What types of research does a Compensation Advisor conduct?

A Compensation Advisor plays a critical role in employee retention by ensuring that employees are compensated fairly and in line with market trends. This role involves researching and recommending changes to compensation plans, conducting annual salary surveys, and consulting with management on pay and benefit structures. The Compensation Advisor also works to ensure that employees’ salaries remain competitive within the market and that employees feel valued and appreciated. Ultimately, the Compensation Advisor helps to create an environment in which employees feel secure and committed to their employer.

1. Job Evaluation: This technique is used to assess the relative worth of different jobs within a company by evaluating factors such as job responsibility, knowledge and skill requirements, education and experience requirements, working conditions, and the complexity of the work. 2. Market Pricing: This technique is used to determine pay rates based on local labor market data and surveys of competing employers. 3. Point-Factor Analysis: This technique is used to assess the relative worth of different jobs by assigning a numerical value to each job’s attributes, such as experience, skills, responsibility, and education. 4. Banding: This technique is used to group similar jobs together into “bands” that have similar pay ranges. This allows employers to create job families and assign pay ranges to them. 5. Job Rotation: This technique is used to provide employees with experience in different job functions that are within the same job family. This helps to ensure that employees have a better understanding of the different roles within the job family and can move up within the job family more easily.

A Compensation Advisor typically handles employee grievances by first meeting with the employee to listen to their concerns and review their complaint. They then work with the employee and the employer to investigate the grievance and assess the validity of the complaint. In some cases, they may be able to resolve the grievance by agreeing on a resolution or other arrangement. If the grievance cannot be resolved, they may refer the employee to the appropriate legal and/or union resources.

A Compensation Advisor ensures compliance with labor laws by staying up-to-date on current regulations, researching and understanding applicable laws, and providing guidance to employers on best practices. They may also analyze the organization’s pay structure, provide advice on how to properly classify employees, and recommend appropriate policies and procedures to ensure compliance. Additionally, Compensation Advisors may provide training to employees on wage and hour laws, and audit payroll records to ensure compliance.

A Compensation Advisor typically uses a combination of market data, internal data, and job evaluation methods to determine pay grades. Market data includes salary survey results, job postings, and industry benchmarks. Internal data includes job descriptions, employee performance evaluations, and salary history. Job evaluation methods may include job ranking, job classification, and point factor systems. The information gathered from these sources is used to create a salary structure that assigns pay grades to each job.