HR Know provides service and expertise to Compensation Committees, Boards, and other Corporate Governance entities in developing Total Rewards philosophies, policies, and structures for executives and other groups of employees who may be defined as “disqualified persons” under Section 4958 of the Internal Revenue Code.
We only use reliable, current salary surveys with relevant labor market data to determine fair market value and appropriate pay ranges for executive jobs. We can also review, develop, and help implement short-term incentive plans, long-term incentive plans, bonus structures, retirement plans, benefits, and other components of Executive Total Compensation.
We provide the information and guidance you need to ensure fair, reasonable, competitive, and compliant Total Rewards strategies and practices.
Variable Pay & Incentive Plan Design
HR Know offers the latest insights and advice on pay policies and practices related to overtime, on-call, productivity bonuses, shift differentials, severance, relocation, housing stipends, and other forms of variable compensation. We can review your short-term incentive plans, long-term incentive plans, bonus structures, and retirement plans, or we can help you develop new ones. We also conduct payroll and budget auditing and cost-benefit analysis of contract labor, variable pay, and incentive compensation.
Wage Market Analysis
One of the most common things HR Know is asked to do is conduct wage market analysis using job benchmarking. We develop a methodology to suit each project, but it always includes sourcing market data from the relevant labor and wage markets using criteria that makes sense for your organization, such as size, revenue, business model, geographic location, industry, and other factors. We maintain a current library of reputable and reliable salary surveys with benchmarking data from multiple industries. After we find matches for your company’s jobs among established market benchmarks, we aggregate the data and determine appropriate base pay and total cash compensation market ranges for each job.
Our pay range and pay administration recommendations are based on your compensation plan strategies and goals, whether they are focused on improving retention, correcting equity issues, or simply establishing fair and equitable pay internally and within the market.
Market, Merit, & Equity Adjustments
Armed with the latest market data and our own personal experience and expertise, HR Know can help your company cost and administer pay increases for market adjustments, merit increases, equity, and other types of adjustments. We work with you to determine the best methodology for your project and then we take on the number crunching to develop an organized pay adjustment plan to fit your budget. We can also work with your accounting, IT, or other departments to automate implementation and make it as simple as possible.
Pay Structure Design
HR Know develops pay structures to easily align with relevant wage and job markets. We establish the number of pay grades, grade bandwidth (range), midpoint separation, and grade overlap according to your job specifications and levels. In addition to providing market alignment, a good pay structure ensures pay ranges allow sufficient room for wage growth for employees. Our pay structures are designed to support your compensation plan and work with tools to automatically calculate appropriate pay rates based on criteria such as experience, education, and other compensable factors.
Pay Calculator Tool
HR Know has designed a Pay Calculator tool that can be tailored to support your compensation plan and linked to your internal pay structure. This tool automatically calculates the appropriate position for each employee within the assigned job’s pay range based on your company’s needs, preferred wage progression strategy, and wage market dynamics. Whether you have five or 5,000 employees, your Pay Calculator will be calibrated to provide a consistent, unbiased method for determining pay rates.
HR Know’s team of experts can provide job analysis to determine job value and establish internal equity. We conduct thorough reviews of job classifications and write or edit job descriptions as needed to include minimum qualification requirements, physical requirements, FLSA status, and levels within each job classification or job family. Once a job has been well defined and its value has been determined, it can be assigned to an appropriate pay grade within your internal pay structure.
Training & Education
HR Know has skilled staff with extensive graduate and undergraduate teaching experience. We provide regular training and ongoing support to our clients during every step of our projects, but we can also deliver professional seminars, lectures, or other specialized educational activities to support your company’s needs.