Attracting Talent with Competitive Compensation
Like many companies in its industry, this fifth-generation, privately owned global steel pipe manufacturer found competitive pay practices to be a critical factor in attracting new employees and retaining existing talent. Recognizing this, the company engaged SSA to assess its existing pay plan for the purposes of streamlining its salary structure, improving market salary competitiveness, and enhancing its ability to hire and retain top talent.
Based on interviews with the company’s top executives and a comprehensive review of relative internal information, SSA identified 87 jobs to serve as the representative sample of the company’s positions for benchmarking. After compressing some of the positions, SSA analyzed 69 positions against relevant market compensation survey data to determine the competitiveness of the positions and the company’s pay practices as a whole. SSA also reviewed the company’s compensation manual and salary structure for market competitiveness.
SSA determined that although considerable variances existed among individual positions, overall employees’ compensation was within market competitive range for both total cash compensation and base salaries. SSA also redesigned the company’s comprehensive salary structure with updated features such as condensed salary grades, more competitive salary range spreads, and customized mid-point progressions. The project team re-slotted nearly 100 jobs into their respective job class and pay grade according to the new salary structure. SSA provided additional recommendations to the compensation administration and presented an implementation plan based on the findings and adjustments needed as a result of the study.
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