Wage and Benefit Comparability
Employee compensation is an important component of any program’s ability to maintain a skilled and motivated work force.
A Wage Comparability Study is an asset to program planning and enables an organization to design compensation policies and practices that are fair, equitable, and better attract and retain qualified personnel.
Wage Studies are vital more than ever due to early care and education programs across the country facing unprecedented shortages in staff.
Much of the available workforce data cannot keep up with the fast pace need for increasing wages brought about by the pandemic. Because of this, comparative wage data is rapidly becoming outdated. Programs must persistently keep up with wages in their local labor market to stay informed and competitive while being adaptable to their financial resources.
The project will include the development of a Wage Comparability Report that evaluates, compares, and contrasts pertinent, relevant data for the project and an analysis that compensation is equitable within the organization.
While competitive wages are vital for the recruitment and retention of employees, a program's organizational structure, workplace environment, onboarding of employees, professional development, and support are equally crucial; therefore, the wage project will also include a snapshot analysis to identify workforce strengths and needs.
Conversations for a more in-depth Organizational Structure Analysis Project for Recruitment and Retention can be discussed at the program's request.
Reach out today to discuss your needs for a customized study unique to your program and positions.