identify external source for comparisons of the third step and weigh by comparing internal, external and individual in skill, effort and responsibility.
5. Link the compensations and surveys to compensation philosophy then adjust accordingly.
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6. Employ non-biased review of all comparisons and findings to ensure equity
7. Apply appropriate statistical determinants to the adjusted philosophy and adjust as necessary.
8. Create market pay line for benchmark positions.
11. Develop a pay-structure outline by grading jobs within each benchmark to the compensation philosophy and the market pay line. 12. Calculate pay ranges for benchmark positions.
13. Calculate the gross cost of benchmark positions.
14. Present findings and recommendations to the necessary decisions makers and adjust the compensation as necessary.
15. Implement and evaluate the compensation in the following areas. Policy for compensation updates, effective dates, roles and responsibilities, and security and information access to compensation structures.
16. Identify and communicate the revised compensation system to the appropriate stakeholders.
17. Train the appropriate stakeholders on the revised compensation system.
18. Create evaluation benchmarks and comparisons, and timeline for doing each.
18. Review evaluations benchmarks and comparison, and adjust the compensation system as necessary. While it may seem less complicated to streamline these steps, no business is static, so the compensation system should not be either.
To create an internally consistent compensation system, each step should be completed, further defined, and documented. As times change, and the business expands, contracts, or stabilizes, so should compensation to create internal,
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external, and
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