A recent success story shows that conducting a job analysis and compensation study can become a powerful way to ensure that your organization is paying current and future employees correctly for the work performed and relative to the market. Our client is a community bank headquartered in Cleveland, Ohio and needed to know if they were paying competitively compared to the market from which they draw talent.
Our initial assessment of their position descriptions and compensation program uncovered these challenges:
- Outdated position descriptions that did not reflect the current jobs that employees performed within their role;
- Use of an outdated point factor system to conduct job evaluations;
- A salary grade system that had not kept pace with the market.