Compensation

The Problem
A  financial services organization with multiple locations across Canada had an outdated job evaluation system, job description overlaps and gaps and a base pay structure that was resulting in both internal and external equity problems. 

The Work
A review of all job titles was conducted , redundant titles identified, job title protocols were established, a standard description format created, a current analysis of all jobs was undertaken and all jobs were rewritten in the standard format. 

A new job evaluation system was designed, the evaluation system guide was prepared, the applicable internal staff were trained in the use of the system and the evaluation of jobs was supported which resulted in a newly confirmed job hierarchy.

The company’s compensation strategy was confirmed, benchmark positions identified, current market salary data was obtained and analyzed.  New pay grades and ranges were established and the salary structure was retrofitted to the new job hierarchy.  We then developed a salary administration manual for managers. 

The Result
There was a significantly reduced number of job titles with standard descriptions for all of the core jobs in the organization.  The capacity to identify minor vagaries and substantial differences in jobs was established thereby improving internal equity.  

A new job evaluation system that ensures jobs are appropriately valued and the value is seen as fair by management and staff has been implemented ensuring fewer compensation problems.

A new compensation structure that provides greater flexibility for managers to recognize differences in performance while maintaining equity across the different functions and roles has been established. 

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