How to Conduct a Compensation Analysis and Move Salary Ranges
In a previous post we reviewed why performing compensation analytics can provide value to an organization. In this next post on compensation analytics, we’ll look at how it is used to review salary ranges.
At many companies, the assumed answer to the question, “Do our compensation ranges need adjustment?” is usually, “Yes.” Compensation ranges are often adjusted every year to match industry trends and economic ups and downs. But, is it really smart planning to assume that you need to adjust your salary ranges every year – no matter what? I suggest that a key to long-term success is stepping back and having a conversation as a company about, “Do we need to move our salary ranges this year?”