What is included in a compensation analysis?
A compensation analysis is a review of employee pay in relation to an organization’s pay philosophy. It often takes into account both internal equity and external competitiveness to ensure fair pay that can attract, engage, and retain talent.
How do you conduct a compensation analysis?
How to Conduct a Compensation Analysis
- Step One: Set Goals.
- Step Two: Examine Your Organization’s Current Pay Practices and Pay Philosophy.
- Step Three: Gather the Data.
- Step Four: Put the Data into Action and Set Ranges.
- Step Five: Follow Through and Implement Changes.
- Step Six: Determine Your Pay Communication Strategy.
What are OFCCP guidelines?
OFCCP holds those who do business with the federal government (contractors and subcontractors) responsible for complying with the legal requirement to take affirmative action and not discriminate on the basis of race, color, sex, sexual orientation, gender identity, religion, national origin, disability, or status as a …
What is an OFCCP audit?
The OFCCP monitors whether federal contractors are complying with their contractual affirmative action obligations. As an enforcement agency, it can check compliance through a compliance review process, otherwise known as an OFCCP audit.
What do compensation analysts do?
Compensation analysts research, implement, and oversee an organization’s pay structure. They train to become experts on industry salaries, benefits, and remuneration policies and advise senior members of an organization on what to pay team members at various points of their employment.
What makes a good compensation analyst?
Compensation analysts are proficient with the use of Microsoft Office Word, Excel, and PowerPoint for data entry. Strong problem-solving and excellent verbal and written communication skills are also needed for the role. In addition, you must be proficient in compensation research and data analysis.
What is the purpose of compensation analysis?
A compensation analysis uses internal and external data to determine whether an employer rewards employees fairly or not for the work they are doing.
What is the difference between EEOC and OFCCP?
1. The OFCCP was created with the goal of monitoring and regulating non-discrimination for business contractors and sub-contractors dealing with the federal government. 2. The EEOC is the agency that handles concerns for any discrimination that occurs in the workplace within the United States.
What is an OFCCP compliance check?
A compliance check is a type of compliance evaluation in which OFCCP seeks to determine whether the contractor has maintained certain records: prior year AAP results, job advertisements (including state employment service listings), and examples of accommodations for individuals with disabilities.
What is required in an OFCCP audit?
Preparing For An Audit An OFCCP audit includes all aspects of the employment process, including, sourcing, hiring, compensation, promotions, transfers, and termination. If your company is facing an OFCCP audit for the first time, it can be helpful to know what to expect.
What skills does a compensation analyst need?
Required Skills/Abilities: Extensive knowledge of quantitative and qualitative research methods. Extensive knowledge of human resource laws, regulations and best practices. Excellent written and verbal communication skills. Excellent organizational and time management skills.