Compensation, Compensation & Benefits, Total Rewards – whatever you call it, it still amounts to what the employee receives from the company in return for an investment of time, expertise and/or work performed.
There are a number of reasons to get expert advice when it comes to Compensation & Benefits.
- You’re a smaller company that can’t afford a high wage or salary and therefore looking to tie compensation to production.
- You’re considering a creative way to compensate employees and need to make certain it fits under FLSA and other related laws.
- You’re a medium to large size company needing to make certain pay is equitable.
- You’ve been doing things “this way” forever and are wondering if there might not be a better way.
What HR Services do we provide under the umbrella of Compensation & Benefits?
- Salary Survey
- Job Classification & Point Factor Analysis
- Assistance with FLSA and FMLA compliance in a way that allows your company to thrive
- Development of your compensation & benefits package system
- Training on Compensation & Benefits
Now, before going on, the #1 thing to remember about Compensation & Benefits is this – it must be linked to performance:
If you have a question, please take a few minutes to contact us.
If you’re still reading, you probably want more information about executive advantage’s approach and the Compensation offerings above.
Benefits packages, in our opinion, should be connected to Quality of Work Life. Benefits don’t always have to have an added cost to them. When building benefit packages, it’s important to take in consideration:
- does effort equal reward;
- what employment laws govern that benefit, i.e. FLSA, ERISA, among others;
- what is your company’s ability to manage the record keeping obligations attached to benefits.
Salary Surveys are the investigative first component of the compensation plan development. They are more effective when conducted by an outside (third party) resource due to the issue of trust.
Job Classification and Point Factor Analyses are often used in conjunction with one another as a way of evaluating whether employees are equally compensated for equal work responsibility and performance.
Legislation that governs Compensation and Benefits includes: FLSA, Title VI, Title IX, Equal Pay Act, Davis-Bacon Act, among others.
We’ve a few decades experience developing equitable Compensation & Benefit systems for county and municipal governments as well as advising clients on how to adjust pay that’s moved out of the bands. Again, please don’t hesitate to contact us for assistance.