Compensation & Benefits

Gather market data from multiple sources: salary surveys (Radford, Mercer, Payscale), job posting data, and industry reports. Match your roles to survey jobs by responsibility level (not just title). Analyze by geography, company size, and industry. Consider total compensation including benefits and equity. Our salary benchmarking templates structure this analysis systematically.

A compensation philosophy defines your pay positioning strategy (lead, match, or lag market), pay-for-performance approach, equity between roles, and total rewards mix. It guides consistent decisions, helps attract target talent, and provides a framework for explaining pay. Our compensation philosophy templates help you define and document your approach.

Start with job evaluation to grade positions by scope, complexity, and impact. Gather market data for each grade. Set band ranges typically 40-60% wide (minimum to maximum) with midpoints at market median. Define clear criteria for placement within bands based on experience, performance, and skills. Our pay band templates include calculation models and placement guidelines.

Total rewards statements should show: base salary, variable pay/bonuses, equity compensation value, health and insurance benefits with employer costs, retirement contributions, PTO monetary value, and other perks like wellness programs or education benefits. Our total rewards templates help employees understand and appreciate their full compensation package.