As any HR professional will tell you, maintaining competitive compensation structures is an ongoing task, especially in a niche manufacturing industry. Outside factors influence employee pay, so it is incumbent upon compensation professionals to continually monitor how the market is influenced. One prevalent method employers utilize to obtain this information is through a third-party market review.
A Washington-DC area manufacturer felt a detailed analysis of their compensation plan for two employee groups was necessary. They realized they would need to draw on the knowledge of a leader in the compensation industry to tackle this project, and turned to Compdata Consulting to evaluate the compensation plans for their executive & senior management and sales staff.
Compdata Consulting used various sources to conduct a market analysis of the compensation plans for both employee groups and made recommendations for defining new salary ranges and adjusting pay grades. In addition, adjustments were proposed to the incentive plan for the company’s commercial sales staff.
After receiving the analysis and recommendations from Compdata Consulting, the company felt an additional evaluation of their remaining staff was needed. Similar to the initial project, range and grade adjustments were proposed for several positions. The information gleaned from each analysis gave the organization the ability to enhance their compensation plans, maintain internal and external market equity, and retain vital talent in their industry.
In addition, when the company’s EU-based headquarters required specialized data and analysis for a board of directors on a tight timeline, Compdata Consulting was able to turn on a dime in order to deliver the necessary information the same day it was requested.
“I love Compdata Consulting! I trust them to have accurate data and use them in my current position. Their service is excellent, they are efficient and thorough, and they go the distance when you need information quickly or in a specific format,” said the company’s director of human resources. “My consultant is terrific, and my project would not have been a success were it not for her involvement, professionalism and expertise. I will use Compdata Consulting for a long time to come!”