Wage Compensation and Benefits in the Service Industry
An association within a specific industry partnered with Jalapeño Employee Engagement to develop an overview of employee compensation (compensation and benefits) for key roles in the industry and to analyze the existing gaps.
First, our highly skilled team of consultants and researchers collaborated with stakeholders in the organization to develop an understanding of their needs and make expert recommendations. This client-focused approach allowed us to solidify a Wage Compensation and Benefits Survey that pinpointed the desired data
Survey questions focused on health benefits and insurance, paid time off, hourly rates, bonuses, and other relevant compensation and benefit contributors.
Jalapeno was successfully able to generate data from more than 80 survey respondents from employers.
After the survey was distributed, the second phase of the project focused on the identification of key findings and trends. We analyzed the key findings on
- Pay levels and percentiles (market/ industry competitiveness)
- Pay design and oversight (structure of pay programs and benefits compensation)
Lastly, we assimilated the data to generate a comprehensive report on the current status of wage compensation and benefits in the industry, as well as best practices and recommendations for further improvement. The Jalapeño team ensured the benchmarking report was multidimensional.
To ensure the industry has the necessary foundation to complete additional rounds of wage compensation benchmarking in the future, we used a data-oriented approach and considered the following:
- Demographics (company size region, location, roles)
- Relationship between employee turnover and compensation
- Trends in wages between part-time and full-time employees
- Wage Incentive/Benefits analytics
From retaining the most talented staff to keeping your stakeholders satisfied, we at Jalapeño through compensation benchmarking can save your business a whole load of unnecessary issues.