A compensation study defines the market pay range for each position. Not only should the pay for each position be market-competitive, there should be alignment between wages, policies, and your company’s strategic business objectives. A well-balanced compensation system should be externally competitive and internally consistent which should provide actionable insights for making informed pay decisions.
Why Consider a Compensation Study?
Employee compensation is one of the largest expenses for any organization and a critical driver of employee satisfaction. HR professionals need a solid understanding of their employees’ compensation to ensure competitive and equitable pay.
Key Questions to Consider:
- Do I know the market wage for each position in the organization?
- Is there employee turnover in one specific department due to salaries? Or company-wide turnover?
- Are we struggling to recruit talent?
- When was the last time we updated or reviewed salaries?
Determining market wages is a valuable management tool—even for organizations with budget constraints. Knowing your market allows for informed decisions:
- Can we supplement benefits to offset below-market pay?
- Are we overpaying for certain positions unnecessarily?
- Should we invest in higher salaries for critical roles to attract the right talent?
Employee pay directly impacts recruitment, retention, and performance. If you’re uncertain about market pay, experiencing costly turnover, struggling to hire, or haven’t reviewed your wage structure recently, it’s time for a compensation study.
Valliant Consulting Group’s Compensation Study
Since 1999, Valliant Consulting Group (VCG) has been conducting comprehensive compensation studies for organizations across various sectors. While our primary focus is on tribal governments, tribal casinos, and Native American entities, our expertise extends to serving any organization.
Our Compensation Studies Include:
- Determination or review of an organization’s compensation strategy.
- Job description review, update, and creation.
- Market analysis for each position.
- Development of wage and salary structures.
- Cost impact analysis for implementing wage structures.
- Alignment of policies with the compensation system.
- Implementation strategies.
- Guidance on maintaining the system over time.
At VCG, we tailor every study to meet the specific needs of your organization, ensuring practical and effective solutions for your compensation challenges.
Get a Compensation Study
Call or email us today to find out how a compensation study can help your company.