fair and equitable administration of pay
- Provides a foundation for market pay adjustments and annual raises
The misclassification of jobs as exempt is one of the top violations of the FLSA, according to the U.S. Department of Labor. We can help you avoid this issue by performing an exempt status assessment of your jobs. Our process includes the careful review of job descriptions, interviews with stakeholders, and documentation of our findings.