HOW TO BOOST YOUR COMPENSATION PROGRAM
Blue Whale Compensation provides a comprehensive scope of compensation services, ranging from plans to integrate compensation with employee benefits to a specific assignment. If you need a plan to boost your compliance with pay transparency requirements, rely on our services. Not only are plans designed to meet pay transparency requirements, our software will keep your plan in compliance. Here is an overview of the most popular Blue Whale services that we provide for our clients
DEVELOP GRADES AND RANGES
Ascertain pay grades and ranges of the jobs within the organization to ensure they are market-driven and within the company’s approach to pay.
Why Use Them
Ranges are part of every well-run compensation plan. Properly developing grades is the foundation of a company’s compensation strategy and necessary to comply with today’s pay transparency requirements. Generally, these are developed (or adjusted) based on the results of a market review, internal equity, and changes within the company’s organizational changes.
Adjustments to these are highly recommended every 2 to 3 years. For today’s pay transparency requirements, companies must articulate how their grades and ranges align with their internal equity program.
PAY EQUITY
Purpose
Blue Whale’s pay equity model uses job evaluation techniques to review, assess, and report clients’ job classifications and organize them according to the findings. Once findings are confirmed with key stakeholders, market data is blended with grades and ranges. The product includes pay recommendations and a written report of pay gaps among affected demographic groups.
Depending on business size and location, organizations are now required to report data based on demographics to their governmental agency, including employers within the State of California under Pay Transparency Law-SB 1162. Reporting may also be required internally in support of DE & I efforts. The adoption of this plan will meet those requirements.
EMPLOYEE BENEFITS: COST ANALYSIS MARKET COMPARISON
As part of an annual review to estimate and manage the company’s employee cost structure, as part of a critical strategy budget strategy, organizations should conduct a total cost analysis of the employees’ rewards program, including compensation, bonuses, medical, paid leave, and pension-related plans.
PURPOSE
Based on the total employee population, estimate the total annual cost and provide detailed breakouts for each major cost. The report, a line-by-line breakout of total costs against current market levels, provides the auditing that boards and key stakeholders often request. The findings allow the organization to assess under/overspending and offer strategic guidance.
Boards and executives often request and want this in-depth analysis to guide their understanding of most major strategic decisions relative to the company’s culture, engagement, and total labor costs.
JOB DESCRIPTIONS
An up-to-date job description library is essential to every compensation and classification program. Outdated descriptions can slow the organization’s HR efforts, from recruiting, promotions, reporting relationships, disciplinary actions, and most compensation efforts.
Several tools can be used to develop descriptions, from onsite job analysis methods, via employee interviews, to a paper questionnaire completed by an employee or direct manager. Blue Whale can streamline job content collection via web app forms. This lowers costs and expedites the job creation process.
PURPOSE
Current and “valid” job descriptions are highly recommended. Most compensation programs depend heavily on them. Also, recruiting and other classification actions depend on a clear understanding of the job and its role within the organization.
BONUS LEVELS WITH MARKET ANALYSIS
The organization’s pay program includes audit bonus plans, including pay ratios, triggers, strategic objectives, and general market practices on how and when to pay bonuses or incentives to all or selected classifications.
Blue Whale will review market trends, estimate the company’s need for a bonus/incentive plan, review cost impact, advise the client on communication efforts, and balance base pay and incentive with other costs, including benefits, overtime, and pay-for-performance plans.
PURPOSE
Most companies with high employee engagement levels have a written plan outside of commission or incentive-driven classifications. Payout amounts must be estimated with the company’s objectives at least every other year.
Blue Whale Handles a Wide Variety of Compensation Services – Contact us for additional information on how we can support your plan or project
CONTACT US
Contact us to learn more about our compensation services and how we can help you take your program to the next level. Let’s start the conversation!