In an increasingly competitve business environment, human resources are crucial to every organisation. With a fierce focus on bottom lines, companies are determined to get the most out of their human capital.
A highly skilled, proficient workforce has been shown to be a significant source of sustainable competitive advantage – and identifying, hiring and investing in talent is one way successful organisations drive productivity while improving quality and economic performance. However, businesses do not work in vacuums – and nor do their employees.
Disparities in pay – across economic sectors and across and within companies – have been shown to be a significant cause of employee discontent, contributing to high staff turnover, lower morale and poor job satisfaction.
At the same time, employers want to ensure remuneration packages are competitive to avoid the risk of losing top performers to rivals. Benchmarking compensation and benefit packages can help companies to meet this challenge. Our market-leading compensation and benefits studies help businesses to determine jobs’ market value, benchmark salary ranges, suggest equitable salary ranges and ensure internal parity.
From assessing compensation across an organisation to supporting human capital functions at each step of the compensation process, our studies help create transparency and accuracy across a business and identify where employees are – based on their roles – being over- or under-paid. We also establish benchmarks to clarify the relationship of salary and benefits to overall compensation and recommend frameworks to better control salary costs.
As an additional service, we can develop job descriptions and job specifications by analysing roles, responsibilities and competencies, including evaluating jobs’ relative worth and classifying job positions.
By engaging Keypoint for a compensation and benefit analysis, our market-leading experts can help you save time and money, give you a valuable third-party perspective on employees’ pay and help create a culture of transparency.