Your company may be overdue on assessing employee salaries to the marketplace and it is impacting the bottom line and morale.
Your HR staff is busy with other projects and day to day work, so should you consider outsourcing this important analysis. The short answer is YES!
Here are some reasons why you should delegate your company compensation check up to an expert:
Saving Time: Internal managers and leaders focus on operations and strategy. A consultant can focus on the pay issues at hand without being distracted by day to day issues. The consultant is better able to meet your project deadline
Expertise: Compensation Consultants have handled similar projects at multiple organizations. They bring a depth and breadth of experience that allows them to quickly respond to your needs and provide effective solutions
Objectivity: A compensation consultant will provide unbiased recommendations for complicated issues. Solutions will take into account your organization's compensation philosophy, budget, capabilities and other pertinent factors.
Value: Salaries are generally 20%-40% of a company's operating budget. Overpaying or underpaying your employees has huge repercussions that can last for many years. Engaging with a compensation consultant who can properly assess your organization and effectively apply market data, as well as evaluate your annual salary processes provides a great cost/benefit value proposition.
Availability: Compensation Consultants can be engaged as needed to supplement your existing resources