Internal pay analysis
Does any of below questions resonate with you?
Do our internal compensation levels meet the criteria for pay equity?
Are we able to openly communicate our compensation practices to personnel?
Do we have a clear structure and balance in our internal compensation?
Does our compensation support our talent management needs?
What is an internal pay analysis?
We often hear our customers saying: “We need to benchmark our salaries to the external market to ensure we pay market median salaries” This is a valid request, but before benchmarking outside the company our recommendation is to ensure you have a clear picture of your current internal pay levels and structure. This is often forgotten. When you have the data and anaysis in place you can make informed decisions for the future and increase transparency of pay related topics in the organization.
Why is it needed?
Some concrete examples could be the needs to:
Salary Reviews: make informed decisions around allocations of future salary increases before salary reviews process. How to budget future salary development? Are your budgets correct?
Talent management: ensure your talent management is also reflected in salary development. Are you sure your talents are not leaving due to slow salary development?
Increase awareness within management: provide data and information to your management. Does everyone in your management have a shared understanding of current pay?
Open communication towards personnel: understand your current pay practices and align your internal pay related communication to facts. Are you able to communicate pay topics openly?
What is the end result and how do we get there together?
We start with a discussion to understand your situation and need. Then based on your need we build a simple model to evaluate your current situation, provide our analysis and build targeted recommendations for next steps.
We analyze and visualize your current pay data and provide you an overview of your internal salary market. In our analysis we highlight the most relevant findings and recommend actions for you to implement. Visualizing data is a powerful tool, it tells a story better than just numbers.
