Elliott Davis was asked: “Can you help us confirm our staff compensation is reflective of market standards?”

Context

• Leading private boarding and day school
• In 2019, implemented a Broadband Compensation System for school faculty to encourage and reward contributions
• Following that effort for faculty, leadership wanted to address staff compensation and specifically make sure staff were adequately rewarded for their own contributions to the organization

Approach

• Analyzed approximately 90 staff job descriptions to understand specific roles and responsibilities
• Gathered market compensation data, including salary and incentive amounts for different percentiles, from the Economic Research Institute (ERI) based on years of experience and organization size and location
• Compared current compensation amounts to market data and recommended potential adjustments based on analysis

Customer Impact

• Reduced overall guesswork of compensation management
• Improved ability to attract qualified candidates and compete with other schools for top talent
• Employees are now appropriately rewarded, and responsibilities and priorities align with school mission, vision and values
• Continuing staff compensation efforts by developing a performance-management based system that rewards staff members for the achievement of defined key performance indicators (KPIs)

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We Can Help

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The information provided in this communication is of a general nature and should not be considered professional advice. You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.

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