Client Success Story – First Federal Lakewood
First Federal Lakewood is a great example of how Organizational Architecture’s compensation consulting assists its clients by conducting job analysis and compensation studies to ensure they are paying competitively compared to the market.
First Federal Lakewood has been committed to helping Ohio residents and businesses achieve their financial goals by actively listening to and understanding their needs. Dedicated to the strength and economic growth of the communities they serve, they’re proud to be the largest independent depositor owned bank headquartered in Ohio.
Maureen Swanson, Human Resources Business Consultant at First Federal Lakewood, said,
“Our job descriptions had not been updated in years and did not accurately represent the current duties our staff performed in their positions. It wasn’t a matter of IF we [HR] could update the job descriptions ourselves, it was a matter of WHEN and HOW. With a small HR staff and over 200 positions within our organization, we did not have the bandwidth to effectively do this type of overhaul. Organizational Architecture was able to update all of our job descriptions and also provided us with tools and templates to create and update future job descriptions in a consistent format.
“Once the job descriptions were updated, the next item on our list to tackle was our salary grade system. We previously used a combination of a point factor style system and market pricing to evaluate our jobs and create our salary grade system, which we had used for years, but just didn’t make sense for how we wanted to align our total rewards and HR strategy with our organizational strategy. Organizational Architecture conducted a compensation study, which not only did they create a new salary grade system that made more sense for our organization, but they also completed an impact analysis by assigning salary grades to each job from our new system and identifying any pay equity issues for positions that fell above or below their newly assigned salary grades.”
“Now our HR department feels confident we can attract and retain future and current employees for our organization and our employees are more satisfied seeing job descriptions that reflect their current position accurately.”
Compensation is a powerful tool often overlooked in most organizations. Even implementing simple compensation tools, systems, and policies can make a world of difference when trying to reward your employees fairly and equitably.