Total Rewards

Compensation

What is a compensation study?

Compensation studies analyze your current pay practices and determine if they are competitive for your industry and geographic location. They can also help determine if your employee’s salaries are in compliance with current employment, state, and federal laws.

Why do you need a compensation study?

As competition for talent continues to tighten in this employee centric market, compensation studies are useful tools to help attract and retain talent. These studies determine market value of each job, benchmark salary ranges, propose equitable salary ranges for managers and ensure internal parity.  In order to remain competitive, it is recommended that organizations conduct compensation studies every three years. It’s not only a best practice to complete compensation studies but it also has key benefits such as saving your internal human resources department time, improved accuracy of employee pay, improved employee engagement, and creates a culture of a transparency by communicating a clear compensation strategy.

Exude’s Compensation Consulting Services

Exude will pair you with a compensation consultant who will work to understand your strategy and culture to ensure your compensation strategy is right for your business, employees, and fits into your overall total rewards strategy. Our support on compensation projects ranges from conducting a full compensation study to supporting organizations at each step of the compensation process. We partner with internal human resources and key stakeholders throughout the project and can help assess, design and implement your entire compensation strategy and provide outsourced hr support in the following areas:

Compensation Strategy & Plan Design

Employers that want to succeed in the increasingly competitive job market must have a well-designed compensation strategy to attract, retain and motivate employees. We’ll work with you to help create an overall compensation strategy and support you in any areas that need improvement. Not only will we help you create the strategy to motivate employees, control compensation costs, and ensure equity, but we implement the strategy as well.

Benchmarking

Exude will perform research to define, value, and analyze market data to establish a benchmark of your organization against others in the market. Internal job descriptions will be matched to external jobs with similar responsibilities to identify market rate for each position.

Vesting Schedules

We’ll work with you to ensure your vesting schedules are fair and appropriate for your organization and employees.

Salary Survey

We’ll collect compensation data from multiple sources to determine the average compensation paid to employees in a specific position.

Equity Reviews

Exude will look at each employee in your organization’s salary and provide recommendations on based on the salary of employees performing like work, following an examination of both internal and external comparable factors.

Executive Compensation

It is essential for organizations to find the right balance between pay and performance for senior executives. With continuously changing market practices, it is imperative that “best practices” are being used when compensating executives. We’ll help ensure that you are in line with competitor offerings, help mitigate risks, and create a compensation plan that is right for your executives.

 

Ready to get started?

Did you know compensation impacts these other areas?

Employee Engagement

The majority of employees are not engaged. With our employee engagement assessment, we can help you identify specific problem areas and help your organization improve productivity and performance.
Learn More About Employee Engagement

Well-Being

Thriving workplaces have a strategy to create happier, healthier, and more engaged employees. Addressing the “whole employee” impacts productivity, engagement, and the overall success of your organization.
Learn More About Well-Being

Strategy & Culture Alignment

Designing a purposefully driven culture that aligns with your strategy creates an environment of high trust, resulting in better performance and business outcomes.
Learn More Strategy Culture Alignment

Employee Benefits

As part of your total rewards strategy, your employee benefits should be aligned to fit your people and business. A customized strategy, which includes technology, should be developed specific to your organization’s needs and goals.
Learn More About Employee Benefits

Cori Green, Managing Partner, Benefits

Working Together For You

We work with our clients in achieving their optimal organizational health by ensuring their strategy, culture, and employee experience are aligned. Our team includes individuals in their respective fields – however, the power of our deliverable is not in our great individual expertise, but rather when we work together as one.

Interested in assessing your compensation?