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)
We Can Help
For more information on how Elliott Davis can assist you and your business, contact a member of our team below.
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.
