Are you effectively compensating your employees?
Creating a well-designed compensation program is a vital first step in building a high-performance organization that can attract and retain top talent. If you’re in human resources, you already know this. However, knowing where you need to be, and everything you need to get there are two different things. You need experienced consultants to help plan and design an effective compensation strategy that fosters growth. NFP Compensation Consulting (NFPCC, ) is a leader in the compensation and governance industry.
How you reward employees speaks volumes about your organization’s attitude towards workers and its core values. No matter the type of program you have in place at your company, your employees will form their own opinions of pay competitiveness and fairness. Positive perceptions about company pay systems will lead to greater employee engagement and overall satisfaction.
Contact us today to get more information about how NFPCC compensation experts can help your organization build a comprehensive employee compensation plan.
Reduce Legal Liabilities of Pay Disparity
Beyond increasing employee satisfaction, a fair and equitable compensation plan can help your company avoid litigation for pay disparity. More and more legislation continues to be applied to pay equity issues as many states have issued their own laws. As a result, it is increasingly important for companies to be in compliance.
Each year, there are over 10,000 discrimination suits filed against employers. The top 10 discrimination suits filed in the past few years alone have cost companies about $60mm on average.
The Equal Employment Opportunity Commission and court systems have provided a legitimate path where companies can have pay disparity when based upon:
- a seniority system,
- a merit system,
- a pay system based on quantity or quality of output, or
- any other factors apart from sex and race.
It’s up to your organization to take proactive steps to ensure your compensation plan is in full compliance with the law, but your HR department doesn’t have to navigate these murky waters alone. NFPCC will work with your HR team, internal legal and outside council to conduct a pay audit to identify and correct any pay disparities.
Custom Compensation Solutions
NFP Compensation Consulting will help your organization design compensation programs for employees at every level— executive, managerial, professional, plus support staff. We will work closely with you and your human resource managers to understand your organization’s objectives and culture. Using this information, we will ensure that your compensation program is fully aligned with all your business goals.
Our Employee Compensation and HR consulting services include:
- JEM™ (Job Evaluation Matrix) − NFPCC’s proprietary method for analyzing salary grade structures and internal equity alignment through interactive job ranking and classification exercises.
- A third-party evaluation of the reasonableness and market competitiveness of total direct compensation (base salary, annual incentives, and long-term incentives) for employees at your organization.
- Pay equity analysis to identify and correct any inappropriate pay discrepancies. Develop a curriculum to train supervisors how to monitor pay so that equality is top of mind.
- Reviewing your population to ensure the company is adequately represented when compared to the geographic labor market. If you find your representation is low, set hiring goals to reduce the gap.
CONTACT US BELOW TO TALK MORE ABOUT OUR EMPLOYEE COMPENSATION SERVICES AND GET STARTED.