Compensation Services
Gain an edge in attracting and retaining top talent and formalizing your compensation practices with benchmark compensation studies, wage scale design and philosophy development.
Why do a Pay Equity and Compensation Analysis?
What if there were a way to attract and retain top talent and help your employees feel valued? Pay equity and compensation analysis studies will arm you with the tools and data to build a compensation strategy that will help you address the difficulty in attracting and retaining talent, unintentional pay disparities, inefficient budgeting, and a misaligned workforce that doesn’t meet strategic goals.
RKL Virtual’s Workforce Strategies team provides the expertise and technology to offer a comprehensive solution that’s fully integrated with your company’s overarching objectives, paving the way for a harmonious and goal-oriented workplace and enhancing the organizational structure for peak efficiency.
Types of Pay Equity and Compensation Studies
Job Analysis Study
Foundational in purpose, job analysis studies lay the groundwork for a strategic compensation approach. Accurate job descriptions promote clear employee expectations and aid in recruitment and selection, effective training and development, performance management, and company risk management.
Compensation Benchmarking Study
By using job descriptions, a benchmarking study provides a clear picture of market competitiveness, informs a company’s market philosophy, assists in budgeting and planning, and informs negotiations. It provides a clear picture of where your equity and market alignment opportunities lie.
Compensation Structure Creation
We develop custom compensation structures to fit the client’s unique needs. We are trained in several types of compensation structures — market-based, traditional classification-based, stepped-structures and broadbands. For organizations looking to incorporate a qualitative measure of their positions' internal equity, we have partnered with Gradar to offer a validated and reputable job architecture and point factor platform.
Compensation Philosophy & Policy Development
The creation and documentation of a compensation philosophy and policy is critical to ensure individuals in your organization understand how compensation decisions are made and allows for consistency and equity.
Compensation Consulting
With compensation consulting, we can advise on best practices, discuss pay transparency and employee communication strategies, provide manager training related to compensation and navigate employee questions related to pay. We can also provide one-off market data to aid recruiting efforts.
Additional Compensation Services
Reasonable Compensation | Annual Market Compensation Data Refresh | Annual Compensation Structure Maintenance | Compensation Structure Evaluation or Refresh | Incentive Plan Development | Total Rewards
Why RKL Virtual for Your Compensation Study Needs?
Business owners and executive teams like working with us for our:
Highly Engaged Advisors
Credentialed HR advisors lead each engagement, with deep experience in creating compensation strategies. They seek to understand you, your team and culture and provide solutions and guidance for what you need right now, and for the future.
Advanced Technology
Leveraging best-in-class technology such as Gradar’s point factor system, our team has access to platforms that provide you with up-to-date data for informed decision-making.
Flexible Solutions
Whether you need a job description created or a full-scale compensation strategy, we’ve got you covered. Our flexible solutions are tailored to the needs of your organization.
