Best resource for implementing a compensation system.
I am looking at implementing pay ranges and bands and am looking for anyone that has had experience with a technology or system. Please list what technology or system you have used and why you would recommend it. Any additional insight would be helpful as well. This is specifically to implement company wide pay ranges across the board.
My preferred system is IBM's Kenexa CompAnalyst. I most recently used this Fall 2018. Why I recommend it:
- Ability to target specific industries and size companies nationally, regionally or locally
- Ability to benchmark job descriptions with your company vs. companies within the industry benchmark
- This can be done at multiple levels across a function and within any function
- Analysis looks at multiple areas across pay mix (fixed, variable, etc.)
- Analysis provides data at market base at 25th, 50th, and 75th percentiles was well as min, mid, max data and up to four tiers with salary spread comparisons
- In addition to the above, bonus targets are identified (fully burdened or broken out by type) with Compa ratios provided with bonus = 50th percentile payout
- A salary structure design is provided to benchmark vs. your organizational analysis and design