Compensation Studies are rumored to be a pain in the neck for everyone involved. Think about the biggest expense in any business, think about the reason people come to work...it is the same answer: Salary and Benefits!
Why is everyone afraid of this topic? Here are some of the things we hear:
1. The Boss... "We already overpay people."
2. The Employee... "We are so overworked and underpaid."
3. HR Team... "If we do a study, people will only think we are trying to cut their pay."
WOW! It's amazing how far apart everyone can be. If only all three of these groups looked at what a compensation study can truly be, they would see it benefiting them all dramatically.
A compensation study is strategic. It can be used tactically. It can be used for training/motivation. And it could be used to help set career paths and longevity.
If you need help or want to talk about the many benefits of completing a compensation study, please reach out.
Turning Point HCM