Compensation Administration (including Designing Base Pay, Job Analysis, Job Evaluation, Job Pricing)
A formal compensation
administration program is the basic management tool for ensuring that
employees are satisfied with their pay and benefits, that both internal
and external equity are adequately addressed, and that control is
maintained over compensation costs. Such a program will help attract
top talent, retain core employees, and encourage longevity while efficiently
using financial resources.
Establishing an effective
compensation administration program requires job analysis, job evaluation,
and job pricing. Once established, it is important to maintain and
update the compensation philosophy/strategy, including the following
aspects of the program: job grades/ranges, employee classification,
salary increases, performance appraisals, and incentives.
Summary for [Your State]