Competitive compensation is critical for the success of any organization. Without a competitive pay plan the organization risks their ability to attract, retain and motivate the caliber of talent they need for success. A robust compensation plan provides you with defensible reasons for why you pay your people what you do. An essential part of any defensible and robust pay plan is determining what your competitors are paying. NRECA’s National Compensation System (NCS) can assist you. With 97% of NRECA distribution members participating, representing 806 member distribution systems, more than 260 unique job positions and over 54,000 salary data points, the NCS will help you determine whether your benchmark jobs are competitive throughout the cooperative industry.
Understanding your competitive pay levels within the cooperative industry is critical; however, if your strategy includes or should include labor market competitors outside the cooperative industry, or if you have some difficult to benchmark positions using multiple salary surveys can be the answer. NRECA’s Human Capital Planning and Compensation experts will work with you to develop your unique compensation philosophy and strategy, determine your labor market competitors, develop salary structures, policies and practices. We use multiple market survey sources to ensure your compensation plan is robust, and defensible. We can provide market pricing for a single job, update your cooperative’s base pay structure, ensure internal and external equity through our proprietary compensation model that encompasses both market data and internal factors to determine pay, and help you develop base pay and incentive programs.
For more information, contact Delaine Orendorff, email@example.com, 571- 289-9023.
If you want to learn more about conducting a competitive market analysis please watch our free webinar.