An important part of a well-executed pay plan is maintaining pay rates that are competitive with the comparable salary market.
The “market” may be different for various jobs within your company. To define your comparable market, answer the following:
F&H Solutions Group recommends assessing your market pay position every 12 to 18 months, making pay structure adjustments, as needed. We use a variety of data sources, including our own surveys, to provide timely market data that is specific to your industry and geographic location.
Periodically, you will have the need for “interim” market assessments, such as when you create a new job or when you suspect that the market has changed significantly for a particular job. We will research competitive pay for one, two, or a few jobs, as needed.
By engaging F&H Solutions Group to keep your compensation systems current, you are kept abreast of the market, without your having to invest the money and time needed to secure the data and perform the analysis yourself.