Actionable Strategies for Equitable Compensation
Even with the best intentions, deeply entrenched biases can perpetuate inequities in compensation. These biases often stem from outdated practices and the advice we receive. Our approach helps nonprofits address these issues by providing clear, actionable strategies that ensure every employee is valued and compensated fairly.
A New Era of Pay Transparency
Navigating the complex legal landscape of pay transparency laws across different states can be challenging. We help your organization meet these requirements by adopting rigorous standards, including comprehensive salary ranges and regular pay audits.
A Data-Driven Approach
Creating a fair and equitable compensation strategy involves a data-driven approach. We guide you through the steps to ensure appropriate compensation for your employees.
- Initial Alignment: We get to know your organization through conversations with your leaders and employees, along with a thorough document review.
- Market Analysis & Benchmarking: We use reliable data sources to determine how your organization’s compensation compares to that of similar social impact organizations.
- Compensation Philosophy: We guide you through exercises to define your organization’s approaches to employee compensation based on your mission, values, and goals.
- Compensation Structure: We create a compensation structure and associated policies aligned with your new compensation philosophy.
- Training & Implementation: We equip your managers with the knowledge and skills to implement your new compensation philosophy effectively.
Best Practices for Effective Salary Benchmarking
Benchmarking involves comparing your company’s salaries to external data from consulting or research firms to see how your compensation compares to peers. Reliable, up-to-date data is crucial for accurate comparisons.
- Use data within the past six months to ensure accuracy and avoid overpaying or underpaying.
- Avoid using data from free salary websites or employee-provided sources.
- Ensure a third party verifies data.
- Compare salaries with organizations of similar size, budget, location, and sector.
- Compare job responsibilities, not job titles.
