Berkshire is a human resources and technology firm specializing in affirmative action, pay equity, and DEI&A.
Though many companies are interested in pay equity, some overlook an important step in the equity process – a market analysis that can drive your company’s overall compensation philosophy, ensure you are paying fairly for your geographic locales and industry, and help you retain your top talent.
A market analysis can be a key component to your overall pay equity strategy. By analyzing the job titles and duties in your organization against market data, Berkshire can help you determine an appropriate salary range for each of your jobs. Our analyses rely on data sources that are based on payroll data – not employee self-reporting – to ensure accuracy. After we complete a market study, Berkshire can help you determine a market adjustment plan and create or modify pay grades to help you stay competitive in the future.
In a competitive job market, a market analysis can help you retain your top talent and attract the best candidates to your company. For federal contractors, a market analysis can help with compliance, showing the OFCCP that you’ve done your homework and have the data to prove your pay grades are market-based.
With the push for pay transparency, including numerous states, cities and local municipalities that currently require employers to list salary ranges in job postings, now more than ever, candidates for employment and employees want to know how you set pay for your jobs. Doing a thorough market analysis can get you ahead of compliance with these mounting regulations.
Berkshire’s Thomas Carnahan, Ph.D manages our pay equity offerings, which include a wide range of services from wage gap analysis to hands-on consulting. Thomas brings two decades of experience to this important work, using a human-centered approach to produce data driven results. Complete the form at the bottom of this page to get started with Thomas today!
At Berkshire, a market analysis is very customized to each client and their individual organization. We take a holistic look at all of your employees and drill down, not just to job titles, but by being specific about each person’s individual duties and tasks. While most other market organizations use “levels” or market medians to find appropriate benchmarked salaries, we use your minimum qualifications, industry, and locations to ensure that you are positioned perfectly to attract and retain the best employees.
Our market analysis services rely on payroll-verified data. We do not use data provided by individuals, as self-reporting can be inaccurate.
Using all of this information, we develop appropriate pay grades/bands/ranges for your jobs. If we find disparities between these suggested ranges and your current pay, we can help you discover why and develop ways to remedy any issues given your overall budget and timeline.
For organizations that want to ensure they are evaluating jobs that have similar value within their organization, we offer a point/factor job evaluation methodology. This job evaluation compares jobs against other jobs at the organization to help determine the appropriate comparable value of different positions with regards to specific compensable factors (Responsibility, Skill, Working Conditions, Effort, etc.).
Berkshire works with clients to identify appropriate factors, sub-factors, benchmarked levels, and the appropriate value of each sub-factor. Berkshire can either develop surveys for organization management to complete or we can use our expertise to provide ratings for each position based upon the job descriptions provided by the organization. The results combined with market data help ensure that the organization has added external validity to its compensation philosophy and structure.
Berkshire’s Flight Risk Analysis (FRA) uses employee data (Time in Position, Time with Company, External Experience, Education, Certifications, etc.) to determine if each employee is appropriately paid within the organization’s existing or newly created pay range, or if they are above or below their marketable value. Berkshire uses this information to help organizations evaluate employee retention. The analysis alerts the organization to individuals who may find they can command a higher salary in the market should they begin looking for another position with a competitor. We can help prioritize future pay adjustments.