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What Is Written? Start with the written documents, says Kleinman. What written documents relate to compensation? Who has them? Who wrote what and when? What do they say? For example: Plan documents Structures Policies Pay parameters Hiring/Bonus boundaries (approval levels, etc.) How’s Turnover? What turnover levels is the organization experiencing? Functional turnover is created “intentionally,” […]
Why Do an Audit? For the same reason we do financial audits—to fulfill a fundamental obligation, that is, to discover vulnerability. Remember, says Kleinman, who is principal of California-based Dan Kleinman Consulting, someone is always watching, internal and external, and they are evaluating what is going on. Five Reasons for a Compensation Audit There are […]
There are many reasons to conduct a compensation audit, and the benefits in employee productivity and retention can ripple through the organization. In a BLR webinar titled “Compensation: How to Effectively Manage Base Compensation with Pay Grades,” Dan Kleinman outlined some of the answers you’ll get by conducting a compensation audit. Are you ready to […]